2 ASX mining shares rocketing over 16% on big news

Investors are getting very excited about these shares today.

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The market may be having a mixed session, but that hasn't stopped a couple of ASX mining shares from rocketing today.

Here's what you need to know about these two big movers:

Firefly Metals Ltd (ASX: FFM)

The Firefly Metals share price is up over 16% to 81 cents.

Investors have been scrambling to buy this ASX mining share after it released an update on exploration activities at the Green Bay Copper-Gold Project in Canada.

According to the release, another batch of high-grade copper and gold assays support FireFly's strategy for rapid and substantial resource growth at the project.

The latest results reveal that consistently high-grade mineralisation extends continuously for 460 metres outside the current resource boundary. Management notes that these results will form part of the next upgrade in the resource, which currently stands at 39.2Mt at 2.1% for 811,000t CuEq.

FireFly's managing director, Steve Parsons, said:

We continue to generate exceptional step out drilling results which point to substantial growth in the high-grade copper and gold resource at Green Bay. Given the consistently strong drilling results we are achieving, we are doubling the number of rigs to four. This is aimed at accelerating our resource growth while also seeking to make new discoveries.

Green Bay is a large district scale copper-gold mineralised system with huge potential outside the current resource and known mineralisation. We are aiming to unlock the value of this wider project area and therefore we are about to start regional geophysical surveys to define lookalike copper-gold targets for drill testing.

WA1 Resources Ltd (ASX: WA1)

The WA1 Resources share price is up 21% to $19.67. This follows the release of results from the initial metallurgical testwork program. This program is being undertaken on niobium mineralisation from its Luni deposit at the 100% owned West Arunta Project in Western Australia.

According to the release, the program has produced high-grade niobium concentrates with low impurities and at industry-comparable recovery rates through a practical two stage flotation regime.

The ASX mining share's managing director, Paul Savich, commented:

We consider this an excellent outcome towards unlocking the significant inherent strategic value of Luni. Flotation of niobium minerals is widely recognised as the key challenge to developing a conventional process flowsheet for a niobium deposit. This is because flotation typically provides most of the upgrade from ore to concentrate and incurs a majority of the recovery losses.

Our testwork is currently optimising this regime, with clear potential for improvement through the comminution, classification and flotation steps. Other beneficiation techniques such as gravity and magnetic separation are also being assessed.

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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