3 ASX mining shares rocketing by more than 14% on Thursday

Three ASX mining shares are flying high this afternoon. This is despite the major indexes that track these companies being down across the board.

The S&P/ASX 200 Materials Index (ASX: XMJ) is down 4.16% Meanwhile, the related S&P/ASX 300 Metals and Mining Index (ASX: XMM) is down more by 4.51%.

Zooming out further, the S&P/ASX 200 Index (ASX: XJO) is also down by 1.68%.

Let’s cover which ASX mining shares are charting their own destiny on Thursday.

Desert Metals Ltd (ASX: DM1)

The Desert Metals share price is up 14.86% at the time of writing. Shares of the mineral explorer are currently trading for 42.5 cents each, having earlier hit an intraday high of 48 cents apiece — a gain of nearly 30% on Wednesday’s close.

There’s no news today from Desert Metals to make sense of the surge in green for its share price. However, on Tuesday the company reported that a possibility of a new rare earth system is emerging at its Innouendy site in Western Australia, giving promise to additional production yields. Shares rallied to 46 cents yesterday amid the announcement.

American West Metals Ltd (ASX: AW1)

The American West Metals share price is currently up a staggering 81.48% today. Shares of the progressive miner are trading hands for 24.5 cents each. They previously closed at 20 cents each.

American West Metals announced its first assay, or analysis results of its diamond drilling initiative for its Storm Copper Project in Canada. The drilling reportedly uncovered high grades and thicknesses of copper.

As part of the release, American West Metals managing director Dave O’Neill commented:

These results immediately validate the historical high-grade intersections within the 2750N Zone, highlighting the quality of the Storm mineral system. These kinds of grades and thicknesses are exactly what we want to see as we work to define a shallow high-grade copper resource.

Parabellum Resources Ltd (ASX: PBL)

The Parabellum Resources share price is another big gainer this afternoon, up 16.12% to 36 cents.

There’s been no news today from Parabellum. However, earlier in the week, the company announced that it had started environmental baseline monitoring studies at the Khotgor project in Mongolia. The wider view is that these studies will introduce disclosures for its progress in implementing environmental, social and governance (ESG) policies.

Parabellum Resources non-executive chairman Mark Hohnen said:

We greatly value ESG considerations as they enable us to better identify material risks and growth potential, leading to better-informed decisions and business outcomes.

The post 3 ASX mining shares rocketing by more than 14% on Thursday appeared first on The Motley Fool Australia.

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More reading

• Guess which ASX mining share is exploding 74% on a new copper find
• 2 ASX mining shares that rocketed between 16% and 108% on Tuesday
• Guess which ASX mining share just exploded 48% on a major copper discovery

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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