3 ASX mining stocks surging over 20% today

Why are these explorers doing so well today?

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Key points

  • Three ASX mining stocks are soaring today 
  • The companies are exploring a variety of minerals including lithium, gold, nickel and rubidium  
  • The materials sector is slightly in the green today 

The S&P/ASX 200 Materials Index (ASX: XMJ) is climbing 0.056% today, but three ASX mining stocks are soaring far higher.

The Pacific Nickel Mines Ltd (ASX: PNM), Infinity Mining Ltd (ASX: IMI) and Kairos Minerals Ltd (ASX: KAI) share prices are all surging ahead.

So why are these ASX mining stocks having such a great day?

Infinity Mining

Infinity Mining shares are rising 19.51% today. However, in earlier trade, Infinity shares soared nearly 22%. The company discovered high grade rubidium with a significant mineralised zone at South Tambourah in Western Australia. Assay results revealed up to 6,489.4 parts per million of rubidium (0.724% rubidium oxide) at surface. All up, 47 samples showed more than 0.25% rubidium oxide. And 59% of samples had more than 1000 ppm of rubidium.

Commenting on the news, Infinity Mining CEO Joe Groot said:

The Tambourah South Tenement continues to bare out with consistently high-grade results for not only Lithium, but now Rubidium.

The team are totally committed to leaving no stone unturned when it comes to identifying the commercial potential for this Lithium and Rubidium mineralised system.

Pacific Nickel Mines

Pacific Nickel Mines shares are rising 16% today. However, in earlier trade, they exploded nearly 28% before retreating. The company has received a mining lease for the Kolosori Nickel Project in the Solomon Islands. The mining lease has been awarded following the company completing regulatory approvals and entering a Surface Access Rights Agreement with the landowners. Pacific Nickel will now focus on completing a Definitive Feasibility Study for the project. The company also plans to ramp up wharf and haul road construction and establish a construction camp.

Pacific Nickel CEO Geoff Hiller said, "this is a major achievement for the company". He added:

Pacific Nickel Mines has worked closely with various departments of the Government to obtain a Mining Lease for the Kolosori Nickel Project.

Kairos Minerals

Kairos Minerals shares are soaring 21% today. Kairos is exploring gold and lithium in Western Australia. Late yesterday, Kairos responded to a price query from the ASX. The company confirmed it is complying with listing rules. Kairos highlighted its exploration work at the Mt York Project in the Pilbara, along with the Lucky Sump spodumene prospect. Kairos also noted its gold resource at the Mt York project has recently soared 26%. On 8 September, Kairos advised drilling will start at the Lucky Sump spodumene prospect in the Pilbara, WA. Spodumene pegmatite samples with up to 1.91% lithium oxide have already been discovered during earthmoving activities at the project.

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.

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