The S&P/ASX 200 Materials Index (ASX: XMJ) is down 1.45% today, but three ASX mining shares are bucking the trend.
The iTech Minerals Ltd (ASX: ITM), OD6 Metals Ltd (ASX: OD6) and Victory Goldfields Ltd (ASX: 1VG) share prices are all storming higher today.
Let's take a look at why these three mineral explorers are having such a top run today.
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Victory Goldfields
The Victory Goldfields share price is soaring 17% today. Victory is exploring multiple commodities in the Cue Goldfields in Western Australia.
Late last week, Victory provided a rare earths update to the market. The company advised magnetic and gravity survey data provide grounds for a diamond drilling program at the company's alkaline intrusion prospect. Alkaline intrusions are "engine rooms for rare earth elements and critical metals", Victory highlighted.
OD6 Metals
The OD6 Metals share price is soaring 27% today to an all-time high. The company joined the ASX this year. OD6 Metals is exploring the Splinter Rock rare earth element (REE) project 150km away from Esperance, Western Australia. The company is also working on the Grass Patch REE project, 100km away from Esperance.
While the company has not released any recent news, earlier in November the company's share price soared 176% in two days following "outstanding assay results" at Splinter Rock. OD6 discovered widespread, thick, clay hosted REE mineralisation at the project.
iTech Minerals Ltd
The iTech Minerals share price is soaring nearly 16% today. iTech is exploring the halloysite-kaolinite and rare earth elements project in South Australia. The company is also developing the Campoona Graphite Deposit on the Eyre Peninsula with an aim of supplying the battery materials market.
The company recently conducted a $4.5 million capital raise to fund graphite exploration. A share purchase plan was also offered last week to raise up to $2 million. The company has drilling planned in November and December this year.
