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3 ASX mining shares soaring higher on new discoveries today

We take a look at why these mining companies are soaring today.

Posted by
Monica O'Shea
Monica is a journalist with experience working for Daily Mail Australia in Sydney and the Port Pirie Recorder and the Flinders News in South Australia. Monica completed a journalism cadetship in 2013. She also hold a B.Science (Biotechnology) with Honours from the University of Adelaide. Monica has worked in government at the local, state and federal level. Monica has a keen interest in finance and the share market and enjoys exploring the highs and lows. When not writing for Motley Fool Australia, Monica enjoys travel, sport, music, and likes to play the violin in her spare time.
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Key points
  • Three ASX mining shares are soaring between 8% and 24% today 
  • The companies are exploring a variety of minerals from rare earths to gold 
  • The ASX 200 Materials index is in the red today 

The S&P/ASX 200 Materials Index (ASX: XMJ) is sliding 1.56% today, but three ASX mining shares are bucking the trend.

The Indiana Resources Ltd (ASX: IDA), Austral Resources Australia Ltd (ASX: AR1) and Musgrave Minerals Ltd (ASX: MGV) are all surging today.

Let's take a look at what these ASX mining shares reported to the market.

golden hawk flying high in the sky

Image source: Getty Images

Indiana Resources

The Indiana Resources share price is exploding 24% today. Assay results confirmed Rare Earth Elements (REE) mineralisation at the company's Central Gawler Project in South Australia.

The results show Total Rare Earth Oxides (TREO) of up to 15,486 parts per million (ppm).

Commenting on the results, technical director Felicity Trafigura said:

The confirmation of the high TREO values including the high value magnet metals is a promising
result and shows there has been enrichment of these elements within the weathered clay profile.

We will now re-assay the balance of our extensive sample pulp inventory and work to enhance the
rare earth potential in our large project area.

Austral Resources

Austral shares are rocketing 14% today. The copper producer reported results from drilling at Flying Horse at Mt Kelly in Queensland.

Results included 14 metres at 2.23% copper, 11 metres at 2.3% copper and 19 metres at 1.69% copper.

Austral will continue to evaluate the potential of Mt Kelly copper sulphide ore for sulphide heap leach SX-EW technology. The company will also ramp up assessing the potential for commercial extraction of copper sulphide from the site.

Musgrave Minerals

Musgrave Minerals shares are lifting 8% today. The company reported results from drilling at the White Heat-Mosaic deposit in Western Australia.

Reverse circulation and diamond drilling delivered "high-grade gold assay results" at the site. The company says these results show the potential to grow the resource.

Commenting on the results, managing director Rob Waugh said:

These are another set of very strong results from White Heat-Mosaic, part of the high-grade Break of Day Trend.

It would be hard to find better results from a recent Australian exploration program and the Cue Gold Project is fast becoming one of the richest undeveloped high-grade gold deposits in Australia

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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