Wildcat Resources Ltd (ASX: WC8) shares were on form again on Monday.
The ASX 300 lithium explorer's shares ended the day with a gain of 3% to 63 cents.
This was despite there being no news out of the company.
Image source: Getty Images
Has this ASX 300 lithium share been a good place to invest $1,000?
It sure has.
One year ago, you could have picked up the company's shares for an average of 3 cents per unit.
This means that a very brave $1,000 investment would have led to you picking up 33,333 shares in the micro cap at the time.
If you held tightly to them, today your 33,333 shares would have a market value of approximately $21,000.
That's 20 times your original investment!
Why has it been rocketing?
Investors have been buying this ASX 300 share due to the excitement around its Tabba Tabba Lithium Project near Port Hedland in Western Australia.
Interestingly, the Tabba Tabba project was one of four significant lithium-cesium-tantalum (LCT) pegmatite projects in Western Australia that were previously owned by the now defunct Sons of Gwalia. The others were Greenbushes, Pilgangoora, and Wodgina, which are all now tier-1 hard-rock lithium mines.
It is also worth noting that Tabba Tabba is near to these lithium mines. For example, it is 47km from the 414Mt Pilgangoora Project owned by Pilbara Minerals Ltd (ASX: PLS) and 87km from the 259Mt Wodgina Project owned by Mineral Resources Ltd (ASX: MIN).
In addition, it is only 80km by road to Port Hedland's port, which would make the potential exporting of lithium in the future a breeze.
Tabba Tabba excitement
Clearly there is a lot of potential from the Tabba Tabba Lithium Project. But does the exploration back this up?
So far, the company has delivered impressive results from drilling.
For example, the company highlights that the exciting Leia Pegmatite is one of six significant prospects (Leia, Boba, Chewy, Tabba Tabba Ta, Han and The Hutt) within the 3.2km long outcropping LCT pegmatite field.
At the end of last year, the Leia pegmatite was over 2.2km long, with mineralisation from surface and continuing at depth with the thickest intercept to date 180m @ 1.1% Li2O.
In light of these results, the company is undertaking a huge drilling program during the first half of 2024.
In January, Wildcat's managing director, AJ Saverimutto, commented:
XRD has confirmed that spodumene is the dominant lithium mineral at our Leia discovery. The geology team has been able to utilise the information to prioritise its exploration concepts and we are eager to commence drilling additional targets whilst simultaneously progressing Leia, with 100,000m of drilling planned at Tabba Tabba over the next six months to rapidly advance our understanding of the project's geology and scale. Leia is still open along strike and at depth and is the first of six pegmatites with exploration potential.
Time will ultimately tell whether it is another major lithium asset, but the early signs are positive.
