The S&P/ASX 200 Materials Index (ASX: XMJ) is up 0.89% Tuesday, but three ASX mining shares are lifting much higher.
Critical Resources Ltd (ASX: CRR), Rafaella Resources Ltd (ASX: RFR), and Recharge Metals Ltd (ASX: REC) shares are all soaring today.
So why are these ASX mineral explorer shares having such a great day today?
Critical Resources
The Critical Resources share price is surging 34% at the time of writing. The lithium explorer provided an update on the Mavis Lake Lithium Project in Ontario, Canada. Assay results delivered "the highest grade lithium results" in the project's history. The company said the results confirmed "thick, high-grade intercepts" with up to 4.32% lithium oxide. Commenting on the news, chairman Robert Martin said:
To receive such exceptional assays results and for them to contain the company's highest
grading results of lithium mineralization ever to be intersected at Mavis Lake is absolutely
outstanding.
Rafaella Resources
This ASX mining share is soaring nearly 37% today. It comes amid news Rafaella will acquire the Horden Lake battery metals project in Quebec, Canada for C$4 million (AU$4.485). The company has secured financing for $2 million and other "significant" late-stage discussions are continuing around funding. Rafaella has paid C$400,000 already from existing cash.
Commenting on the news, managing director Steven Turner said:
The acquisition of the Horden Lake deposit will be, once completed, truly and immediately transformative for the company.
Recharge Metals
The Recharge Metals share price also soared 20% in earlier trade before pulling back. The company's share price is currently rising nearly 3%. Recharge announced "encouraging" results from drilling at the Brandy Hill South project in Western Australia. Drilling intercepted with broad zones of nickel and cobalt mineralisation, along with silver and multiple intercepts of copper.
Commenting on the results, managing director Brett Wallace said:
We are very excited to report not only multiple zones of copper mineralisation and broad
zones of silver intercepts, but thick, shallow intercepts of nickel and cobalt mineralisation from
the two remaining diamond holes.
