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…

| More on:
Happy man in high vis vest and hard hat holds his arms up with fists clenched celebrating the rising Fortescue share price

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

More on Share Market News

A young man talks tech on his phone while looking at a laptop. A financial graph is superimposed across the image.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors had a rough start to the trading week this Monday.

Read more »

Australian dollar notes in the pocket of a man's jeans, symbolising dividends.
Broker Notes

Where to invest $10,000 into ASX 200 shares this month

Analysts are bullish on these names. Let's find out why they rate them as buys.

Read more »

A steel worker peers out from under his protective headwear which is tipped back on his head as he stares solemnly straight ahead with steel production equipment in the background.
Share Gainers

Why is everyone talking about BlueScope Steel shares on Monday?

It seems Trump's tariffs have winners as well as losers...

Read more »

three businessmen high five each other outside an office building with graphic images of graphs and metrics superimposed on the shot.
Share Market News

3 ASX financial shares being bought up by insiders

Insiders have been loading the boat with these stocks...

Read more »

Man with rocket wings which have flames coming out of them.
52-Week Highs

5 ASX 200 stocks leaping to 52+-week highs in Monday's sinking market

Investors just sent these ASX 200 stocks to new one-year-plus highs. Let’s find out why.

Read more »

A young woman lifts her red glasses with one hand as she takes a closer look at news about interest rates rising and one expert's surprising recommendation as to which ASX shares to buy
Broker Notes

Leading brokers name 3 ASX shares to buy today

Here's why brokers believe that now could be the time to snap up these shares.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why CAR Group, Domino's, JB Hi-Fi, and WiseTech shares are dropping today

These shares are having a tough start to the week. But why?

Read more »

Two lab workers fist pump each other.
Healthcare Shares

Guess which ASX 300 healthcare stock just rocketed 20% on BIG earnings growth

Investors are piling into the ASX 300 healthcare stock on Monday. But why?

Read more »