Guess which ASX lithium share just rocketed 31% on an ...

A little-known ASX lithium share just lit up the boards on Monday morning.

Shares in the junior ASX lithium stock closed on Friday trading for 5.5 cents. In morning trade today shares rocketed to 7.2 cents apiece, up a whopping 31% after the miner reported on hitting an "outstanding" lithium intersection.

Any guesses?

If you said Cygnus Metals Ltd (ASX: CY5), go to the head of the virtual class.

Formerly known as Cygnus Gold, the ASX minerals explorer dove into the lithium space back in July 2022. At the time of writing, shares have given back some of those outsized gains, currently trading for 5.7 apiece.

Here's what the explorer just reported.

Investors are bidding up the Cygnus Metals share price after an update on the first assays from diamond drilling at its Auclair lithium project, located in Quebec, Canada.

The results were said to confirm thick mineralisation within 50 metres of the surface at the Pegasus discovery in Auclair.

Top results include an intersection of 43.7 metres (true width) at 1.15% Li2O from 46.4 metres, including 4 metres at 3.0% Li2O, which includes 1 metres at 5.9% Li2O.

These substantial grades were returned from a zone of "intense spodumene mineralisation".

The assays confirm the explorer's visual estimates reported in February, which estimated significant intervals of up to 10-12% spodumene mineralisation.

The ASX lithium share is attracting investors' attention after management highlighted that significant widths and grades received from one of the diamond drill holes indicate "substantial potential" for the larger system at Auclair.

Commenting on the results sending the ASX lithium share soaring on Monday morning, Cygnus managing director David Southam said:

This outstanding intersection shows exactly why we are on the hunt for lithium in James Bay. Despite its immense lithium potential, the area is still heavily underexplored when compared to more mature lithium terranes like Western Australia.

Southam said the assays results "puts Auclair on the map as potentially the next breakthrough lithium discovery in James Bay".

According to Southam:

Auclair clearly demonstrates all the key ingredients for a significant discovery, with regional scale, high grades and significant thick intersections.

We have only scratched the surface through recent programs and look forward to getting back on the ground in May and continuing with prospecting around Pegasus and Lyra, which were discovered just days before the end of the season.

Lyra is only 1.6 kilometres north of Pegasus, and will be one of the high priority drill targets in June 2024.

The ASX lithium share only discovered the outcrops at Pegasus and Lyra in late 2023 during the final days of prospecting.