This ASX lithium share is surging 104% on a 'major discovery'

Some lucky investors doubled their money this morning thanks to this lithium share.

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The Wildcat Resources Ltd (ASX: WC8) share price has flown out of the gates on Monday morning.

At one stage, the ASX lithium share was up a remarkable 104% to 49 cents.

The Wildcat share price has pulled back a touch since then but remains up 70% to 41 cents.

Why is this ASX lithium share rocketing?

Investors have been buying the company's shares in a hurry this morning following the release of assay results from maiden drilling at the Tabba Tabba Lithium Tantalum Project near Port Hedland in Western Australia.

According to the release, the initial results from 21 holes confirm that pegmatite bodies contain significant widths and grades of lithium mineralisation.

Given that the project is close to some of the world's largest hard-rock lithium mines, such as the Pilgangoora Project owned by Pilbara Minerals Ltd (ASX: PLS) and the Wodgina Project owned by Mineral Resources Ltd (ASX: MIN), investors appear excited that there could be another monster project in the works here.

'Early stages of a major discovery'

The ASX lithium share's managing director, Samuel Ekins, appeared to be very pleased with the news. He said:

I'm confident we are in the early stages of a major discovery at Tabba Tabba and it's been a welcome surprise to see the size of the system. Over 95% of all holes to date have intersected pegmatites and we eagerly await further rounds of assays. Our central pegmatite is now over 1.2km long (open to the north), subvertical and outcropping at widths of over 50m which is very significant.

Given our proximity to major global lithium projects including Pilgangoora and Wodgina, we see plenty of potential to uncover a large-scale lithium deposit across the extensive 3.2km trending pegmatite system. We anticipate receiving Foreign Investment Review Board (FIRB) approval for our acquisition of Tabba Tabba and Ministerial Approval by the end of September and bringing our first diamond rig onto site in early October, with more results from our initial drilling expected also.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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