3 ASX mining shares skyrocketing on major new discoveries

Why did these companies have such a cracking day on the ASX on Tuesday?

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Key points

  • Three ASX resources shares had a stellar day on the market 
  • The companies' share prices surged between 55% and 95% during the day 
  • All three companies are commodities explorers

The S&P/ASX 200 Index (ASX: XJO) may have fallen 0.42% today, but these shares were not holding it back. Three ASX mining shares skyrocketed on the ASX today after new discoveries.

Let's take a look at why these shares had such a good day.

Krakatoa Resources Ltd (ASX: KTA)

The Krakatoa Resources share price exploded a massive 95% on a rare earth discovery at the Mt Clere project in Western Australia. Krakatoa found widespread clay hosted iconic rare earth element mineralisation. Rare earths are critical components in electric vehicle (EV) batteries. Commenting on the news, Krakatoa CEO Mark Major said:

This discovery has come at a great time for the company and our shareholders. Demand for these magnetic and critical rare earth elements are expected to increase over the next ten years, as the world embarks on the electric revolution.

Ragnar Metals Ltd (ASX: RAG)

The Ragnar Metals share price surged a whopping 65.65% on the back of drilling results. The company reported promising assay results at the Tullsta nickel project in Sweden. Diamond drilling intersected with nickel, copper, and cobalt, including a high grade zone at 34m.

Anax Metals Ltd (ASX: ANX)

The Anax Metals share price surged nearly 55% in intraday trade before retreating back to 10.5 cents, an 8.25% gain. Anax reported "spectacular" drilling results at the company's Whim Creek project in Western Australia. Massive copper and zinc sulphide mineralisation was discovered up to 15m wide. Final assay results are still on the way.

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.

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