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3 ASX mining shares going gangbusters on Thursday

These ASX miners are launching more than 20% higher on Thursday. Here's why.

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Brooke Cooper
Brooke has been a Motley Fool contributor since early 2021. She holds a Bachelor of Communication with specialisations in journalism and international studies from Charles Sturt University. Brooke aims to inform and excite Aussies keen to grow their wealth by investing in ASX companies. When not writing or researching, you'll likely find Brooke gallivanting around South East Queensland.
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The S&P/ASX 200 Resources Index (ASX: XJR) is underperforming on Thursday, but these ASX mining shares are bucking the trend to record whopping gains.

They've all surged more than 20% today – some for no apparent reason.

Let's take a closer look at what's going on with these three ASX mining shares.

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Image source: Getty Images

3 ASX mining shares rocketing higher

Galileo Mining Ltd (ASX: GAL)

The Galileo Mining share price is surging upwards once more on Thursday, gaining 49.2% to trade at $1.41.

Its gains come on the back of assay results released by the company this morning. The results from six drill holes have confirmed palladium, platinum, gold, copper, and nickel at the company's Norseman Project's Callisto discovery.

Galilea Mining is now planning to kick off another 20-hole drilling program at the discovery next week.

Its shares are now up 509% this year to date.

Resource Mining Corporation Limited (ASX: RMI)

The Resource Mining share price is also launching higher today. It's surged 33% to trade at 14 cents right now. That's a new multi-year high for the ASX mining share.

There's been no news from the Tanzania-focused nickel explorer since 17 May. However, it did release a non-price sensitive investor presentation on Thursday.

The company is continuing to work towards its acquisition of five nickel projects in Tanzania, as announced earlier this month.

Resource Mining shares have soared 350% since the start of the year.

Ragusa Minerals Ltd (ASX: RAS)  

The final ASX mining share to post a whopper of a gain on Thursday is Ragusa Minerals. The company's stock is currently 22.7% higher, trading at 14 cents.

There's been no news from the $14 million gold-turned-lithium explorer today.

However, it announced its spin towards the 'white gold' that is lithium earlier this week.

The company has shaken on a tenement farm-in agreement that will see it able to earn an initial 90% interest in five lithium prospective tenements in the Northern Territory. It also has the option to up its stake in the tenements to 100% in the future.

Since the start of 2022, the Ragusa Minerals share price has gained 69%.

Motley Fool contributor Brooke Cooper 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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