The Wildcat Resources Ltd (ASX: WC8) share price is having a stunning start to the week.
In morning trade, the lithium explorer's shares are up 21% to a 52-week high of $1.01.
Why is the Wildcat share price roaring higher?
The catalyst for the rise in the Wildcat share price today has been the release of assay results from the Tabba Tabba Lithium Project in Western Australia.
According to the release, management believes the latest assay results from the Leia Pegmatite confirm that Wildcat is "uncovering a tier-1 lithium deposit at Tabba Tabba."
This won't come as a huge surprise to those in the know. That's because Tabba Tabba is near some of the world's largest hard-rock lithium mines. It is 47km from the Pilbara Minerals Ltd (ASX: PLS) owned Pilgangoora Project and 87km from Mineral Resources Ltd (ASX: MIN) Wodgina Project.
And while the Leia Pegmatite is an exciting find, management highlights that it is just one of six significant pegmatite prospects within the 3.2km long field. All the pegmatite prospects at Tabba Tabba remain open and the company is continuing with an aggressive exploration campaign.
Results are pending for 34 holes from Leia with Wildcat completing ~8 holes per week.
'Among the best lithium development opportunities'
Wildcat's managing director, Samuel Ekins, was very pleased with the assay results from the Leia Pegmatite. He said:
The thick and high-grade assay results consistently being returned from Leia convince us that Tabba Tabba is host to a very significant lithium deposit. The Project's setting on Mining Leases and its proximity to infrastructure in the centre of the most prolific hard rock lithium district in the world, truly cements it among the best lithium development opportunities today.