Guess which ASX lithium share just rocketed 50% on a new discovery

Shares in the lithium stock leapt 50% higher in early trade.

| More on:
a man sits on a rocket propelled office chair and flies high above a city

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • The Trek Metals share price leapt 50% higher on open and is up 41% heading into the lunch hour
  • The ASX lithium share reported promising lithium results from rock chip assays at its Tambourah Project
  • The explorer intends to commence drilling as soon as practicable

ASX lithium shares have been high on investor radars this year.

And looking at the Trek Metals Ltd (ASX: TKM) share price action today, you can understand why.

Shares in the lithium stock leapt 50% higher in early trade and as we head into the lunch hour remain up a heady 40.6% trading at 9 cents apiece.

Prices for the battery-critical mineral are trading at or near all-time highs amid booming global EV growth. And investors are bidding up the ASX lithium share after it exited Friday's trading halt this morning and released an update reporting promising lithium exploration results.

What did Trek Metals report?

The Trek Metals share price is rocketing on the report that it has confirmed significant lithium potential at its Tambourah Project in Western Australia.

The junior explorer reported that laboratory assays from rock chip samples returned results of up to 3.07% Li2O. The samples came from multiple recently identified spodumene-bearing pegmatite dykes.

Commenting on the results sending the ASX lithium share soaring today, Trek Metals CEO Derek Marshall said:

Confirming very high-grade lithium at surface in multiple spodumene-bearing pegmatite dykes is about as good as it gets for this stage of exploration, highlighting the enormous prospectivity of the mineralised system at Tambourah.

The company noted that the Tambourah Project is under-explored for lithium and has never been drill tested.

"We have ticked another major box towards making a greenfields lithium discovery," Marshall said.

As for the next steps for the ASX lithium share, Marshall added:

We are looking forward to advancing the project to the next stage with the definition of drill targets and progressing agreements and approvals required to get a rig turning as soon as practicable.

How has this ASX lithium share fared in 2022?

The Trek Metals share price has seen some significant swings this calendar year. Despite soaring higher today, the ASX lithium share remains down 10% in 2022.

That's right in line with the 10% year-to-date loss posted by the All Ordinaries Index (ASX: XAO).

Should you invest $1,000 in Flight Centre Travel Group Limited right now?

Before you buy Flight Centre Travel Group Limited shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Flight Centre Travel Group Limited wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Bernd Struben 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.

More on Resources Shares

Three miners wearing hard hats and high vis vests take a break on site at a mine as the Fortescue share price drops in FY22
Resources Shares

Did you catch what happened with the big 3 ASX 200 mining stocks in April?

BHP, Rio Tinto, and Fortescue all reported their latest mining results in April.

Read more »

Miner looking at a tablet.
Resources Shares

After its earnings result, what's Macquarie's price target on Fortescue shares?

Let’s dig into what Macquarie thinks of Fortescue after its quarterly update.

Read more »

Two mining workers on a laptop at a mine site.
Resources Shares

The Mineral Resources share price is down 72% in a year. Time to pounce?

Two top experts ran their slide rules over Mineral Resources shares. Here’s what they found.

Read more »

Miner looking at a tablet.
Resources Shares

Mineral Resources share price shoots 15% higher on third-quarter report

The ASX 200 iron ore and lithium giant has released its 3Q FY25 activities report.

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Resources Shares

Why Macquarie says this ASX 200 mining stock could rocket 67% in a year

Macquarie forecasts a big potential rebound for this diversified ASX 200 miner.

Read more »

Female miner smiling at a mine site.
Resources Shares

3 reasons why the Fortescue share price could still be a buy

Here’s why I view Fortescue as an opportunity.

Read more »

A man wearing a hard hat and high visibility vest looks out over a vast plain where heavy mining equipment can be seen in the background.
Resources Shares

Here's the latest earnings forecast out to 2029 for Rio Tinto shares

Let’s unearth what this mining giant is predicted to achieve.

Read more »

Female miner smiling in front of a mining vehicle.
Resources Shares

Is the BHP share price a buy? Here's UBS' view

Let’s dig into what an expert thinks of this mining giant.

Read more »