A little-known ASX mining share is setting the bar high today.
While the All Ordinaries Index (ASX: XAO) is down 0.21%, this microcap ASX miner rocketed 30% higher on open.
In later morning trade, the ASX mining share has given back some of those stellar gains but remains up an impressive 19%.
Any guesses on the company?
If you said Ragusa Minerals Ltd (ASX: RAS), give yourself a gold star.
So, whatâs going on?
Whatâs driving investor interest in the ASX mining share?
The Ragusa Minerals share price is rocketing after the company reported promising results from initial assays at its 100% owned Burracoppin Project, located in Western Australia.
The results come from the first round of the ASX mining shareâs exploratory drill campaign at the project, consisting of 147 composite samples.
According to the release, the initial assays returned âexceptionally high-grade alumina averaging 33.73% Al2O3 â with a peak grade of 38.3% Al2O3â. That corresponded with an ultra-bright ISO brightness of 88% with half of the samples greater than ISO brightness 80%.
Ragusa Minerals also reported on a promising rare earths find at Burracoppin. The explorer noted that 40% of the samples returned total rare earth oxide levels (TREO) above a 500ppm cut-off. The average came in at 1,493ppm TREO with a peak value of 6,285ppm TREO.
Commenting on the result sending the ASX mining share soaring today, Ragusa chair Jerko Zuvela said:
The company is excited with the initial results from the maiden drilling program and the significant discovery of rare earth elements at our Burracoppin Project. This is a positive result for the potential multi-commodity development of our project â with upcoming laboratory analysis results used to delineate a JORC mineral resource.
We look forward to progressing the strategic critical minerals discovered at Burracoppin.
Ragusa Minerals share price snapshot
With todayâs intraday gains factored in, this ASX mining share has trounced the benchmark returns in 2022, gaining 116%. That compares to a 5% year-to-date loss posted by the All Ordinaries.
The post Guess which ASX mining share just rocketed 30% on a new rare earths find appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the ‘five best ASX stocks’ for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now
See The 5 Stocks
*Returns as of December 1 2022
(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(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
Motley Fool contributor Bernd Struben 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/T3r9hAH
Leave a Reply