2 ASX mining shares that surged on drilling news today

Two ASX explorers that outperformed the market today.

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Key points

  • These two ASX mining shares outperformed the market today 
  • The company's share prices surged by 10% and 14% respectively  
  • Both companies reported high grade intersections from drilling 

The S&P/ASX 200 Index (ASX: XJO) finished slightly in the red today, but these two ASX mining shares had a better day.

Renascor Resources Ltd (ASX: RNU) and Resolute Mining Limited (ASX: RSG) both soared more than 10% on drilling news today.

Let’s take a look at why these ASX explorers had a good day.

Renascor Resources

The Renascor Resources share price surged 14.29% today. The company reported more results from the Siviour Graphite Deposit in South Australia where high-grade graphite at the site.

On the back of these results, the company sees potential to improve and accelerate the mining schedule. Siviour noted that the graphite market continues to be strong, with prices for the mineral surging 42% in the past 12 months.

Managing director David Christensen said:

These results continue to confirm that Siviour is a tier one graphite orebody and, given
its favourable deposit geometry and location in South Australia, presents Renascor with
an opportunity to become a globally significant low-cost producer of high-value Purified
Spherical Graphite for use in Electric Vehicles.

Resolute Mining

Resolute Mining shares soared more than 10% on the market today. The company reported significant oxide and sulphide gold mineralisation at the Syama North project in West Africa.

Resolute described this result as “some of the best gold intersections ever recorded from the Syama North area”. Gold intersections included 27 metres at 6.62 grams per tonne (g/t) from 45 metres at drill hole QVRC533 and 26m at 7.8 g/t from 180m.

CEO Terry Holohan said: “I am very pleased with the progress over the last twelve months within both the exploration and operations teams”.

Motley Fool contributor Monica O'Shea 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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