The share price of ASX exploration company Wildcat Resources jumped 26% on Monday, as the company announced results from the third batch of assays from the Tabba Tabba lithium project, in the Pilbara.
Assay results from a further 58 holes indicate that Tabba Tabba has the potential to host a tier-one lithium deposit at Leia, the company said.
Best results to date from Leia include 85 m at 1.5% lithium oxide from 133 m, 38 m at 1.1% from 132 m, 24 m at 1% from 127 m, 21 m at 1% from 45 m and 85 m at 1.3% from 167 m.
“We continue to be encouraged by the Leia pegmatite’s scale, grade and tabular consistency having still not found the edges of it with drilling. It really feels as though we are in the midst of a tier-one lithium discovery at Tabba Tabba,” said Wildcat MD Samuel Ekins.
Tabba Tabba, which is on granted mining leases, is near some of the world’s biggest hard-rock lithium mines. It is located less than 50 km from Pilbara Minerals' 414-million-tonne Pilgangoora project and 87 km from Mineral Resources’ 259-million-tonne Wodgina project.
Wildcat’s stock closed 26% higher at A$0.58 a share on Monday, giving the company a market capitalisation of A$603-million.