Why has this ASX mining share exploded 200% in 2 days?

There is one ASX mining share that is skyrocketing ahead this week amid a new discovery.

Dundas Minerals Ltd (ASX: DUN) shares have soared 200% since market close on Friday and are currently trading at 63 cents. Today alone, Dundas shares have risen by 48%.

Let’s take a look at what is impacting this ASX mining share.

Why is the Dundas share price rising?

Dundas is exploring nickel, copper, gold, and cobalt at the Albany-Fraser Orogen belt in Western Australia.

Investors are buying up Dundas shares on the back of drilling results at the company’s exploration target.

Dundas discovered massive sulphides and ultramafic rocks at two holes drilled to a depth of 37 metres.

Analysis using pXFR showed multiple samples were anomalous in cobalt, nickel, copper, and silver.

Commenting on the results, managing director Shane Volk said:

The cobalt, copper, nickel and silver pXRF readings are very encouraging. We are moving as quickly as possible to test both Central AMT anomalies with diamond drill holes to depths of up to 500m.

As far as Dundas Minerals can determine, there has been no prior exploration ever conducted in this area of the Albany-Fraser Orogen, we are working in an absolute greenfield exploration environment.

Dundas listed on the ASX in November 2021.

Share price snapshot

Dundas Minerals shares have surged 220% in the year to date. In the past month, Dundas shares have exploded 330%.

This ASX mining share has a market capitalisation of more than $25 million based on the current share price.

The post Why has this ASX mining share exploded 200% in 2 days? 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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