The Voltaic Strategic Resources Ltd (ASX: VSR) share price has soared 238% since market close on 18 April from 2.1 to 7.1 cents.

Today, Voltaic shares are jumping 12.7%. In contrast, the S&P/ASX 200 Materials Index (ASX: XMJ) is sliding 0.22%.

Let's take a look at this ASX rare earths share in more detail.

What's going on?

Voltaic is exploring battery and precious metal projects in Western Australia and Nevada, United States. This includes rare earth elements (REE), lithium, gold and Nickel-Copper-Platinum Group Elements.

Investors appear to have been buying up shares in this ASX rare earths share amid exploration results in the past month.

Voltaic advised the market last week of a "significant rare earths" system at the Neo prospect within the Paddys Well project in WA.

This included grades of up to 10,072 ppm total rare earth elements (TREO) including mineralised REE intercepts up to 78 metres from surface.

Commenting on this news, Voltaic CEO Michael Walshe said:

The results provide unequivocal evidence for the presence of a large REE clay system at Neo,
with individual metre values up to 1% TREO, high tenor 'magnet REE' percentages up to 30%, and
very large, mineralised intercepts up to 78m in width.

We are now eagerly awaiting the results of the metallurgical testing on the clays to determine their preliminary economic viability.

Meanwhile, on 3 May, the company advised it had started drilling at the Andrada Prospect within the Ti Tree Lithium Project in Western Australia.

The company said this is an "emerging critical minerals" hotspot.

On 17 May, Voltaic said "multiple thick pegmatites" had been intersected at this project. Phase one drilling at the site is now complete with assay results expected within the next several weeks.

Voltaic relisted on the ASX on 5 October following a $4.55 million capital raise.

Voltaic share price snapshot

The Voltaic share price has risen 202% in the year to date and 31% in the last week alone.

This ASX rare earths share has a market cap of about $26 million based on the latest share price.

The post Guess which ASX rare earths share has rocketed 238% in a month. Hint: not Lynas appeared first on The Motley Fool Australia.

The Besra Gold Inc (ASX: BEZ), Voltaic Strategic Resources Ltd (ASX: VSR), and Chesser Resources Ltd (ASX: CHZ) share prices are all rocketing more than 50% today.

Let's take a look at what is going on with these ASX resources shares.

Voltaic Strategic Resources

Voltaic shares are exploding 152% at the time of writing. Investors are buying up this lithium share amid drilling results released today.

Several thick pegmatites have been intercepted at the Andrada prospect at the Ti Tree Project in Western Australia.

Drilling showed "key structural trends" connected to favourable lithium, caesium, and tantalum (LCT) pegmatoids close to granitic contacts.

Commenting on the news, CEO Michael Walshe said:

We now have a much-improved model of the regional pegmatites at Ti Tree in terms of structure, down-hole continuity and zonation, all of which are critical data for vectoring towards an LCT discovery.

Besra Gold

Besra Gold shares are soaring 93% at the time of writing to 42.5 cents. The gold company is exploring the Bau Goldfield in East Malaysia. Besra has finalised a binding gold purchase agreement with major shareholder Quantum Metal Recovery. This will enable Besra to fund production at the Bau project and evaluate other deposits in the Bau goldfield corridor.

Former CEO Dr Ray Shaw will be moving to the role of chief operating officer, stepping down as CEO. Jocelyn Bennett will take on the role of executive chair. Commenting on today's news, Bennett said:

The announcement of progress this landmark agreement, as well as the accompanying corporate changes, moves Besra's 3Moz Bau Gold Project closer to production.

Chesser Resources

Chesser shares are flying 65% higher today to 12 cents on the back of takeover news. Fortuna Silver Mines Inc (NYSE: FSM, TSE: FVI) is proposing to acquire 100% of Chesser shares at an implied value of 14.2 cents per Chesser share.

This is a 95% premium to Chesser's closing price of 7.3 cents on 8 May. However, Chesser shares are now catching up to the offer price.

In a statement today, Chesser said the board "unanimously recommends" shareholders support the acquisition at the scheme meeting. This is due to be held in August 2023.

Chesser managing director Andrew Grove said:

Chesser's strategy has focused on the standalone development of the Diamba Sud project and we have made excellent progress in this regard through exploration success, resource delineation and the delivery of a highly attractive Scoping Study late last year.

The post 3 ASX resources shares exploding over 65% on Tuesday appeared first on The Motley Fool Australia.

Very high.

The All Ordinaries Index (ASX: XAO) is down 0.29% in afternoon trade, following on weakness in US markets on Friday.

But this junior mining share is up a whopping 126% after reporting on a new lithium discovery.

Any guesses?

If you said Voltaic Strategic Resources Ltd (ASX: VSR), give yourself a gold star. And I hope you held shares before market open today!

With today's big intraday boost factored in, the ASX mining stock is now up a tidy 160% since this time last week.

Here's what the company reported this morning.

Lithium discovery spurs investor interest in junior ASX mining stock

Voltaic announced that it has completed its maiden drill campaign at the Andrada prospect, Ti Tree project in Western Australia, ahead of schedule.

The ASX mining stock said it had intercepted several thick (up to 60 metre) pegmatite bodies down-dip from surface, which it labelled "highly encouraging".

The early stage drilling confirms key structural trends that are associated with favourable lithium, caesium, tantalum (LCT) pegmatoids in close proximity to granitic contacts.

Assays are expected in about six weeks.

Voltaic highlighted the potential to increase the scale of its Andrada prospect. The prospect sits within the 212 square kilometre Ti Tree Project and hosts some 300 mapped pegmatites from surface. So far, less than 10% of the tenure has been explored.

Commenting on the results sending the ASX mining stock soaring today, CEO Michael Walshe said, "We now have a much-improved model of the regional pegmatites at Ti Tree in terms of structure, down-hole continuity and zonation, all of which are critical data for vectoring towards an LCT discovery."

Walshe added:

Planning is also underway for a follow-up second phase of drilling, and we will soon undertake several surveys including: airborne magnetics / radiometrics, photogrammetry, and gravity.

These programs should significantly increase the number of 'priority 1' drill targets at Ti Tree and ensure several months of highly active and material news flow over the remainder of 2023

Voltaic share price snapshot

The ASX mining stock is thinly traded on most days, though today is a notable exception.

With today's big gains factored in, the Voltaic share price is up 200% in 2023. Or enough to turn a $1,000 investment into $3,000.

The post Guess which ASX mining stock is booming 126% on a new lithium discovery appeared first on The Motley Fool Australia.