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These small cap ASX shares are on the rise on Tuesday

The market may be having another day to forget on Tuesday but that hasn’t stopped some shares from pushing higher.

Three small caps that have posted strong gains today are listed below. Here’s why they are on the rise:

The Breaker Resources NL (ASX: BRB) share price is up 7.5% to 35.5 cents after the gold exploration company released drilling results from its Lake Roe Gold Project in Western Australia. According to the release, all 37 drill holes intersected significant gold mineralisation. Of these, 21 holes extend the known parameters of the deposit to the east and at depth, whereas the other 16 holes were infill drilling. Management believes that the combined results further highlight the strong potential to increase the 1.1Moz resource and upgrade the resource classification. The next step for Breaker will be its pre-feasibility study which is underway and aims to create scope for early monetisation.

The Megaport Ltd (ASX: MP1) share price is up 4.5% to $3.62 following the release of its first quarter update. During the quarter the company continued its growth trajectory with another solid performance which included new and expanded data centre partnerships. Megaport reported a 20% quarter on quarter increase in its monthly recurring revenue to $2.4 million thanks to its growing data centre footprint, customer numbers, and ports. I think Megaport is one of the best small cap tech shares and worth a closer look.

The Telix Pharmaceuticals Ltd (ASX: TLX) share price is up 1.5% to 94.5 cents. At one stage the biopharmaceutical company’s shares were up as much as 6.5% to 99 cents after announcing that it is preparing to commence recruitment for its ZIRCON Phase III trial for imaging of clear cell renal cell cancer (ccRCC) with 89Zr-girentuximab (TLX250). Telix has made the move after successfully completing a clinical trial notification submission to the Therapeutic Goods Administration and receiving its first Human Research Ethics Committee approval in Australia. The company now plans to recruit patients at a total of four clinical sites in Australia.

DON'T MISS: 3 mid cap growth shares tipped for big things

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Motley Fool contributor James Mickleboro owns shares of TELIXPHARM DEF SET. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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