3 tiny ASX mining shares leaping over 20% on project announcements

The S&P/ASX 200 Materials Index (ASX: XMJ) is 0.86% in the red today, but three ASX mining shares are bucking the trend.

Three materials shares lifting are Monger Gold Ltd (ASX: MMG), Black Canyon Ltd (ASX: BCA) and ChemX Materials Ltd (ASX: CMX).

Let’s take a look at what these ASX mining shares reported today.

Monger Gold

The Monger Gold share price is soaring 22% today. This follows Monger securing an exclusive option to take over the Brisk Lithium Project. The project is located in the James Bay Lithium District in Quebec, Canada.

The project hosts multiple known pegmatite outcrops, according to Monger Gold. The option agreement involves a 45 option period. During this time, Monger will confirm and test multiple targets for lithium potential. CEO Adam Ritchie, commenting on the agreement, said:

For Monger, this deal solidifies the foundational lithium asset set. In combination with the
Scotty Lithium Project in Nevada, all three main lithium resource types are now covered being brine, sedimentary and hard rock.

Black Canyon

The Black Canyon share price is surging 25% today. This follows a scoping study into the potential of the Flanagan Bore Manganese Project, located in the Pilbara region of Western Australia. The study revealed the project will produce strong financial returns over 20 years with an average production rate of 1.8 metric tonnes per annum( Mtpa).

The project has a pre-tax net prevent value of $134 million, while the pre-tax internal rate of return is 67%.

Commenting on the study, Black Canyon executive director Brendan Cummins said:

The Scoping Study results clearly demonstrate significant value from a future mine development at Flanagan Bore.

ChemX Materials

The ChemX share price is rocketing 25% today. ChemX is a materials technology company working on projects providing critical materials for electrification and decarbonisation. The company confirmed it will build a High Purity Alumina pilot plant. This follows outstanding results from a pre-feasibility study into the company’s HiPurA technology. High purity alumina is a critical material used in lithium-ion batteries.

The post 3 tiny ASX mining shares leaping over 20% on project announcements appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Why is the Zip share price behaving so strangely on the ASX today?
• 2 cryptos that could lead the market recovery
• This ASX mining share just crashed 37%. Here’s why
• Guess which ASX lithium share just rocketed 20%
• Medibank share price dips despite dividend boost

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.

from The Motley Fool Australia https://ift.tt/pjsq97k