Two ASX mining shares soaring by 20% today

The S&P/ASX 200 Materials Index (ASX: XMJ) is 0.14% in the red today, but two ASX mining shares are bucking the trend with big gains.

The Carnaby Resources Ltd (ASX: CNB) and Magmatic Resources Ltd (ASX: MAG) share prices are smashing the index today.

Let’s take a look at why these ASX mining shares are having such a great day.

Carnaby Resources

Carnaby shares are currently soaring 23.49% to 92 cents apiece.

As we reported earlier, the ASX mining share advised of “phenomenal results” from the Mount Hope prospect. This is located within the Greater Duchess Copper Gold Project in Queensland. Results included 60 metres at 3.1% copper and 16 metres at 7.6% copper.

Commenting on the news, managing director Rob Watkins said:

The outstanding result of 60m @ 3.1% copper in MHRC029 is the widest and highest grade drill result yet recorded throughout the Greater Duchess Project, even surpassing the original discovery hole at Nil Desperandum.

Magmatic Resources

Magmatic Resources shares are surging 20% to 12 cents at the time of writing.

The ASX mining share is exploring gold and copper at the Wellington North, Parkes, Myall, and Moorefield projects.

The gold price leapt higher to US$1,674 in global markets overnight, while copper fell slightly to US$7,545 a tonne.

Earlier this week, Magmatic reported a 722.5 metre copper intersection. Results included:

• 722.5 metres at 0.25% copper, 0.05 grams per tonne gold, and 14 parts per million (ppm) molybdenum from 134.5m

Commenting on the results, managing director Dr Adam McKinnon said: “I couldn’t be any more impressed with results from first full hole at our Myall program.”

Share price snapshot

The Carnaby Resources share price is up 200% in the past 12 months but is down 43% this year to date. However, it has gained 6% in the past month.

Magmatic Resources shares are up 20% over the past year and 9% year to date, but are down 14% over the past month.

The post Two ASX mining shares soaring by 20% today appeared first on The Motley Fool Australia.

More reading

• Guess which ASX mining share is rocketing 20% on ‘phenomenal’ drill results
• ‘This could rapidly unfold’: Why this ASX mining share is leaping 8% today

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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