3 ASX mining shares that went gangbusters on Monday

Three ASX mining shares shot higher on Monday with some recording gains of more than 30%

Their rallies came despite the S&P/ASX 300 Metals and Mining Index (ASX: XMM) closing 0.75% lower today. Meanwhile, the S&P/ASX 200 Materials Index (ASX: XMJ) also lost ground today, down almost the same amount at 0.77%.

More broadly, the S&P/ASX 200 Index (ASX: XJO) closed 0.95% lower on Monday.

Let’s see which mining shares defied the market’s sluggishness today.

Cobre Ltd (ASX: CBE)

The Cobre Ltd share price closed 34.44% higher today. Shares of the copper and base metals exploration company finished the day at 60.5 cents each after hitting a high of 73 cents in midday trading. That was a 62% jump on Friday’s closing price of 45 cents a share.

No news came from Cobre today to account for the massive price rally. In fact, the company’s most recent announcement came on Thursday last week. At that time, Corbe said it had received a renewal for five exploration licenses from the Department of Mines in Botswana. The price of copper also recorded a small gain today, up 0.69%, according to Markets Insider.

Anson Resources Ltd (ASX: ASN)

Anson Resources was another ASX mineral explorer share that skyrocketed on Monday. The company’s share price finished the day at 20 cents, a 38% jump, after hitting a high of 21 cents in afternoon trading.

Today, Anson Resources announced a major resource upgrade for its Paradox lithium project. The company said a “new discovery” led to the upgrade, accounting for 788,300 tons of lithium carbonate and 3.523 metric tonnes of bromine. These reflect a 324% increase in previously reported lithium reserves and a 248% increase in bromine reserves. The materials were discovered in the Long Canyon Unit 2 well in Utah in the US.

Iris Metals Ltd (ASX: IR1)

Finally, the Iris Metals share price closed 9% higher today at 84.5 cents. Earlier today, the company’s shares hit a high of 95 cents each. That represented a gain of 22.6% on Friday’s closing price of 77.5 cents a share.

There was no news out of Iris Metals today. However, the company’s share price may have been riding the momentum of an announcement last Thursday. In an update to the ASX, the company claimed to be the largest holder of lithium claims in the US state of South Dakota. The total number of the company’s claims now stands at 2056, covering an area of 171.12 square kilometres. 

The post 3 ASX mining shares that went gangbusters on Monday appeared first on The Motley Fool Australia.

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Motley Fool contributor Matthew Farley 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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