3 ASX resources shares exploding over 65% on Tuesday

It's certainly been a stellar day on the market for some ASX resources shares.

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Key points

  • These three ASX shares are all soaring more than 50% 
  • News driving up these shares includes a takeover offer, funding agreement, and drilling results 
  • Meantime, the resources sector is down 0.29% in late trading

The S&P/ASX 200 Resources Index (ASX: XJR) is 0.29% in the red in late afternoon trade, but these three ASX resources shares are pushing higher.

The Besra Gold Inc (ASX: BEZ), Voltaic Strategic Resources Ltd (ASX: VSR), and Chesser Resources Ltd (ASX: CHZ) share prices are all rocketing more than 50% today.

Let's take a look at what is going on with these ASX resources shares.

Voltaic Strategic Resources

Voltaic shares are exploding 152% at the time of writing. Investors are buying up this lithium share amid drilling results released today.

Several thick pegmatites have been intercepted at the Andrada prospect at the Ti Tree Project in Western Australia.

Drilling showed "key structural trends" connected to favourable lithium, caesium, and tantalum (LCT) pegmatoids close to granitic contacts.

Commenting on the news, CEO Michael Walshe said:

We now have a much-improved model of the regional pegmatites at Ti Tree in terms of structure, down-hole continuity and zonation, all of which are critical data for vectoring towards an LCT discovery.

Besra Gold

Besra Gold shares are soaring 93% at the time of writing to 42.5 cents. The gold company is exploring the Bau Goldfield in East Malaysia. Besra has finalised a binding gold purchase agreement with major shareholder Quantum Metal Recovery. This will enable Besra to fund production at the Bau project and evaluate other deposits in the Bau goldfield corridor.

Former CEO Dr Ray Shaw will be moving to the role of chief operating officer, stepping down as CEO. Jocelyn Bennett will take on the role of executive chair. Commenting on today's news, Bennett said:

The announcement of progress this landmark agreement, as well as the accompanying corporate changes, moves Besra's 3Moz Bau Gold Project closer to production.

Chesser Resources

Chesser shares are flying 65% higher today to 12 cents on the back of takeover news. Fortuna Silver Mines Inc (NYSE: FSM, TSE: FVI) is proposing to acquire 100% of Chesser shares at an implied value of 14.2 cents per Chesser share.

This is a 95% premium to Chesser's closing price of 7.3 cents on 8 May. However, Chesser shares are now catching up to the offer price.

In a statement today, Chesser said the board "unanimously recommends" shareholders support the acquisition at the scheme meeting. This is due to be held in August 2023.

Chesser managing director Andrew Grove said:

Chesser's strategy has focused on the standalone development of the Diamba Sud project and we have made excellent progress in this regard through exploration success, resource delineation and the delivery of a highly attractive Scoping Study late last year.

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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