2 ASX mining shares rocketing between 25 and 48% on Tuesday

What did these two explorers discover?

| More on:
Female South32 miner smiling with mining machinery in the background.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • Two ASX mining shares are soaring ahead today 
  • Both companies are exploring rare earth elements 
  • The ASX 200 Materials Index is only slightly in the green today 

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.

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 Resources Shares

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.
Resources Shares

Down 14% in 2024, why is the BHP share price sliding again today?

ASX 200 investors are bidding down the BHP share price on Wednesday.

Read more »

A mining employee in a white hard hat cheers with fists pumped as the Hot Chili share price rises higher today
Resources Shares

These ASX 200 mining stocks could rise 40% to 50%

Analysts think these miners are dirt cheap at current levels.

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Resources Shares

Fortescue share price leaps 5% as electric machinery makes a milestone

Fortescue is charging ahead with its electric mining ambitions.

Read more »

rising mining asx share price represented by happy woman miner in hard hat
Resources Shares

Why the BHP share price crushed the benchmark this week

BHP shareholders enjoyed a rewarding week.

Read more »

A man wearing a hard hat and high visibility vest looks out over a vast plain where heavy mining equipment can be seen in the background.
Dividend Investing

Here is the profit forecast to 2026 for BHP shares

Let’s unearth how much profit this miner could make.

Read more »

Female miner standing next to a haul truck in a large mining operation.
Resources Shares

Is the worst of the selling now over for ASX iron ore shares?

ASX iron ore giants like BHP, Rio Tinto and Fortescue rebounded this week after falling hard in 2024.

Read more »

Three satisfied miners with their arms crossed looking at the camera proudly
Resources Shares

Why are ASX 200 mining shares smashing the benchmark on Wednesday?

Rio Tinto, BHP and Fortescue shares are all charging higher today.

Read more »

Two miners standing together.
Resources Shares

Why is the South32 share price getting battered today?

ASX 200 investors are bidding down South32 shares today.

Read more »