Shares in the junior resource explorer closed on Friday trading for 4.4 cents apiece. The Anax Metals share price leapt to 6.3 cents in earlier trade today, putting the stock up a whopping 57%.

Following on some likely profit taking, shares in the ASX copper stock are currently swapping hands for 6.2 cents apiece, up 41%.

For some context, the All Ordinaries Index (ASX: XAO) is down 0.3% at this same time.

Here's what's stoking investor interest on Monday.

ASX copper stock rockets on project update

The Anax Metals share price is going ballistic after the company released a promising update on its joint venture Whim Creek Copper Project, located in the West Pilbara region of Western Australia.

Anax owns 80% of Whim Creek, while Develop Global Ltd (ASX: DVP) owns the other 20%.

The ASX copper stock said strengthening copper prices over the past year have added "significant momentum" to the project's near-term development and recommencement of operations.

At the current US$10,004 per tonne, copper prices are up 21% over the past 12 months.

Anax said key outcomes from its Whim Creek Definitive Feasibility Study (DFS) and Heap Leach Study based on current metal prices and exchange rate inputs have enhanced the project's economics by 32%.

The miner estimates that under the new prices and rates, the project will generate around $520 million in free cash over the planned eight-year mine life, with a pre-tax net present value (NPV) of $357 million, and an internal rate of return (IRR) of 74%.

That compares very favourably to its estimates in September 2023, with an NPV of $270 million and an IRR of 55%. Anax noted that the price assumptions used in open pit optimisations in the DFS were "markedly lower" than current commodity prices

The ASX copper stock could also be getting a boost, with management flagging the potential to increase the open pit mine life and cash flow through re-optimisation at higher commodity prices.

According to the release, the miner's Evelyn and Salt Creek copper resource extension exploration will be prioritised, while studies for a regional processing hub strategy have already started.

What did management say?

Regarding the project update sending the ASX copper stock rocketing today, managing director Geoff Laing said, "The Whim Creek asset continues to shape up as a strategic processing hub for the Pilbara."

Laing continued:

The recent increase in copper and other key metal prices has significantly enhanced project financial metrics. Anax is ideally positioned to benefit from the positive momentum building in copper demand on the back of its critical role in electrification and green technologies.

Laing said the project is "ready for near term production of key energy metals".

The post 'Ideally positioned': Why this ASX copper stock just rocketed 57% appeared first on The Motley Fool Australia.

Here's what is causing these shares to rocket:

Anax Metals Ltd (ASX: ANX)

The Anax Metals share price is up 19% to 10 cents. This follows the release of assay results from recent diamond drilling from the Evelyn deposit at the Whim Creek project.

According to the release, the company intersected near-surface massive sulphides comprising chalcopyrite, sphalerite, galena, pyrite and pyrrhotite with true widths of up to 15 metres encountered.

Management believes these results bode well for Whim Creek project outcomes. Anax's Managing Director, Geoff Laing, commented:

These assay results are very pleasing and confirm that the Evelyn deposit will provide considerable upside to Whim Creek project outcomes. Metallurgical test work is well advanced and initial indications suggest that Evelyn ore will be highly compatible with the processing flow sheet currently being finalised for both the Mons Cupri and Whim Creek ore deposits. It is envisaged that Evelyn ore will feed directly into the Whim Creek development scenario.

Superior Resources Limited (ASX: SPQ)

The Superior Resources share price has rocketed 43% higher to 5 cents. Investors have also been buying this copper explorer's shares following the release of assay results from the Greenvale project.

Those assay results confirm extensive strong copper mineralisation in the BTDD004 drill hole with significant zones of high grade copper from a distal part of interpreted porphyry system. Copper mineralised over almost the entire length of a 658.9m hole.

Superior's Managing Director, Peter Hwang, was pleased with the results. He commented:

The better-than-expected results returned from BTDD004 are impressive, particularly considering the mineralisation is thought to be some distance away from the interpreted porphyry core where higher grades are expected. To have intersected such a large interval of significant grade copper at this distal part of the interpreted system, provides us with further confidence that we are dealing with a very large-scale copper-gold system.

