3 ASX mining shares going nuts on new discoveries

We take a look at why shares in these mineral explorers are soaring today.

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Key points

  • These three ASX mining shares are surging on drilling results released today
  • All of the companies are exploring projects in Western Australia
  • The materials sector is more than 2.6% higher 

The S&P/ASX 200 Materials Index is up 2.62% in late afternoon trading, amid several ASX mining shares charging far higher today.

The sector is outperforming the broader S&P/ASX 200 Index (ASX: XJO), currently sitting 1.58% higher at more than 6780 points.

Let's take a look at three mineral explorers having a stellar day on the market.

Gascoyne Resources Ltd (ASX: GCY)

Gascoyne shares are up 12.2% today. Diamond drilling at the Never Never gold deposit in Western Australia intersected with visible gold mineralisation. Results included 12 metres at 34.5 grams per tonne (g/t) gold and 26m at 10.27 g/t gold. Gascoyne managing director Simon Lawson described Never Never as "one of the most remarkable gold deposits" he has ever seen. He added:

Our geologists are super excited as we drill each hole and, with such amazing intercepts being delivered with each successive step-out, it is becoming increasingly clear that this is one of the most significant new gold discoveries anywhere in Australia.

Dreadnought Resources Ltd (ASX: DRE)

Dreadnought shares are 10% higher today. Assay results from drilling at the Yin discovery showed thick, high-grade rare earth element (REE) mineralisation. This includes 54 metres at 2.07% Total Rare Earth Oxides (TREO) from 24 metres. The project is located within the company's 100% owned Mangaroon project in Western Australia.

Commenting on the news, managing director Dean Tuck said:

Yin continues to deliver exceptional REE results. With 91 of 120 holes reported, we remain on schedule to deliver our initial JORC resource at Yin in the December 2022 quarter.

Azure Minerals Ltd (ASX: AZS)

Finally, Azure shares are 10.71% higher in late afternoon trading after rocketing almost 20% higher during the session. The company discovered high-grade nickel and copper on new tenements at the Andover project in Western Australia. This project is a joint venture between Azure (60%) and Creasy Group (40%). Assay results showed up to 25.4% copper, 3.75% nickel, and up to 210 parts per billion (ppb) of palladium.

Commenting on the news, managing director Tony Rovira said:

Our regional exploration program on Andover continues to deliver outstanding outcomes.

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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