The ASX 200 Materials Index (ASX: XMJ) is lifting 0.66% today, but three ASX mining shares are rocketing far higher.
Demetallica Ltd (ASX: DRM), Lake Resources N.L. (ASX: LKE) and Petratherm Ltd (ASX: PTR) shares are all rising.
So why are these ASX mining shares surging?
Demetallica
The Demetallica share price is exploding 40% today on the back of takeover news. AIC Mines Limited (ASX: A1M) is proposing to acquire Demetallica. AIC Mines is offering Demetallica shareholders one AIC Mines share for every 1.5 Demetallica shares.
Demetallica's Jericho deposit at the Chimera Polymetal Project is adjacent to AIC Mines' Eloise copper mine. AIC Mines managing director Aaron Colleran said "combining these assets will provide the quickest and most efficient means of developing and mining the Jericho deposit".
Lake Resources
Lake Resources shares are soaring 13% today. The lithium miner's shares are rocketing following news of the Kachi Lithium Project in Argentina. Following a recent dispute on key milestones with project partner Lilac Solutions, Lake advised all parties are now confident that on-site operations will be successful.
Dry commissioning of the demonstration plant started last Wednesday. Wet commissioning is expected by this Thursday, while onsite processing of Kachi brines is forecast to start in the first week of October. Lake is also advancing offtake discussions, with new appointments to the Lake board also at the final stages of consideration.
Petratherm
Petratherm shares are soaring nearly 19% today. Petratherm is exploring multiple projects including the Comet Rare Earth Element (REE) and gold project and Muckanippie REE project in South Australia.
Petratherm has not released any price-sensitive news today. However, the company has re-released its company presentation, "critical mineral portfolio positioned for growth" with a slight modification. In the presentation, Petratherm highlights its recent exploration results and projects. Petratherm said:
The company is in a strong position with the discovery of major high-grade rare earth occurrences at shallow depth in the Northern Gawler Craton of South Australia and is working towards defining initial JORC Resources over the coming months.
