3 ASX mining shares that surged over 10% on Wednesday

We take a look at why these three explorers had such a stellar run today.

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Key points

  • These three ASX mining shares all soared more than 10% at some point today 
  • The companies are exploring commodities including gold, silver, copper, and lithium 
  • The broader materials sector lifted 0.9% today 

The S&P/ASX 200 Materials Index (ASX: XMJ) climbed 0.9% today, but these three ASX mining shares soared far higher.

The Lode Resources Ltd (ASX: LDR), Atlantic Lithium Ltd (ASX: A11), and Benz Mining Corp (ASX: BNZ) share prices all lifted by more than 10% during trading today.

Let's take a look at why these three ASX mining shares had such a top run.

Lode Resources

The Lode Resources share price soared 23% in early trade today from 22 cents to 27 cents before retreating. The explorer's shares closed 13.64% ahead. Lode is exploring silver, gold, and copper in the New England Fold Belt in New South Wales.

The gold price is currently down 0.27% to US$1,906 an ounce, according to CNBC, while silver is sliding 0.88%. Copper is up 0.3% to US$4.0116 a pound, Trading Economics data shows.

Diamond drilling has recently recommenced at Lode's Webbs Consol Silver project in New South Wales. Commenting on the work at the project, Lode managing director Ted Leschke said:

Drilling to date has discovered six mineralised lodes and revealed that the Webs Consol mineral system much more extensive than previous recognised.
The Company is well funded for the planned drill programme and beyond.

Benz Mining Corp

Benz Mining shares surged 11.8% in earlier trade from 38 to 42.5 cents. The company's shares finished at 42 cents each at market close, up 10.53%.

Benz Mining is exploring gold, copper, lithium, and nickel in the James Bay area of Quebec, Canada. Benz shares lifted today despite no news from the company. In February, Benz advised its 2023 diamond drilling campaign has started in the Upper Eastmain Greenstone Belt. Assay results are pending for 1,600 samples including lithium and gold assays.

Atlantic Lithium

Atlantic Lithium rebounded on Wednesday. The company's share price surged 14.6% in morning trade from 41 to 47 cents. The lithium developer's share price closed at 44 cents, a 7.32% gain.

Today's gains follow a recent tough run for the lithium explorer. The company last week refuted a short seller report from investment firm Blue Orca.

Atlantic Lithium shares could have lifted today if investors believed the company's shares were sold off unfairly following the attack. It's also possible short sellers could now be closing their positions, as my Foolish colleague James reported today.

Motley Fool contributor Monica O'Shea 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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