A little-known ASX lithium stock has been absolutely shooting the lights out over the past two weeks.
Since market close on 25 October, the All Ordinaries Index (ASX: XAO) has gained a very healthy 2.7%.
But this lithium share has rocketed an eye-popping 1,111%. That's enough to turn a $1,000 investment into $12,111. In two weeks!
Any guesses?
If you said TG Metals Ltd (ASX: TG6), give yourself a virtual gold star.
The ASX lithium stock closed on 25 October trading for 9.7 cents. At the time of writing, shares are swapping hands for $1.14.
Here's what's been happening with the explorer.
Image source: Getty Images
Why are investors sending this ASX lithium stock to the moon?
TG Metals is a relative newcomer to the ASX, having commenced trading on 26 May 2022.
The company's main focus is its wholly owned Lake Johnston Project, located in Western Australia. TG Metals explores for gold, nickel and lithium at Lake Johnston. But it's been lithium that's really set this stock on fire these past two weeks.
Last Monday, 30 October, the ASX lithium stock closed the day up a blistering 252.4%.
This came after the company reported that the first drill holes into the Burmeister lithium soil anomaly at Lake Johnston intersected high-grade mineralisation of up to 2.28% Li2O.
Investor enthusiasm was also ignited by the report that five of the six completed holes had intersected pegmatite, "with all pegmatite intervals hosting lithium mineralisation in spodumene".
And the Burmeister lithium soil anomaly is large, covering an area of 4.5 kilometres by 1.7 kilometres.
The ASX lithium stock has continued to charge higher since then, up another 220% since the closing bell on 30 October.
Yesterday the TG Metals share price gained another 40.1%.
That big move higher came after the explorer announced that it had recommenced drilling at the Burmeister anomaly. The explorer was able to re-start the next phase of its drilling program quite rapidly, with existing program of works approvals already in place.
"We are in a unique position of being able to move on quickly to this second phase of drilling," TG Metals CEO, David Selfe said.
The ASX lithium stock is up 3% in afternoon trade today.
Stay tuned!
