A little-known ASX mining share is setting the bar high today.
While the All Ordinaries Index (ASX: XAO) is down 0.21%, this microcap ASX miner rocketed 30% higher on open.
In later morning trade, the ASX mining share has given back some of those stellar gains but remains up an impressive 19%.
Any guesses on the company?
If you said Ragusa Minerals Ltd (ASX: RAS), give yourself a gold star.
So, what's going on?
What's driving investor interest in the ASX mining share?
The Ragusa Minerals share price is rocketing after the company reported promising results from initial assays at its 100% owned Burracoppin Project, located in Western Australia.
The results come from the first round of the ASX mining share's exploratory drill campaign at the project, consisting of 147 composite samples.
According to the release, the initial assays returned "exceptionally high-grade alumina averaging 33.73% Al2O3 – with a peak grade of 38.3% Al2O3". That corresponded with an ultra-bright ISO brightness of 88% with half of the samples greater than ISO brightness 80%.
Ragusa Minerals also reported on a promising rare earths find at Burracoppin. The explorer noted that 40% of the samples returned total rare earth oxide levels (TREO) above a 500ppm cut-off. The average came in at 1,493ppm TREO with a peak value of 6,285ppm TREO.
Commenting on the result sending the ASX mining share soaring today, Ragusa chair Jerko Zuvela said:
The company is excited with the initial results from the maiden drilling program and the significant discovery of rare earth elements at our Burracoppin Project. This is a positive result for the potential multi-commodity development of our project – with upcoming laboratory analysis results used to delineate a JORC mineral resource.
We look forward to progressing the strategic critical minerals discovered at Burracoppin.
Ragusa Minerals share price snapshot
With today's intraday gains factored in, this ASX mining share has trounced the benchmark returns in 2022, gaining 116%. That compares to a 5% year-to-date loss posted by the All Ordinaries.
