3 tiny ASX shares that exploded over 30% on big news today

What led to these shares charging higher today?

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Key points

  • These three ASX shares stormed higher today
  • In contrast, the ASX 200 fell slightly 
  • Two of these companies reported mining discoveries, while the other reported oil drilling results 

The S&P/ASX 200 Index (ASX: XJO) fell 0.16% today, but three tiny ASX shares stormed far higher.

The Tambourah Metals Ltd (ASX: TMB), BBX Minerals Ltd (ASX: BBX) and Invictus Energy Ltd (ASX: IVZ) share prices all exploded today.

Let's take a look at why these ASX shares had such a top run today.

Tambourah Metals

Tambourah Metals shares closed 29% higher today. However, in earlier trade, they soared by as much as 74%. The company discovered multiple pegmatites at the RJ 101 lithium project in Western Australia. Tambourah is also purchasing a new lithium and gold exploration project in Tambina.

Commenting on the news today, managing director Paul Araujo said:

We are planning to identify and field test newly recognised pegmatite swarms at several locations within this large project area.

Invictus Energy

Invictus Energy shares soared 40% today. This followed the company releasing positive news from the Mukuyu-1 well in the Zimbabwe Cabora Bassa Basin. The well reached 3,618 metres measured depth (mMD). Elevated mud gas peaks up to 135 times above background gas baseline were discovered during drilling.

Commenting on the news, managing director Scott Macmillan said:

We have had further encouraging signs from the Mukuyu-1 well since drilling recommenced with multiple zones encountering elevated gas shows and fluorescence in our Upper Angwa primary target. 

BBX Minerals

BBX Minerals shares closed 17% in the green today. However, shares soared 32% in the afternoon before pulling back. BBX reported results from bioleaching test work at the EcoBiome Metals facility in the United States.

Test results revealed a "significant increase" in reported precious metals following bioleaching. Follow-up testing will be conducted.

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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