The S&P/ASX 200 Materials Index (ASX: XMJ) fell 0.08% on Tuesday, but two ASX mining shares outperformed the index.
The American West Metals Ltd (ASX: AW1) and Magmatic Resources Ltd (ASX: MAG) share prices both soared today.
Let’s take a look at why these ASX mining shares had such a good day.
Magmatic Resources
The Magmatic Resources share price exploded 108% today. Magmatic shares soared on drilling results.
The company reported visible copper sulphide mineralisation intersected a more than 740 metre interval.
Magmatic is exploring its wholly owned Myall project, 25 kilometres southwest of Narromine in New South Wales.
Commenting on the results, managing director Dr Adam McKinnon said:
This is an absolutely stunning result for the first full hole of our drilling program at Myall. Itâs difficult to describe the excitement of our team each time we look over the previous dayâs core and see an ever-increasing interval of visible sulphide mineralisation.
American West Metals
American West shares soared 16% today amid a “major copper discovery” in Canada.
Drill hole ST22-10 intersected with more than 68 metres of stratiform copper sulphide mineralisation. This was from a 277 metre downhole.
Managing director Dave O’Neill described the discovery, at the company’s Storm Copper Project, as “game changing”.
The importance of this discovery for the project cannot be overstated, as it has hugely positive implications for the copper endowment within the project area.
The post 2 ASX mining shares that rocketed between 16% and 108% on Tuesday 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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