3 tiny ASX mining shares soaring from new discoveries

Junior explorers can see outsized gains on successful drilling results.

| More on:
three children wearing superhero costumes, complete with masks, pose with hands on hips wearing capes and sneakers on a running track.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The All Ordinaries Index (ASX: XAO) is in the red in early afternoon trade trade, down 0.42%.

But not all stocks are sliding.

Below we look at 3 tiny ASX mining shares bucking the wider selling pressure today to post some outsized gains.

ASX investors reward "spectacular" copper intersections

First up is ASX resource minnow Tennant Minerals Ltd (ASX: TMS), with a market cap of around $29 million.

The ASX mining share entered a trading halt after market close on Thursday and came roaring back today after reporting "spectacular copper intersections" at its Bluebird Prospect in the Northern Territory.

Commenting on the drill results, Tennant Minerals chairman, Matthew Driscoll said:

BBDD0009 is the first hole drilled to test the Bluebird copper-gold zone below previous drilling, and to return a 50-metre intersection of high-grade copper with gold, that approximates true-width, is a spectacular result.

The Tenant Minerals share price, up more than 55% in earlier trade, is currently up 41% for the day.

ASX mining share leaps higher on copper gold intersections

The next ASX mining share heading higher today is Stavely Minerals Ltd (ASX: SVY), with a market cap more than $104 million.

The Stavely share price took off after the explorer reported "outstanding new results" from drilling at its Cayley  Lode deposit within its 100%‐owned Stavely Copper‐Gold Project in Victoria.

Those intersections include up to 19.65% copper, 8.29g/t of gold and 202g/t of silver.

Commenting on the drilling results, Stavely Minerals managing director, Chris Cairns said:

The intersection of 92.1m of inter‐fingered sulphide mineralisation may well be the longest down‐hole intersection of mineralisation recorded at the Cayley Lode to date. The significance is that, if follow‐up drilling is able to confirm the continuity of these types of widths of mineralisation along strike and up/down‐dip, there is significant capacity for these intersections to contribute material additions to the upcoming Mineral Resource Estimate.

The Stavely Minerals share price soared more than 16% higher on the news and is currently up 10% for the day.

More strong results from this ASX mining share

Not to be outdone, Estrella Resources Ltd (ASX: ESR), with a market cap of around $40 million, reported spectacular massive sulphide assay results from its 100% owned Carr Boyd Nickel and Copper Project in Western Australia.

Commenting on those assays, Estrella managing director, Chris Daws said:

The Carr Boyd project continues to produce some exceptional results, with numerous intersections of massive nickel sulphide and some very high nickel and copper assays associated with these drill hits…

The high-grade results received from hole CBDD064 beneath the historic Carr Boyd mine not only sees our geological model intact but also bolsters our confidence to unlock further massive nickel sulphides.

The ASX mining share leapt 40% in early trade. At time of writing, the Estrella share price is up 22% for the day.

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 Bruce Jackson.

More on Share Gainers

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Adore Beauty, Domino's, DroneShield, and Universal Store shares are rising today

Not all shares are falling today. Why are these rising?

Read more »

Lion roaring in the wild, symbolising a rising Liontown share price.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors once again pulled back from record highs today.

Read more »

Cheerful boyfriend showing mobile phone to girlfriend in dining room. They are spending leisure time together at home and planning their financial future.
Share Gainers

Why Accent, Dusk, Evolution Mining, and Zip shares are pushing higher today

These shares are having a great session. But why?

Read more »

Hands reaching high for a trophy with a sunset in the background.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another day and another record high for ASX shares this Wednesday.

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Gold

Have you heard of this ASX gold stock? It's up 114% in 8 days!

Investors have sent the ASX gold stock flying higher in July. But why?

Read more »

A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.
Share Gainers

Why Cettire, Core Lithium, Northern Star, and Step One shares are charging higher

These shares are having a good time on hump day. But why?

Read more »

A woman's hand draws a stylised 'Top Ten' on a projected surface.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX investors this Tuesday.

Read more »

A man sees some good news on his phone and gives a little cheer.
Share Gainers

Why EOS, Hub24, Integrated Research, and Kingsgate shares are pushing higher

These shares are having a strong session. But why?

Read more »