The S&P/ASX 200 Materials index (ASX: XMJ) is climbing 0.09% today, but three ASX mining shares are soaring far higher.
The Ioneer Ltd (ASX: INR), Victory Metals Ltd (ASX: VTM) and Black Cat Syndicate Ltd (ASX: BC8) share prices are all charging higher today.
So why are these three ASX mining shares all lifting today?
Black Cat Syndicate
Shares in Black Cat Syndicate shares are up 13%, trading at 43 cents apiece at the time of writing after the company provided a mineral resource update to the market.
Black Cat today advised the underground resource at Coyote Central in Western Australia had lifted to 356 koz at 14.6 grams per tonne of gold (51% indicated).
Describing Coyote Central as "one of the highest-grade deposits in Australia", the company will continue exploration drilling and test work at the project.
Commenting on the news, managing director Gareth Solly said:
It is exciting to have already demonstrated the grade and scale potential of Coyote within such a short period of time.
Despite today's major gains, Black Cat shares have slid 32% in the last 12 months.
Ioneer
Ioneer is developing the Rhyolite Ridge lithium and boron project in Nevada, USA. The company's shares are rocketing 19.2% at the time of writing.
In news released today, Ioneer has received a conditional commitment from the US Department of Energy for a $700 million loan to develop the Rhyolite Ridge project. A significant equity contribution from Sibanye Stillwater Ltd (NYSE: SBSW) to secure a 50% interest in the project will also help fund capital expenditure at the project.
Managing director Bernard Rowe welcomed the news, saying:
The conditional commitment is the culmination of 23 months of discussions with and due diligence by the Loan Programs Office and it represents a significant milestone for Rhyolite Ridge.
We look forward to working with the DOE and Sibanye-Stillwater to complete the remaining milestones to start construction of Rhyolite Ridge.
The Ioneer share price has slid 33.4% in the last year. However, it has gained 28% in the last week.
Victory Metals
Victory Metals shares are soaring 11.9% today. The company advised the market of a "high-grade rare earth extension" at the company's North Stanmore project in Western Australia.
Assay results showed a significant total rare earth oxide (TREO) grade of 1001 parts per million (ppm) from 1m samples and up to 5239 ppm with a cut-off of 500 ppm.
Commenting on the news, executive director Brendan Clark said:
What an extraordinary moment for Victory with confirmation of a significant rare earth element mineralisation extension at our North Stanmore REE discovery
Victory Metals shares have climbed 9.3% in the past 52 weeks.
