The S&P/ASX All Ordinaries Index (ASX: XAO) climbed 0.6% whilst these three ASX mining shares rocketed by 20% or more on the back of positive news.
So, which three ASX mining shares were they, and by how much did their share prices increase?
MC Mining Ltd (ASX: MCM)
The first ASX mining share to look at is MC Mining. Its share price soared by 32% to 16.5 cents. The company completed a bankable feasibility study for the Makhado hard coking coal project in South Africa. The study found the project has coal resources of 296 million mineable tonnes in situ (MTIS) and contained proved and probable coal reserves of 69.3 million tonnes. The life of the mine is about 22 years. The company hopes to complete financing for the project in the third quarter and commence construction soon afterwards. Interim CEO Sam Randazzo said the study confirmed the project’s “robust economics”.
iTech Minerals Ltd (ASX: ITM)
The next ASX mining share is iTech Minerals. Its share price went 25.93% higher to 51 cents on the back of drilling results. The second round of results from the Kaolin Prospect confirmed significant rare earth element mineralisation in the clay-rich, weathering profile. This project is located on the Eyre Peninsula in South Australia.
Commenting on the news, managing director Mike Schwarz said:
The discovery of thick intervals of REEs in the weathering profile at Caralue Bluff, over a distance of 8 km, has been a highlight of iTech’s maiden exploration program to date.
Kuniko Ltd (ASX: KNI)
The final ASX mining share we’re looking at today is Kuniko. Its share price screamed 21.93% higher to $1.39 after the company reported it is set to start its first diamond drilling program at the Skuterud Cobalt Project on 2 May. The drilling will target three “highly prospective targets” including two “confident” cobalt and copper mineralisation targets. This follows geophysics analysis confirming the presence of conductors at the project.
Commenting on the news, CEO Antony Beckmand said:
With a prevailing and forecast undersupply for this valuable mineral, where current
sources of supply are heavily reliant on Democratic Republic of Congo, Russia and China,
Kuniko is firmly focussed on the rapid development of Skuterud project to bridge the
supply chain gap with ethically sourced, responsibly developed, net zero-carbon cobalt.