3 ASX mining shares rocketing higher on project developments

We take a look at why the shares of these three explorers are surging.

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Key points

  • These three ASX mining shares are soaring more than 10% today
  • The companies are exploring minerals including cobalt, copper, nickel, gold and manganese  
  • The ASX 200 Materials Index is rising nearly 1% today 

These three ASX mining shares are exploding higher than the S&P ASX 200 Materials Index (ASX: XMJ) today.

Kuniko Ltd (ASX: KNI), Dundas Minerals Ltd (ASX: DUN) and Element 25 Ltd (ASX: E25) shares are all rocketing ahead today. The ASX 200 Materials Index is up 0.94% today.

So why are these ASX mining shares having such a stellar day?

Kuniko

Kuniko shares are soaring 11% today. The company is exploring the Skuterud Cobalt project in Norway. Drill assay results showed "significant cobalt mineralisation". Copper was also identified. Kuniko plans to conduct further drilling at the site to unlock the "promising upside" of the project.

Commenting on the news, CEO Antony Beckmand said:

We are increasingly confident the results are supporting the potential for identifying cobalt-copper rich zones at a large scale.

Element 25

Element 25 shares are soaring 17% today. The company updated investors on plans to produce high purity battery grade manganese sulphate from the company's Butcherbird Project. A feasibility study is on schedule for completion in December. Element 25 is also in discussions with potential offtake partners. Furthermore, the company highlighted how it could qualify for clean energy and electric vehicle incentives in the USA Inflation Reduction Act.

Element 25 had this to say regarding the news:

Importantly for Element 25 investors, qualifying FTA countries include Australia and qualifying critical minerals include manganese.  

Dundas Minerals

Dundas shares are soaring 45% today. Earlier today, the company's share price exploded 100%. Dundas is exploring nickel, copper, cobalt and gold in Western Australia. Drilling at the site intersected with massive and disseminated sulphides along with sulphidic quartz veins.

Commenting on the news, managing director Shane Volk said:

Given the results from hole 1, we'd expect to intercept sulphides again in hole 2.

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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