Guess which 2 ASX mining shares are soaring more than 15% on new discoveries today?

What’s driving up the share price of these explorers today?

| More on:
Miner standing in a mine site with his arms crossed.

Image source: Getty Images

Key points

  • Two ASX mining shares have outperformed the market today 
  • The ASX 200 Materials Index is falling nearly 2% today 
  • These two companies surged on the back of discoveries at the mines 

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?

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

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.

More on Materials Shares

A young girls clings in fright to a big red slide.
Materials Shares

Down 16% in 3 days: Why is the Lake Resources share price still sliding?

What's behind Lake shares dropping 16% in three days?

Read more »

happy solar panel installers, solar energy
Materials Shares

Here’s why the Nickel Industries share price is climbing on Wednesday

The company has updated the market on the latest move towards solar powering its processing plants.

Read more »

A male lion with a large mane sits atop a rocky mountain outcrop surveying the view, representing the outlook for the Liontown share price in FY23
Materials Shares

Why is the Liontown share price limping lower on Wednesday?

It's a rough day for ASX 200 lithium shares, and Liontown is no exception.

Read more »

white arrow pointing down
Materials Shares

Why is the Core Lithium share price careering 5% lower today?

Why are Core Lithium shares plummeting in value on Wednesday?

Read more »

a woman leans her back on the glass of an office tower with her arms folded and her eyes closed as if digesting bad news.
Earnings Results

Pact Group share price tumbles on 25% profit decline and halved dividends in FY22

The Pact Group share price is bleeding 7% after the rigid packaging plastics manufacturer delivered its FY22 full-year results.

Read more »

Envirosuite investor holds a tech device while sitting on a ledge looking out to trees through a window

‘Green premium’: What could it mean for the Vulcan Energy share price?

The ASX's low-carbon lithium producer has welcomed the findings of a new report.

Read more »

woman shrugging
Materials Shares

Will Pilbara Minerals shares pay a dividend in 2022?

Will this lithium miner pay a dividend soon?

Read more »

a sad looking engineer or miner wearing a high visibility jacket and a hard hat stands alone with his head bowed and hand to his forehead as he speaks on a mobile telephone out front of what appears to be an on site work shed.
Earnings Results

Sims share price slips despite stellar growth in FY22

The metal and electronics recycler has announced its FY22 results. Here are the details.

Read more »