Guess which ASX mining shares are soaring 40% or more on new discoveries

These mining shares are making their shareholders smile with promising drilling results…

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The Australian share market may be taking a tumble on Wednesday but that hasn't stopped some ASX shares from shooting higher.

Two ASX mining shares that are recording stellar gains today are listed below. Here's why they are hurtling higher:

Legacy Minerals Holdings Ltd (ASX: LGM)

The first ASX mining share that is recording a strong gain today is this gold explorer.

The Legacy Minerals share price is currently up 22% to 19.5 cents but was up as much as 53% at one stage. This has been driven by the release of "remarkable" drilling results from the Bauloora Epithermal Gold Project in New South Wales.

Commenting on the results, CEO and managing director, Christopher Byrne, said:

The Legacy Minerals team is pleased to confirm a remarkable discovery at the Bauloora Epithermal Gold Project of low sulphidation epithermal veins and breccia across an extensive strike of the Mee Mar Prospect vein trend. This project's scale is demonstrated by the fact that every diamond drill hole testing the strike of the Mee Mar vein intercepted epithermal veins and breccia – delivering a continuous strike of 1,500m which remains open to the north, south and at depth.

Petratherm Ltd (ASX: PTR)

This ASX mining share is up 13% to 7.9 cents currently but was up 40% to 9.8 cents at one point.

Investors have been bidding the Petratherm share price higher following the release of an update on rare earth (REE) drill results from the Meteor Prospect, located in the Comet Project Area of the Northern Gawler Craton of South Australia.

According to the release, drilling that was undertaken during December has delivered "encouraging results." Petratherm's CEO, Peter Reid, commented:

The Meteor Prospect results are highly encouraging, demonstrating excellent clay hosted rare earth grades, intercept thicknesses and continuity between drill holes. The mineralisation starts at just a few metres below surface in the soft weathering profile allowing the potential for low-cost free dig mining. The shallow clay hosted mineralisation has formed over a layered mafic complex and potential remains for additional rare earths in the basement rock below.

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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