Fresh off a stellar performance on the ASX in 2023, Australian lithium developer Wildcat Resources (ASX:WC8) has now started exploration activities for 2024 at its Tabba Tabba Lithium Project near Port Hedland in Western Australia.
Mining.com.au in December reported the incredible performance of Wildcat, which ended 2023 some 2,800% higher.
Today (9 January 2024) the $807.14 million market capitalisations company has diamond rigs have starting to drill after Wildcat completed a temporary drilling pause to enable an expansion of camp facilities and exploration infrastructure.
The company says undertaking this work was a necessary step to allow continued escalation of drilling capability in 2024, with 4 diamond rigs expected before the end of January and additional rigs mobilising to site in February.
Managing Director AJ Saverimutto says crews have been busy over the Christmas break upgrading its camp and site infrastructure for the continuation and expansion of aggressive drill programs at Tabba Tabba.
Tabba Tabba is near some of the world’s largest hard-rock lithium mines, 47km from Pilbara Minerals’ (ASX:PLS) 414 million tonne Pilgangoora Project, 87km from Mineral Resources’ (ASX:MIN) 259Mt Wodgina Project and is only 80km by road to Port Hedland.
Wildcat’s fortunes last year began to change when the company on 17 May 2023, announced the purchase of the Tabba Tabba Tantalum Mine and Lithium-Tantalum Project. The subsequent 67% rise in the company’s share price was a prelude to what was to follow.
The company launched fieldwork at its then new project at the end of May and by early July once it had identified new pegmatites Wildcat’s shares were trading at $0.18, some 500% higher than prior to the acquisition.
Then on 6 November, Wildcat announced a 180m intersection grading 1.1% Li20 from 206m at Tabba Tabba’s Central Cluster zone, which led to another spike and 2023 share price high of $0.92.
Wildcat shares had started 2023 at $0.02, meaning in those 11 months there had been a whopping 4,500% increase in its valuation before ending the year just under 3,000% higher.
Write to Adam Orlando at Mining.com.au
Images: Wildcat Resources
