2 ASX mining shares skyrocketing on new discoveries

These ASX mining shares are rocketing on Thursday…

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The market may be dropping on Thursday but that hasn't stopped a couple of ASX mining shares from surging higher.

Here's what is causing these shares to rocket:

Anax Metals Ltd (ASX: ANX)

The Anax Metals share price is up 19% to 10 cents. This follows the release of assay results from recent diamond drilling from the Evelyn deposit at the Whim Creek project.

According to the release, the company intersected near-surface massive sulphides comprising chalcopyrite, sphalerite, galena, pyrite and pyrrhotite with true widths of up to 15 metres encountered.

Management believes these results bode well for Whim Creek project outcomes. Anax's Managing Director, Geoff Laing, commented:

These assay results are very pleasing and confirm that the Evelyn deposit will provide considerable upside to Whim Creek project outcomes. Metallurgical test work is well advanced and initial indications suggest that Evelyn ore will be highly compatible with the processing flow sheet currently being finalised for both the Mons Cupri and Whim Creek ore deposits. It is envisaged that Evelyn ore will feed directly into the Whim Creek development scenario.

Superior Resources Limited (ASX: SPQ)

The Superior Resources share price has rocketed 43% higher to 5 cents. Investors have also been buying this copper explorer's shares following the release of assay results from the Greenvale project.

Those assay results confirm extensive strong copper mineralisation in the BTDD004 drill hole with significant zones of high grade copper from a distal part of interpreted porphyry system. Copper mineralised over almost the entire length of a 658.9m hole.

Superior's Managing Director, Peter Hwang, was pleased with the results. He commented:

The better-than-expected results returned from BTDD004 are impressive, particularly considering the mineralisation is thought to be some distance away from the interpreted porphyry core where higher grades are expected. To have intersected such a large interval of significant grade copper at this distal part of the interpreted system, provides us with further confidence that we are dealing with a very large-scale copper-gold system.

Motley Fool contributor James Mickleboro 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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