The S&P/ASX 200 Materials Index (ASX: XMJ) is rising 1.47% today, but one ASX mining share is storming much higher.
The Dreadnought Resources Ltd (ASX: DRE) share price is soaring 15.79% at the time of writing and is currently trading at 6.6 cents.
So what are the details of this company's new discovery?
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ASX mining share makes high-grade rare earth discovery
Dreadnought today released assay results from the first drill line at the Yin rare earth ironstone, located at the company's Mangaroon project in Western Australia.
Laboratory assays confirmed thick, high-grade rare earth mineralisation at the project.
Results show up to 16% total rare earth oxides (TREO) with an average NdPr (neodymium and praseodymium) ratio of 30%. Dreadnought said this is nearly double the global average.
Infill drilling at the site is taking place now and an initial JORC Resource will be released in the December quarter.
Commenting on the results fuelling this ASX mining share today, managing director Dean Tuck said:
Drilling at Yin continues to exceed expectations. With a second rig mobilising to site this month, we are confident that Yin will produce a substantial initial JORC Resource by the end of 2022.
Tuck said once drilling is complete, the rigs will proceed to the Y3 ironstone and C1-C5 carbonatites. He added: "We are seeing genuine scale here with runs already on the board and 66 further anomalies to be assessed by September 2022."
Dreadnought share price recap
The Dreadnought share price has soared 61% in the year to date and 65% in the past month.
For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has fallen nearly 9% year to date and 4% in the last month.
This ASX mining share has a market capitalisation of nearly $185 million based on the current share price.
