These 3 ASX resources shares exploded more than 35% on Monday

Three ASX resources shares had a stellar run in Monday’s trading session.

Meanwhile, the S&P/ASX 200 Resources Index (ASX: XJR) also outperformed most other sectors, closing 3.33% higher today.

The broader market experienced a bit of a lift, too, with the S&P/ASX 200 Index (ASX: XJO) up 0.50% at the close.

Let’s take a look at which companies were off to the races on Monday.

Winsome Resources Ltd (ASX: WR1)

Winsome Resources shares closed today’s trading 36.49% higher at $1.01, after touching an all-time high of $1.12 early this afternoon. There’s no news today from the company to explain its share price surge.

However, last week the lithium explorer posted results from its numerous drill holes at its Adina site in Quebec, Canada. Samples from the drilling are being taken to the lab for further analysis.

The company also posted its investors’ presentation to the market on Friday. Highlights included that it has detected high grades of lithium and tantalum at its discovery sites and is ready to access Quebec’s hydro-power infrastructure.

Trek Metals Ltd (ASX: TKM)

Shares in Trek Metals also had a great start to the week, closing 37.50% higher at 8.8 cents after surging to 10 cents apiece in early trade. Trek Metals announced a new discovery to the market this morning, making the reason behind its share price rise today easier to discern.

Specifically, the lithium share posted results from its rock chip assays for its Tambourah site in Western Australia.

The assay samples returned lithium concentrations of up to 3.07% Li2O.

Trek Metals CEO Derek Marshall gave a bullish interpretation of the result, stating:

Confirming very high-grade lithium at surface in multiple spodumene-bearing pegmatite dykes is about as good as it gets for this stage of exploration, highlighting the enormous prospectivity of the mineralised system at Tambourah.

Boab Metals Ltd (ASX: BML)

Finally, the Boab Metals share price gained 29.17% to 31 cents at the close of trading on Monday. The precious metals explorer reached a high of 34 cents around midday and responded to an ASX price and volume query this afternoon.

The company noted that it had released an investors presentation on 2 November as its share price surged to new heights.

In the presentation, the company updated the market on its recent operations, including the completion of tenders for its process plant EPC and early work projects.

Other efforts included almost finishing its project’s definitive feasibility study and offtake award process.

Finally, the company notes that its share price has been strongly correlated with the silver price, noting that the price of this precious metal has risen by nearly 7% since the presentation was released.

The post These 3 ASX resources shares exploded more than 35% on Monday 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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