3 ASX mining shares surging more than 10% today

Metals and mining stocks continue to be rewarded in 2022

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ASX miners continue to have a stellar run in 2022 with several names eclipsing triple-digit gains since trading resumed in January.

Despite some commodity prices softening lately, the volatility has provided plenty of upside potential for market pundits.

For instance, the lithium carbonate price has cooled in recent weeks and now trades at 457,000 yuan/tonne, its lowest point since February 2022.

According to Trading Economics, “lithium carbonate production in China rose by 2% on the month and 30% on the year during April, while supply is projected to further increase in May”.

Nonetheless, the following three ASX mining shares have spiked more than 10% across Wednesday’s session. Let’s take a look.

Latin Resources Ltd (ASX: LRS)

The Latin Resources share price is up 13% today, extending gains from yesterday’s session when the company told investors it’s secured another “highly prospective tenement” at its Salinas Lithium Project in Brazil.

The move expands the project’s footprint to the east to cover additional strike extensions, as TMF reported yesterday.

Apparently, the tenement is “highly prospective, with known outcropping spodumene bearing pegmatites”.

The company said its addition expands Latin Resources’ strategic land package to over 6,230 hectares in the Salinas lithium corridor.

After this latest rally, the Latin Resources share price has gained 374% this year to date.

Metals Australia Ltd (ASX: MLS)

Shares of Metals Australia have surged another 12% today, continuing an upward trend that began last week.

On Monday, the company advised that it had intersected further thick lithium-bearing pegmatite intersections at the Manindi Project. The site is located 20 km southwest of the Youanmi Gold Mine in the Murchison District of Western Australia.

The company announced:

Infill drilling on 40m sections of the recently discovered, 500m strike length, Foundation Pegmatite has intersected depth extensions of the previously reported thick intersections of lithium bearing pegmatite identified in a 2022 drilling program.

The new intersections include a 12m pegmatite intersection in MNRC069 from 70m to 82m with intervals of purple Li-Rb bearing minerals.

The gain brings Metals Australia’s outsized return to 150% for the year to date.

Strike Resources Ltd (ASX: SRK)

The Strike Resources share price spiked 19% higher during intraday trading to 19 cents, its highest mark since early May.

At the time of writing, Strike shares have settled at 18 cents apiece, 12.5% higher.

Despite no market-sensitive updates from the company today, investors continue bidding up its share price on a volume roughly 40% of its four-week average.

Earlier this month, Strike posted its quarterly update for the three months ending 31 March 2022, providing an overview of its progress to date.

On the same day, it also provided an update on the Paulsens East Iron Ore Project.

The company said, “Mining operations have commenced with Paulsens East Lump DSO currently being stockpiled prior to delivery to Utah Point.”

After a difficult period in 2021, the Strike Resources share price has secured a 63% gain for the year to date.

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. 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 Scott Phillips.

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