3 ASX mining shares rocketing higher today on new finds

The three miners have each reported promising new drill results.

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Key points

  • Gascoyne Resources hit a high-grade gold zone
  • Cobre announced its fourth intersection of copper mineralisation
  • Latin Resources reported a new lithium spodumene discovery

Three ASX mining shares are on our radar today.

While the All Ordinaries Index (ASX: XAO) is up a respectable 0.44% in afternoon trading, these ASX mining shares are leaving the index in the dust as investors send them rocketing higher following reports of promising new finds.

So, without further ado…

ASX mining share leaps 30%

First up, we have Gascoyne Resources Ltd (ASX: GCY).

The ASX mining share, focused on gold exploration and development, is up 33.33% at the time of writing after emerging from Friday's trading halt.

This comes after Gascoyne reported it had discovered a "substantial" new high-grade lode system at its new Gilbey's North prospect, situated within its 100%-owned Dalgaranga Gold Project in Western Australia.

Highlights from one of the drill holes include 59 metres at 12.5 grams of gold per tonne from 139 metres, including [email protected]/t.

Gascoyne Resources CEO Simon Lawson said: "It's not every day that you see results like this in the WA gold sector and we are incredibly excited by the potential of this newly discovered lode system on the western edge of the Gilbey's North discovery."

But Gascoyne isn't the only ASX mining share making hay from its new find today.

Copper strike piques investor interest

Cobre Ltd (ASX: CBE) shares are also charging higher, up 31.33% since yesterday's close.

The ASX mining share is garnering investor interest after announcing its fourth intersection of copper mineralisation from an ongoing drill program on Kalahari Metals Limited's Ngami Copper Project (NCP) licenses. Those licenses are located in the Kalahari Copper Belt in Botswana.

Commenting on the positive drill results, Cobre managing director Martin Holland said:

We're delighted with the results from the latest drill hole at NCP, which have significantly extended the known footprint of mineralisation over more than 4 kilometres. Importantly, all the results so far indicate that the target remains open-ended to the northeast and is larger than previously anticipated. The footprint of mineralisation now extends over 4 kilometres, which is in line with the largest known deposits in the Kalahari Copper Belt.

Which brings us to…

The third ASX mining share rocketing today

Rounding off the list of surging ASX mining shares is Latin Resources Ltd (ASX: LRS).

The Latin Resources share price is up 14.78%, bringing its 2022 gains to a whopping 340%.

Investors are sending the ASX mining share higher again today after the company reported a new lithium spodumene discovery at its 100% owned Colina Prospect, located in Brazil.

The drilling intersected "a new swarm of spodumene bearing pegmatites", including one that was 18.75 metres thick.

Latin Resources also said its regional mapping campaign had highlighted a third outcropping pegmatite system in the proximity, yet to be drilled.

Commenting on the drill results, Latin Resources exploration manager Tony Greenaway said

The intersection of these significant spodumene pegmatites … is an impressive new discovery for the Salinas exploration team. This hole is testing an area approximately 500 metres to the west of Colina, well outside of our current resource definition drilling focus.

We knew there were additional parallel pegmatite systems out to the west, getting these spodumene intersections confirms the very high prospectivity of the wider project area.

There you have it.

Three ASX mining shares rocketing today on three different discoveries of gold, copper and lithium.

Motley Fool contributor Bernd Struben 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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