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But these 3 ASX-listed miners are besting most on Tuesday, each recording gains of more than 18%.

Right now, the All Ordinaries Index (ASX: XAO) is up 0.54% while the S&P/ASX 200 Index (ASX: XJO) has gained 0.5%.

Meanwhile, the S&P/ASX 200 Resources Index (ASX: XJR) has lifted 1.28% and the S&P/ASX 200 Materials Index (ASX: XMJ) is up 1.2%.

So, without further ado, let's take a look at today's outperformers and what's boosted their share prices to outrageous heights.

3 ASX mining shares recording massive gains on Tuesday

Syrah Resources Ltd (ASX: SYR) – surged 22%

The Syrah Resources share price lifted 22.29% to its intraday high of $1.92 on Tuesday.

Its gain followed news that the company has received a US$107 million loan agreement from the United States' Department of Energy.

It will use the funding to expand its Louisiana-based Vidalia active anode material facility.

At the time of writing, the Syrah Resources share price is $1.77, 12.74% higher than its previous close.

Though, that's still 8% lower than it was at the start of 2022.

Lefroy Exploration Ltd (ASX: LEX) – launched 33%

The Lefroy Exploration share price also took off earlier this morning, surging 33.33% to trade at 44 cents at its highest point.

Its gains came after the company announced an "impressive" copper and gold intersection identified at the Lefroy Gold Project's Burns prospect.

The finding has helped solidify the company's certainty that Burns houses a high-grade gold-copper zone within a broader gold, copper, silver, and molybdenum system.

It has scheduled a drill hole of at least 1,000 metres to begin in May. The hole will test the down plunge position of the zone, as well as the broader system.

At the time of writing, the Lefroy share price is 39 cents, 18.18% higher than its previous close.

That brings the ASX mining share's gains for the year so far to 25.8%.

Anax Metals Ltd (ASX: ANX) – rocketed 18%

Finally, the Anax Metals share price launched to 13 cents at its highest point of the day, 18.18% higher than its previous close.

Interestingly, there's been no news from the mineral developer today. However, last week it announced a "spectacular" copper and zinc find at the Whim Creek Project.

Right now, shares in the ASX mining company are trading at 12.5 cents. That represents a 13.64% increase.

The company's stock has also gained 56% since the start of 2022.  

The post 3 ASX mining shares booming by 18% or more today appeared first on The Motley Fool Australia.

The company's shares are currently trading at 14 cents each, a 44% gain. In contrast, the S&P/ASX 200 Resources Index (ASX: XJR) is 0.57% in the red today.

So why is this ASX mining share soaring today?

Copper and zinc intersected

Anax reported spectacular "massive" copper and zinc sulphide mineralisation at the company's Whim Creek project.

Drilling intersected mineralisation up to 15m wide at the Evelyn deposit and massive to semi-massive sulphides at the Salt Creek deposit.

The project is located near Port Hedland in the West Pilbara region of Western Australia.

Nine holes have been drilled at three of the four metal deposits at the project. Final assay results are still on the way.

Commenting on the results, managing director Geoff Laing said:

Initial observations from this latest round of diamond drilling have been very encouraging and while assay results are still awaited, intersection of massive copper and zinc sulphides and confirmation of historically defined mineralisation is exciting.

The presence of copper, zinc, and also lead was confirmed via XRF scanning. Metallurgical test work is due to start very soon. The results will help form geotechnical data for feasibility studies.

Share price snapshot

Anax shares have surged 69% year to date and more than 84% in a year.

For perspective, the ASX 200 Resources Index has returned around 15% over the past 52 weeks.

In the past month, the company's shares have risen 59%, leaping 44% in the past week alone.

Anax has a market capitalisation of about $56 million based on the current share price.

The post Massive copper and zinc discovery sends this ASX mining share soaring 44% appeared first on The Motley Fool Australia.