3 ASX mining shares going gangbusters on Thursday

Three ASX mining shares are lifting higher along with the materials sector on Thursday.

The S&P/ASX 200 Materials Index (ASX: XMJ) is currently the second-best performing sector index with a 1.5% gain in afternoon trade. It’s second only to the S&P/ASX 200 Energy Index (ASX: XEJ), which is up 2.18%.

Meanwhile, the broader market is also seeing a rise, with the S&P/ASX 200 Index (ASX: XJO) up 0.54%.

So let’s cover which ASX mining shares are climbing along with the rest of the market.

Koba Resources Ltd (ASX: KOB)

The Koba Resources share price rocketed 136% earlier today before the shares were placed in a trading halt at the request of the company. The shares were trading hands for 26 cents apiece at the time of the freeze.

Shares lept amid the ASX mining share announcing claims at its Whitlock Lithium project covering an area of 145km2.

Earlier this morning, my Fool colleague Monica gave details about the potential of the stake, stating:

The project is located immediately on strike from the Tanco mine, which has lithium reserves of 7.3 Mt at 2.76% lithium oxide. Also nearby, are lithium resources including 10.2 Mt at 1.4% Li2O2, 3.6Mt at 1.28% Li2O3 and 1.1Mt at 1.51% Li2O4.

Trading of Koba Resources’ shares is currently under a voluntary trading halt pending an announcement from the company. Shares will go back on the market when the announcement is made, or on 31 October.

WA1 Resources Ltd (ASX: WA1)

The WA1 Resources share price is also having a cracker of a Thursday, up 21.43% to 85 cents. Earlier today, the ASX mining share, which listed on the ASX in February this year, hit a new all-time high of 99 cents before partially retreating.

Like Koba Resources, WA1 also posted a company update to the market this morning, which included its first drill results in Western Australia.

The company discovered mineralised carbonate with significant yields of niobium. It also announced that it had drilled seven holes as part of its maiden drill program.

Further assay results are due for its P1 and Luni targets in the coming weeks.

Aurelia Metals Ltd (ASX: AMI)

Aurelia Metals is another strong performer. The Aurelia share price is currently up 17% to 12 cents.

Investors could be feeling bullish on the release of the ASX mining share’s quarterly update and activities reports that both hit the market this morning.

Indeed, in its outlook, the company expects its output to reach full maximisation during the December quarter this year. At the same time, its expenses are expected to fall during the next financial year.

As for its activities, it produced 22,500 ounces of gold at an all-in-sustaining cost (AISC) of $2,643/oz. It also saw positive results from its metal production, which is falling in line with FY23 planning.

The post 3 ASX mining shares going gangbusters on Thursday 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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