3 ASX mining shares going gangbusters on Tuesday

What do investors like about these ASX mining shares?

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A man in a hard hat and high visibility vest holds his thumb up in a gesture of confidence with heavy moving equipment in the background as on a mine site as the Chalice Mining share price rises today.

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Key points

  • Three ASX mining shares are steaming ahead today 
  • One of these companies has identified 34 new exploration targets 
  • Another company has validated the process design for a sulphate of potash project 

The S&P/ASX 200 Materials Index (ASX: XMJ) is down 0.11% at the time of writing, but three shares are outperforming the index on Tuesday.

The Kalium Lakes Ltd (ASX: KLL), Belararox Ltd (ASX: BRX) and Arafura Resources Ltd (ASX: ARU) shares are all steaming ahead.

Lets take a look at why these three ASX mining shares are attracting investor interest today.

Kalium Lakes Ltd (ASX: KLL)

The Kalium Lakes share price is surging 19.32% to 10.5 cents apiece at the time of writing. It's settled after jumping 25% to 11 cents earlier today. Kalium is developing the Beyondie Sulphate of Potash (SOP) Project in Western Australia. In today's news, the company advised it has validated the process chemistry and plant design for the production of about 400 tonnes of commercially saleable SOP. The company now targets commercial production in July 2022. Commenting on the news, CEO Len Jubber said:

Kalium Lakes is the first SOP producer in Australia, and we look forward to selling our first commercial production into the current extremely strong SOP price environment.

Belararox Ltd (ASX: BRX)

Belarox shares are soaring nearly 22% today. Investors appear to be buying up the mineral explorer's shares after it identified 34 new exploration targets outside the Belara and Native Bee resource areas. Belarox is exploring the Belara Project in the Lachlan Fold Belt of New South Wales. Of these targets, 11 had a combined strike of eight kilometres, eight times the known mineralisation. Belarox is searching for zinc, copper, gold, silver, nickel, and lead. The company is particularly focussed on clean energy metals, including those used in electric vehicles (EV). Commenting on the news today, managing director Arvind Misra said:

We are excited with the findings of the prospectivity modelling work and look forward to extending our knowledge with downhole EM surveys and additional targeted drilling in the highest prospective areas.

Arafura Resources Ltd (ASX: ARU)

The Arafura Resources share price is soaring 16.7% today despite no new news from the company. However, in a tweet yesterday, the rare earths explorer said it is continuing to introduce itself to "significant national and international investors". The company highlighted it presented at three conferences last week. These included the UBS Australian Emerging Companies Conference, the ALTA Presenter Breakfast, and the Austmine CEO Leadership Luncheon. Arafura is developing the Nolans Project for Neodymium-Praseodymium (NdPR) oxide in the Northern Territory. In the presentation to Austmine, Arafura highlighted the project is the only "NdPR focussed project in Australia" planning to mine and process ore to oxide at the one site. On 19 May, Arafura signed a non binding memorandum of understanding with Hyundai for the supply of NdPR oxide from the Nolans project.

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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