2 tiny ASX mining shares soaring on new discoveries

Two smiling men in high visibility vests and yellow hardhats stand side by side with a large mound of earth and mining equipment behind them smiling as the Carnaby Resources share price rises todayTwo smiling men in high visibility vests and yellow hardhats stand side by side with a large mound of earth and mining equipment behind them smiling as the Carnaby Resources share price rises today

The S&P/ASX 200 Materials Index is leaping 0.92% today, but two ASX mining shares are soaring far higher.

The Anson Resources Ltd (ASX: ASN) and Lunnon Metals Ltd (ASX: LM8) share prices are both flying higher on the back of new discoveries.

So let’s take a look at what these two explorers discovered.

Lunnon Metals Ltd 

The Lunnon share price is surging by nearly 11% today. Lunnon is exploring the Kambalda Nickel project in Western Australia.

Today, Lunnon provided an update on its drilling program at the Baker Shoot site. Drilling returned 23m at 6.78% nickel including 14m at 8.13% nickel and 7m at 5.92% nickel.

The company highlighted the width and grades are better than the recent mineral resource estimation for the project.

Commenting on the results, managing director Ed Ainscough said:

Another stand out result for Baker – the run of five consecutive metres over 10% Ni really is the “cherry on top”.

Following the results reported last week from this same section, the fact that Baker has the ability to deliver these nickel grades over such impressive widths and all so close to surface, is exciting for the entire Lunnon Metals team and naturally, of course, for our shareholders

Anson Resources Ltd (ASX: ASN)

The Anson Resources Ltd (ASX: ASN) share price is soaring 9% today. Ansom is exploring the Paradox Lithium Project in the state of Utah, USA.

Anson reported “high concentrations” of lithium and bromine from drilling at the site.

Results included:

  • 97 parts per million (ppm) lithium (Li), 882ppm bromine(Br) in Clastic Zone 33 (11ft thick)
  • 240ppm Li, 4,115ppm Br in Clastic Zone 31 (18ft thick)
  • 111ppm Li, 4,112ppm Br in Clastic Zone 29 (18ft thick)

These assay results are outside the existing resource estimate at the site. Commenting on the resource, Anson said:

Anson plans to confirm a major resource upgrade on completion of its current
drilling campaign at the Cane Creek 32-1 and Long Canyon No. 2 wells.

There is also scope for further Resource expansion via targeted drilling in the western areas of the Paradox Project.

The post 2 tiny ASX mining shares soaring on new discoveries appeared first on The Motley Fool Australia.

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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.

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