2 tiny ASX mining shares surging on new discoveries

Two kids playing with wooden blocks, symbolising small cap shares and short selling.Two kids playing with wooden blocks, symbolising small cap shares and short selling.

It’s been a good day for these ASX small-cap mining stocks – they’ve each seen their share price rocket higher on exciting discoveries.

Let’s take a closer look at what they have uncovered and how they are performing on Thursday.

2 ASX mining shares lifting on exciting news

Far East Gold Ltd (ASX: FEG)

The Far East Gold share price is surging 14% higher to trade at 33 cents on Thursday.

The company’s gain follows news from its Woyla Copper Gold Project. Samples from the project have been tested and found to house gold associated with sulphides.

The gold was identified by petrographic studies, undertaken to better understand gold occurring within samples that assayed bonanza grade gold and silver.

The studies have also helped verify a previous petrographic study on the project’s Aloe Rek vein system.

Additionally, they confirmed high-grade gold and silver mineralisation associated with ginguro banded quartz is present within all of the defined Woyla vein systems.

Carnaby Resources Ltd (ASX: CNB)

Another tiny ASX mining share enjoying a day in the green following a new discovery is Carnaby Resources. Its stock has lifted 17% to trade at 82 cents on Thursday.

The company announced “very significant” geophysical anomalies identified at the Greater Duchess Copper Gold Project this morning.

Induced polarisation (IP) surveys have recorded large and strong IP chargeability anomalies in two previously undrilled areas of the project.

The company’s managing director, Rob Watkins commented on today’s news, saying:

The undrilled 3 kilometre corridor between [the project’s Nil Desperandum prospect] and [its Lady Fanny prospect] now has two excellent deposit scale drill targets following the identification of these highly significant IP anomalies.

Watkins also noted that IP identified the original high grade discovery hole at the project’s Nil Desperandum prospect. It showed similar anomalies as those announced today.

The post 2 tiny ASX mining shares surging on new discoveries 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 Brooke Cooper 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/tOwcehF

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