Why has the Winsome Resources share price rocketed 850% in a year?

This lithium share has generated huge returns for investors over the last 12 months.

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Rocket powering up and symbolising a rising share price.

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The Winsome Resources Ltd (ASX: WR1) share price is on form again on Wednesday.

In afternoon trade, the lithium explorer's shares are up 6% to $1.92.

This means that its shares are now up over 850% since this time last year, as you can see below.

Created with Highcharts 11.4.3Winsome Resources PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.com.au

Why is the Winsome Resources share price rocketing?

Investors have been bidding the company's shares higher over the last 12 months thanks partly to excitement around the Adina project in Quebec, Canada.

This project is showing considerable promise. For example, Winsome Resources recently released further results from the Main Zone and the newly identified Footwall Zone at Adina.

The company's managing director, Chris Evans, was very pleased with the results. He said:

It is a pleasure to update shareholders with another drilling update containing further strong intersections of lithium mineralisation from the Main Zone at Adina as well as the recently discovered Footwall Zone. These results define high grades and good thicknesses of mineralisation within both zones which we are feeding into the mineralisation model for Adina as part of the early work for our maiden Mineral Resource Estimate later in 2023.

Evans also highlights that the results indicate that there could be more lithium hiding below. He adds:

It also opens the potential that there could be multiple parallel zones below the main bodies. The fires in Quebec have meant a temporary suspension in drilling however this offers the opportunity to plan the MRE infill drilling in detail for the remainder of the year. We continue to prioritise the safety of our team as we monitor the situation on the ground in Quebec.

All in all, these are exciting times for the company, so it isn't surprising to see the Winsome Resources share price recording such strong gains of late.

Motley Fool contributor James Mickleboro 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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