In a sea of red, these ASX mining shares are surging more than 10%

Three people run in a race through deep mud and puddles of water.Three people run in a race through deep mud and puddles of water.

The S&P/ASX 200 Resources Index (ASX: XJR) may be down today, but three ASX mining shares are bucking the trend.

The ASX 200 Resources Index is down 1.81% to 5,579.9 points at the time of writing.

Let’s take a look at which ASX mining shares are outperforming the index.

Carnaby Resources Ltd (ASX: CNB)

The Carnaby Resources share price rocketed 27.55% to $1.435 in earlier trade, before retreating. The explorer’s shares are currently trading at $1.235, up 9.78%. Carnaby shares surged on the back of positive drill results from the Greater Duchess Copper Gold Project in Queensland. Drill hole LFRC120 intersected with the widest high-grade mineralisation to date. This included 2.4% copper from 68m and 0.4 grams per tonne of gold from 40m. Year to date, ASX mining share Carnaby’s shares have depreciated 8.52%, while they are up 209% over 12 months.

Quantum Graphite Ltd (ASX: QGL)

The Quantum Graphite share price is surging 8.96% to 36.5 cents. In earlier trade, the ASX mining company’s share price soared 16% to 39 cents. Quantum is a producer of flake graphite products. The company is investing in advanced processing technologies for the electric vehicle (EV) battery market. Quantum recently reported its shareholder base has increased by 35% since requoting on the ASX on 14 December. Quantum is green all round, up 128% year to date and a whopping 615% over the last 12 months.

Middle Island Resources Ltd (ASX: MDI)

Middle Island Resources shares have surged 23% today despite no news from the company. The miner is exploring gold and copper at the Barkly Copper Gold Super Project in the Northern Territory. Recently, the company reported significant copper oxide has been identified at its crosswinds prospect. This included spot pXR readings between 24.8 and 76.2% of copper. Year to date, ASX mining share Middle Island Resources shares have appreciated 33%, and a respectable 23% over 12 months.

The post In a sea of red, these ASX mining shares are surging more than 10% appeared first on The Motley Fool Australia.

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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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