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3 ASX mining shares that soared more than 20% today

We take a look at why these explorers outperformed the materials index today.

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Monica O'Shea
Monica is a journalist with experience working for Daily Mail Australia in Sydney and the Port Pirie Recorder and the Flinders News in South Australia. Monica completed a journalism cadetship in 2013. She also hold a B.Science (Biotechnology) with Honours from the University of Adelaide. Monica has worked in government at the local, state and federal level. Monica has a keen interest in finance and the share market and enjoys exploring the highs and lows. When not writing for Motley Fool Australia, Monica enjoys travel, sport, music, and likes to play the violin in her spare time.
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Key points
  • Three ASX mining shares defied the broader sector sell-off to lift more than 20% today 
  • Winsome Resources, Victory Goldfields, and Burley Minerals Ltd all made big gains
  •  This was despite the Materials Index finishing 1.17% in the red

The S&P/ASX 200 Materials Index (ASX: XMJ) fell 1.17% today, but three ASX mining shares charged higher.

The Winsome Resources Ltd (ASX: WR1), Victory Goldfields Ltd (ASX: 1VG), and Burley Minerals Ltd (ASX: BUR) share prices all lifted today.

So why did these ASX mining shares have such a good day? Let's take a look.

A group of people in suits and hard hats celebrate the rising share price with champagne.

Image source: Getty Images

Burley Minerals

Burley Minerals shares soared 67% in early trade today to 40 cents before retreating. The company's share price closed 33% ahead at 32 cents.

Burley shares exploded on lithium acquisition news. The ASX mining share has entered an exclusive agreement to acquire the Chubb Lithium project in Quebec, Canada and the Mt James and Dragon Projects in Western Australia.

Burley managing director Wayne Richards said:

The strategic and geographic location of all three potential projects are located in world class mining provinces and in Tier 1 jurisdictions of Australia and Canada.

Victory Goldfields

The Victory Goldfields share price soared 28% today, ending the day at 28 cents.

Investors bought up Victory shares on rare earth news. Positive magnetic and gravity survey data provide grounds for a diamond drilling program at the company's alkaline intrusion prospect.

Alkaline intrusions are seen as "engine rooms for rare earth elements and critical metals", the company highlighted.

Angled drill holes are planned to "assess the extent of country rock alteration adjacent to the intrusion". Victory has appointed Orlando Drilling to perform the diamond drilling program.

Winsome Resources

Winsome Resources shares rocketed 33% to $1.17 apiece.

The ASX mining share did not release any news to the market today. However, Winsome shares have soared 234% in a month. They have surged 216% since market close on 27 October alone.

On 28 October, the company's share price skyrocketed after it found significant pegmatite intercepts at the Adina and Cancet lithium projects in Canada.

On Tuesday this week, Winsome advised it would raise $6.8 million to advance the Cancet and Adina lithium projects.

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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