Guess which ASX mining stock is booming 126% on a new lithium discovery

The ASX mining stock reported promising results from its maiden drill campaign at a WA prospect.

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A little-known ASX mining stock is setting the bar high today.

Very high.

The All Ordinaries Index (ASX: XAO) is down 0.29% in afternoon trade, following on weakness in US markets on Friday.

But this junior mining share is up a whopping 126% after reporting on a new lithium discovery.

Any guesses?

If you said Voltaic Strategic Resources Ltd (ASX: VSR), give yourself a gold star. And I hope you held shares before market open today!

With today's big intraday boost factored in, the ASX mining stock is now up a tidy 160% since this time last week.

Here's what the company reported this morning.

Voltaic announced that it has completed its maiden drill campaign at the Andrada prospect, Ti Tree project in Western Australia, ahead of schedule.

The ASX mining stock said it had intercepted several thick (up to 60 metre) pegmatite bodies down-dip from surface, which it labelled "highly encouraging".

The early stage drilling confirms key structural trends that are associated with favourable lithium, caesium, tantalum (LCT) pegmatoids in close proximity to granitic contacts.

Assays are expected in about six weeks.

Voltaic highlighted the potential to increase the scale of its Andrada prospect. The prospect sits within the 212 square kilometre Ti Tree Project and hosts some 300 mapped pegmatites from surface. So far, less than 10% of the tenure has been explored.

Commenting on the results sending the ASX mining stock soaring today, CEO Michael Walshe said, "We now have a much-improved model of the regional pegmatites at Ti Tree in terms of structure, down-hole continuity and zonation, all of which are critical data for vectoring towards an LCT discovery."

Walshe added:

Planning is also underway for a follow-up second phase of drilling, and we will soon undertake several surveys including: airborne magnetics / radiometrics, photogrammetry, and gravity.

These programs should significantly increase the number of ‘priority 1’ drill targets at Ti Tree and ensure several months of highly active and material news flow over the remainder of 2023

The ASX mining stock is thinly traded on most days, though today is a notable exception.

With today's big gains factored in, the Voltaic share price is up 200% in 2023. Or enough to turn a $1,000 investment into $3,000.

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.