2 ASX mining shares flying over 18% higher on Monday

These mining shares are starting the week with big gains…

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The market may be starting the week in the red but that hasn't stopped a couple of ASX mining shares from surging higher.

Here's why these mining shares are starting the week on a high:

Nico Resources Ltd (ASX: NC1)

The Nico Resources share price has jumped 25% to 77.5 cents.

Interestingly, this is despite there being no news out of the nickel focused mineral exploration company on Monday, which could mean it gets hit with a price query from the ASX later.

It seems that some investors are keen to get hold of the company's shares ahead of the release of an updated mineral resource estimate in early 2023 for the Central Musgrave Project.

Management recently stated that more detailed geological and grade modelling is expected to result in an uplift in the projects high-grade tonnage, which is expected to contribute positively to the project economics and payback period for the project.

Odyssey Gold Ltd (ASX: ODY)

The Odyssey Gold share price is up 18% to 4.6 cents this morning.

This follows the release of an update on drilling activities at the Highway Zone at the gold explorer's Tuckanarra JV Project.

According to the release, the company made an exceptional bonanza-grade gold oxide intersection during recent drilling. It also revealed that high grades were intersected in a predicted high grade shoot.

Managing Director, Matt Briggs, commented:

This stunning result continues to confirm the extent of wide, high-grade mineralisation which has already been intersected in the adjacent drill holes, again highlighted by this exceptional intercept of 43m @ 8.3g/t Au from 41m.

Extensive mineralisation of this grade and width further establishes the Highway Zone as a broad structure that reinforces the project's potential for open pit mining.

Motley Fool contributor James Mickleboro 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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