The S&P/ASX 200 Materials Index (ASX: XMJ) is 0.17% in the green today, but these two ASX mining shares are soaring much higher.
The Desert Metals Ltd (ASX: DM1) and Kingfisher Mining Ltd (ASX: KFM) share prices are surging ahead today.
Let's take a look at why these companies are having such a good day.
Kingfisher Mining Ltd
Kingfisher Mining shares are soaring 48% today. Investors are buying up Kingfisher shares after the company reported "exceptional rock chip assay results" from Mick well in the Gascoyne region of Western Australia. This included 40% Total Rare Earth Oxides (TREO), 6.4% neodymium oxide (Nd2O3) and praseodymium oxide (Pr6O11). Commenting on the discovery, CEO and executive director James Farrell said:
We are ecstatic with the identification of this new mineralisation, including the 40.02% TREO sample from an outcrop which consists almost entirely of massive monazite.
Desert Metals
The Desert Metals share price is surging 25% today. This follows an update on drilling at the company's Innouendy Rare Earth project in Western Australia. Drilling is complete at more than 265 aircore holes covering 10,909 metres and 13 reverse circulation drill holes covering 1,836 metres.
Preliminary XRF and visual observations show there could be an "extensive, near surface, rare earth system", the company highlighted. Desert Metals noted the clays hosting the mineralisation are near the surface and have intersected up to 80m thickness.
The samples are now at the lab for further analysis.
