3 ASX mining shares absolutely slaying the market today

Which ASX mining shares are soaring higher this afternoon?

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Key points

  • Some ASX mining shares are outperforming the market this afternoon
  • These shares could be riding high on announcements made in the recent past
  • Meanwhile, the materials sector and the ASX 200 are struggling on Wednesday

Three ASX mining shares are beating gains made by some of their sector peers on Wednesday.

The S&P/ASX 200 Materials Index (ASX: XMJ) is doing poorly today, down 2.45% at the time of writing. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is also struggling, losing 1.53% loss so far today.

Yet the share prices of these ASX mining stocks are up 6% or more this afternoon. Let's cover their recent developments.

Far East Gold Ltd (ASX: FEG)

Far East Gold is a copper and gold exploration company. Its shares are up 6.67% to 72 cents each in late afternoon trading. There's no news from Far East today, but yesterday the company announced it had started drilling at its Woyla Copper-Gold Project in Aceh Province, Indonesia.

The Woyla Project was explored by two companies, Barrick and Newcrest. In the 25 years that the project has been around, no other company has been able to do as much exploration and drilling on the tenement.

The company notes this is the first time drilling has commenced at the site and that it further de-risks the project.

Lanthanein Resources Ltd (ASX: LNR)

Lanthanein Resources is a mineral exploration company recording gains of 8.7% in late afternoon trade. Again, there are no announcements from the company today to make sense of the surge in the share price.

In fact, the most recent announcement from the company was posted on Friday last week. The company updated the market on its maiden drilling at its Lyons Prospect in the Gascoyne region of Western Australia.

Drilling is targetting high-grade rare earth elements (REE). Thirteen out of the total 30 holes have been drilled at depths of 1,068 metres. Analysis of the drilled materials for composition and quality was said to be underway.

Drilling at the site began on 12 September.

Artemis Resources Ltd (ASX: ARV)

Finally, Artemis Resources is a gold and copper explorer. Its shares are up 14.29% at the time of writing. The company's most recent announcement was posted on 13 September, identifying a large copper-nickel system at its Chapman project in Western Australia.

Eleven holes were drilled to a depth of 3,011.3 metres.

Artemis Resources executive director Alastair Clayton commented on the finding:

Intersecting broad shallow zones of continuous copper and nickel at Chapman is encouraging, especially as these mineralised zones appear to be related to the margins of regional gabbros and related structures. Drilling at Chapman undertaken in 2021 intersected high-grade copper mineralisation over a wide interval. We look forward to refining and developing additional targets to further explore this ~1km long prospective trend.

Motley Fool contributor Matthew Farley 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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