The S&P/ASX 200 Materials Index (ASX: XMJ) is descending 1.32% today, but two ASX mining shares are outperforming the index.
Mont Royal Resources shares are surging more than 15% at the time of writing.
For perspective, the S&P/ASX 200 Index (ASX: XJO) is also 0.91% in the red today.
So which two mining companies are bucking this trend on the back of drilling results?
Image source: Getty Images
Mont Royal Resources Ltd (ASX: MRZ)
The company is exploring nickel and copper at the Wapatik project in Quebec, Canada. In today's news, Mount Royal reported "massive" nickel and copper sulfide mineralisation at the company's maiden 1,000 metre diamond drilling expedition. At drill hole WAP22-003, the company found 2.68% nickel, 1.3% copper and 0.09% cobalt. This spanned 3.3 metres from 143.4 to 146.7 metres.
The next stage of drilling is now underway. Mont Royal will update shareholders on these results in the future. Commenting on the news, executive director Peter Ruse said:
The discovery of this massive sulphide mineralisation is a major step in advancing our exploration plans at the Project.
MetalsTech (ASX: MTC)
The MetalsTech share price is soaring a mammoth 23% today. MetalsTech is exploring the Sturec gold mine in Slovakia. The company also has a lithium project in Quebec. MetalsTech discovered visible gold at 130.8m in site UGA-41. Grains of up to 0.2mm of gold were discovered within a 5cm vein filled with "fine grained, white to grey chalcedonic quartz-pyrite".
Assay results will be reported to the market in the future. MetalsTech said:
The company looks forward to providing an update on UGA-41 in the next few weeks as the core is currently being sampled and will be dispatched to the lab as soon as possible
