2 ASX mining shares that surged on drilling news today

Two miners standing together with a smile on their faces.Two miners standing together with a smile on their faces.

The S&P/ASX 200 Index (ASX: XJO) finished slightly in the red today, but these two ASX mining shares had a better day.

Renascor Resources Ltd (ASX: RNU) and Resolute Mining Ltd (ASX: RSG) both soared more than 10% on drilling news today.

Let’s take a look at why these ASX explorers had a good day.

Renascor Resources

The Renascor Resources share price surged 14.29% today. The company reported more results from the Siviour Graphite Deposit in South Australia where high-grade graphite at the site.

On the back of these results, the company sees potential to improve and accelerate the mining schedule. Siviour noted that the graphite market continues to be strong, with prices for the mineral surging 42% in the past 12 months.

Managing director David Christensen said:

These results continue to confirm that Siviour is a tier one graphite orebody and, given
its favourable deposit geometry and location in South Australia, presents Renascor with
an opportunity to become a globally significant low-cost producer of high-value Purified
Spherical Graphite for use in Electric Vehicles.

Resolute Mining

Resolute Mining shares soared more than 10% on the market today. The company reported significant oxide and sulphide gold mineralisation at the Syama North project in West Africa.

Resolute described this result as “some of the best gold intersections ever recorded from the Syama North area”. Gold intersections included 27 metres at 6.62 grams per tonne (g/t) from 45 metres at drill hole QVRC533 and 26m at 7.8 g/t from 180m.

CEO Terry Holohan said: “I am very pleased with the progress over the last twelve months within both the exploration and operations teams”.

The post 2 ASX mining shares that surged on drilling news today appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now

See The 5 Stocks
*Returns as of January 12th 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

Motley Fool contributor Monica O’Shea 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.

from The Motley Fool Australia https://ift.tt/5q3kPAv

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s