3 ASX mining shares leaping on mineral discoveries

Two mining workers in orange high vis vests walk and talk at a mining siteTwo mining workers in orange high vis vests walk and talk at a mining site

The S&P/ASX 200 Materials Index (ASX: XMJ) is falling 0.43% today, but three ASX mining shares are leaping following news of mineral discoveries.

The share prices of Victory Goldfields Ltd (ASX: 1VG), ABX Group Ltd (ASX: ABX), and Gascoyne Resources Ltd (ASX: GCY) are all in the green today.

Let’s take a look at what these explorers have discovered.

Gascoyne Resources

Gascoyne shares are soaring 15% today on the back of news from the company’s Dalgaranga Gold Project in Western Australia.

Reverse Circulation drilling intercepted with thick, high-grade gold. This included 50 metres at 4.58 grams per tonne gold (g/t) from 191 metres including 24 metres at 7.3 g/t.

Managing director Simon Lawson said:

Wherever we drill to test the extends of this beast we hit more gold.

These outstanding new results clearly demonstrate that we are dealing with a wide, high-grade and potentially very large gold system at Never Never.

ABX Group

The ABx Group Ltd (ASX: ABX) share price is surging 16% today. The company announced a “major expansion” of a rare earth discovery at the Deep Leeds project in Tasmania.

Drilling assays showed the extent of rare earth elements mineralisation has expanded 230% to 4.01 square kilometres. The company has started working on a maiden REE resource estimate for the project.

Commenting on the results, CEO Dr Mark Cooksey said:

The southwest trending channel delineated by holes DL403, DL450 and DL453 has been extended 750m westwards by hole DL520 that intersected 5m thickness of ionic adsorption clay REE mineralisation averaging 2,170 ppm TREO from 3m dept.

Victory Goldfields

The Victory Goldfields share price has risen as high as 22% today. Investors are buying up the ASX mining share after drilling results showed widespread REE mineralisation. This is at the company’s wholly-owned North Stanmore Project.

Results included:

  • 4 metres at 2414 parts per million (ppm) Total Rare Earth Oxide (TREO) from 28 metres
  • 8 metres at 1876 ppm TREO from 24 metres
  • 12 metres at 1319 ppm TREO from 24 metres.

Executive director Brendan Clark said:

Victory is very excited to confirm the significant extension of a high grade rare earth element mineralisation that now covers an area of about 1km.

The Victory Goldfields share price has since declined to be trading flat in late trading today.

The post 3 ASX mining shares leaping on mineral 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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