2 ASX mining shares surging higher on new discoveries

Investors are rewarding these two mining stocks after they both announced promising new discoveries.

Bernd Struben

Author bio Bernd Struben earned his BA in economics from the University of Michigan in 1991, with post-graduate studies in environmental economics at the University of Connecticut. Over the years he’s written about and analysed the tourism industry in the Caribbean; Europe’s commercial real estate markets; and, since moving to Australia in 2010, global and Aussie share markets. Bernd studies geopolitical and macroeconomic trends, alongside sector and company specific data, to gauge what he believes could be tomorrow's best investments. In his free time, you might find Bernd at the beach with his family or working on his next science fiction novel. Areas of expertise Australian and global share markets Macroeconomic and geopolitical trends Real estate Education Economics, University of Michigan Favorite investment quote "The four most dangerous words in investing are: 'This time it's different." — Sir John Templeton

Published November 4, 2022 12:54 pm AEDT

Two ASX mining shares are setting the bar high today.

While the All Ordinaries Index (ASX: XAO) remains slightly in the red during the Friday lunch hours, investors are rewarding these mining stocks after they both announced promising new discoveries.

One involves lithium, and the other platinum group elements (PGE).

So, without further ado…

Piggy bank rocketing. — Image source: Getty Images

ASX mining share leaps higher on lithium intersection

The first ASX mining stock that's surging today is St George Mining Ltd (ASX: SGQ), with shares up 8.3%.

This comes after the explorer confirmed it has intersected more high-grade lithium in rock chip samples, with up to 3.25% Li2O, at its Mt Alexander Project in Western Australia.

St George said that this first drilling at the Jailbreak Prospect confirms that lithium-bearing pegmatites extend below surface.

The reverse circulation (RC) drilling is the first phase of the ASX mining share's drill program at the Jailbreak Prospect. A diamond drill rig is scheduled to arrive within days to test for deeper extensions to the mineralised pegmatites.

Commenting on the results, St George Mining's executive chairman, John Prineas said:

The latest assays for rock chip samples have delivered our highest-grade lithium values at Jailbreak, providing further validation of the potential for pegmatite-hosted lithium mineralisation at Mt Alexander. Significantly, the high-grade assays now extend across five pegmatites mapped across a broad area.

Which brings us to the second ASX mining share that's flying higher today.

Palladium and platinum grab investor interest

The Minerals 260 Ltd (ASX: MI6) share price is up 14.5% after the miner reported on the final assays from the June RC drill campaign at its Moora Project located in Western Australia.

According to the release, the results from the final RC holes confirmed the potential of the Moora Project to host palladium and platinum mineralisation.

Minerals 260 said it's on track to commence a 10,000 to 15,000 metre drilling program by mid-November.

Commenting on PGE results sending the ASX mining share higher today, managing director David Richards said:

We have always been confident that the Moora and Koojan Projects are prospective for PGE mineralisation analogous to that discovered further south in the Julimar Mineral Province. The intersection of highly anomalous PGE and copper values coincident with a large gravity high confirms this view.

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