ASX mining shares are capitalising on the latest commodities rally since 2022 began.
The S&P/ASX 300 Metal & Mining Index (ASX: XMM) has spiked almost 5% this year to date and 10.5% over the past 12 months.
Within this buoyant sector are 2 small-cap mining shares that are outperforming their peers in the ASX resources space.
They are Siren Gold Ltd (ASX: SNG) and Firebird Metals Ltd (ASX: FRB). Take a look at their 5-day returns on the chart below.
Siren Gold Ltd (ASX: SNG)
Shares in Siren Gold are soaring above 25% today and are currently exchanging hands at 30 cents apiece.
Investors are piling into the gold miner following a company announcement advising it has intersected gold during drilling at its Alexander River project in New Zealand.
As The Motley Fool reported earlier today, "The intercept in the drill hole returning visible gold was comprised of 2-3 metres of strong acicular arsenopyrite, followed by a 0.6 metre quartz vein with significant visible gold".
The price of gold has shot to record highs of US$2,052 per troy ounce in recent days. Traders have since pared gains so now the yellow metal is sitting at US$1,991/t.oz.
With the gold spot and futures both rallying to new heights, investors have been piling into ASX gold shares.
In the past 12 months, Siren shares have tanked by 22% but have soared by almost 15% in the past 30 days.
Siren Gold has a market capitalisation of $23.5 million.
Firebird Metals Ltd (ASX: FRB)
Shares in Firebird Metals are also surging higher today and now trade at 39 cents apiece following a company announcement.
At one point today, Firebird shares were trading more than 20% higher at 39.5 cents each before levelling off a little.
Investors are responding positively to the company advising of a "game changing resource upgrade" at its flagship Oakover project.
Firebird announced it had delivered a 170% increase in resources at the site following completion of a 233-hole reverse circulation (RC) drilling program.
The Oakover resource has grown to 172 Mt @ 9.9% Mn (7% Mn cut-off) from 64 Mt @ 10% Mn", Firebird said. "Importantly 58.7 Mt at 10.4% Mn at the Sixty Sixer deposit is now in the Indicated category."
Now the company has set its next moves following the discovery. Apparently, management has made the decision to pivot the growth strategy.
From here on in, it will "focus on completing key workstreams to assess a larger long-term (20+ years) operation to create a substantial manganese hub".
After listing on the ASX in early 2021, Firebird shares have fallen 30% into the red, but have soared 28% this week.
Firebird has a market capitalisation of $17.73 million.
