Guess which ASX lithium share surged 74% today on a new discovery

The S&P/ASX 200 Materials Index (ASX: XMJ) is going gangbusters today, up 3.37% at the time of writing. But one ASX lithium share is soaring far higher into the green.

The Tambourah Metals Ltd (ASX: TMB) share price is currently trading 35% higher at 21 cents. However, in earlier trade, the company’s shares soared 74% to an intraday high of 28 cents.

Let’s take a look at why this ASX lithium share is having such a top run today.

Lithium project news

Tambourah advised today it has found multiple pegmatites at the RJ 101 lithium project. This is part of the Russian Jack lithium project, 70km southeast of Nullagine in Western Australia.

Results show high levels of rubidium, tin, cesium, tantalum and niobium, which the company says are “indicators of lithium-caesium-tantalum (LCT) pegmatites”.

Tambourah also advised it was completing the purchase of a lithium and gold exploration project at Tambina.

This project has elevated lithium and rubidium, historical sampling at the site shows.

Commenting on today’s news, managing director Paul Araujo said:

At the RJ 101 project, Tambourah has identified pegmatite swarms with some continuing over 500 metres in length and up to 8m high.

We are planning to identify and field test newly recognised pegmatite swarms at several locations within this large project area.

Looking ahead, Tambourah is preparing an exploration strategy to follow up sampling of high lithium targets.

Share price snapshot

The Tambourah Metals share price has fallen 34.3% over the past 12 months and is down 14.5% in the year to date.

However, in the past month, Tambourah Metals shares have soared 50%.

In comparison, the ASX Materials Index has gained nearly 13% in the past year.

The post Guess which ASX lithium share surged 74% today on a new discovery appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea 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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