3 ASX resources shares rocketing on Tuesday

It's been a great day on the market for these three explorer shares.

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Key points

  • The shares of three ASX mineral explorers are surging ahead today 
  • The companies are exploring either copper, gold, or rare earth elements 
  • The ASX 200 Resources Index is also more than 2% in the green 

Three ASX resources shares are rising far higher than the ASX 200 Resources Index (ASX: XJR) today.

The share prices of FELIX Gold Ltd (ASX: FXG), Venture Minerals Ltd (ASX: VMS), and Cobre Ltd (ASX: CBE) are all soaring. For perspective, the ASX 200 Resources Index is 2.65% at the time of writing.

Let's take a look at why these ASX resources shares are shooting ahead today.

Felix Gold

The Felix Gold share price is surging 18% today. ASX 200 gold share Evolution Mining Ltd (ASX: EVN) is also up 2.44% in late afternoon trading, while Newcrest Mining Ltd (ASX: NCM) is 1.54% higher. Felix Gold is exploring the Fairbanks Gold Mining District of Alaska, US. Recently, Felix advised RC drilling is complete across 131 holes at the Treasure Creek Project. With assay results returned for just nine of the 131 RC holes so far, the company said there is a "strong news flow pipeline". Managing director and CEO Joe Webb said:

We now have a big pipeline of RC drill assays to flow over coming months and are excited to have commenced diamond drilling at Treasure Creek to test potential depth extent and target zones at depth, including the key Eastgate IP target.

Venture Minerals

The Venture Minerals share price is up 7.69% at 2.8 cents a share after hitting an intraday high of 3.1 cents today, a 19% jump. Venture has discovered Rare Earth Element (REE) mineralisation at the Mount Lindsay project. The REE mineralisation is adjacent to existing tin zones within the project. More infill surface sampling work will be conducted to define the REE anomalism and identify targets for further drill testing. Commenting on today's news, Venture's managing director Andrew Radonjic said:

The fact the Rare Earths are in shallow clays immediately adjacent to high grade Tin Zone bodes well for the economic potential of the Reward Deposit.

Cobre

The Cobre share price is 16.33% higher at the time of writing to 28.5 cents a share. Earlier in the session, Cobre shares surged 30% higher to 32 cents each. Cobre is a copper explorer with projects in Botswana and Western Australia. Cobre shares took off today despite no news from the company. The copper price is trading 0.38% today, Trading Economics data shows. Cobre recently advised drilling at NCP12 had intersected with "significant copper mineralisation" at the Ngami Copper Project in Botswana. Further drilling is ongoing. Assay results from drill holes NCP07, NCP08, and NCP09 are expected near the end of September.

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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