The S&P/ASX 200 Materials Index (ASX: XMJ) is climbing 2.5% in Thursday afternoon trading, but three ASX mining shares are soaring far higher.
ASX mineral explorer shares Anson Resources Ltd (ASX: ASN), Pacgold Ltd (ASX: PGO), and Investigator Resources Ltd (ASX: IVR) are all well in the green today.
Let's take a look at why these ASX mining shares are lifting today.
Anson Resources
Anson Resources shares are up an incredible 42% today on lithium news. The company advised it has the potential to become a major supplier of high purity lithium carbonate to the US electric vehicle (EV) market. This follows the completion of a Definitive Feasibility Study at its Paradox Lithium Project in Utah. Phase one of the project is forecast to deliver US$5.08 billion of revenue in the first 23 years. Anson is targeting production of 13,074 tonnes of lithium carbonate per year.
Commenting on the news, executive chairman Bruce Richardson said:
We are very excited to deliver the Paradox Lithium Project Phase 1 DFS to market. The DFS confirms the technical and financial viability of a major new source of high purity Lithium Carbonate available for the rapidly growing US market.
Pacgold
Pacgold shares are up 22% at the time of writing. In an update today, the company advised drilling intersected with "spectacular visible gold" at the Alice River Gold Project in Queensland. Drillhole ARDH061 intersected with a 16.4 wide zone showing more than 200 occurrences of visible gold. Assay results for 12 further drill holes will be delivered in the future.
Commenting on the news, Pacgold managing director Tony Schreck said:
The intersection of visible gold over a sixteen metre zone is a stunning outcome and represents the first of what we believe could be potential multiple high-grade zones developed along the F1a zone.
Investigator Resources
Investigator Resources shares gained nearly 20% shortly after market open before settling back to 7.32% higher at the time of writing. This follows a "significant rare earth" discovery at the Apollo prospect. Drilling at the project showed high-grade rare earth mineralisation.
Results include:
- 15m at 3,221 parts per million (ppm) total rare earth oxide (TREO) and 1,099ppm magnet rare earth oxide (MREO) from 66m including
- 9m at 4,700ppm TREO and 1,772ppm MREO from 72m
The Apollo prospect is 4km north-west of the company's Paris Silver Project near Kimba in South Australia.
Commenting on the news, managing director Andrew McIlwain said:
Our team have already identified a number of opportunities at Apollo following up these exciting silver and REE [rare earth elements] discoveries.
