The Black Rock Mining Ltd (ASX: BKT), Classic Minerals Ltd (ASX: CLZ), and Mineral Resources Limited (ASX: MIN) share prices are all well in the green today.

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

Classic Minerals

The Classic Minerals share price is exploding 187.5% today.

Classic Minerals has signed a $10 million funding agreement on the company's Kat Gap Gold project in Western Australia.

Goldvalley Brown Stone Pty Ltd will provide funding for the extraction and processing of ore from the Kat Gap project. Under the deal, Classic will receive 70% of the net profits from gold production, while Goldvalley will receive 30%.

Chairman John Lester highlighted Classic now has a "clear path to mining and processing of gold". He added: "We have begun the transition from explorer to producer and shareholder patience will be rewarded."

Black Rock Mining

Black Rock shares are rocketing 20.69% higher today. The company's 84% owned subsidiary, Faru Graphite Corporation Limited, has signed an agreement with Urbix for material from module two of the Mahenge Graphite Project in Tanzania.

Urbix is a cleantech refining company working on lithium-ion battery anode materials in the USA. The companies will work together to establish a new supply chain for the US and European battery industries.

Commenting on the news, Black Rock CEO John de Vries said:

Signing this agreement with Urbix is potentially transformational in the context that we are developing an additional USA and European option for the processing of Black Rock's graphite into battery applications.

Mineral Resources

The Mineral Resources share price is soaring 12% today to $70.54. This follows the company neither confirming or denying speculation it is planning to spin off and list its lithium business in the USA.

This follows news of the potential plan appearing in the Australian Financial Review last night. Analysts believe Mineral Resources' lithium arm accounts for more than 50% of the company's value.

In a response to the speculation, Mineral Resources said:

MinRes wishes to advise that, in the normal course of business, it regularly evaluates various strategic options to maximise value creation for shareholders, including in relation to its lithium business.

The post 3 ASX mining shares shooting the lights out on Friday appeared first on The Motley Fool Australia.

The agreement will see production at the explorer's flagship Kat Gap gold project kicking off.

Shares in Classic Minerals last traded on 1 September when they closed at 1.6 cents.

Today, the stock notched a massive 287.5% gain, hitting a high of 6.2 cents. The Classic Minerals share price has since settled slightly to trade at 5.9 cents – representing a 268.7% rise.

Let's take a closer look at today's news from the ASX gold share.

What's driving ASX gold share Classic Minerals sky-high?

The share price of ASX gold hopeful Classic Minerals is launching upward on Friday after the company broke a five-session trading halt with transitional news.

It has entered an agreement with Goldvalley Brown Stone that will see Goldvalley provide up to $10 million in non-recourse funding for production at the Kat Gap project in Western Australia. Though, the deal is still subject to several conditions.

The Kat Gap project houses around 90,000 ounces of gold, according to Classic Minerals.

Goldvalley has agreed to fund the extraction and processing of ore from the project in parcels of 100,000 tonnes. Revenue from each parcel will help to fund the next.

The pair have agreed to split the project's net profits 70% to 30%, with Classic Minerals walking away with the larger share.

The company's chair John Lester commented on today's news, saying:

The Kat Gap project has reached an exciting stage with a clear path to mining and processing of gold now laid out.

We have begun the transition from explorer to producer and shareholder patience will be rewarded.

The path ahead

The $10 million will be provided over 12 months. Mining will continue under the arrangement until 500,000 tonnes at a minimum grade of 2.85 grams of gold per tonne has been mined and processed.

Classic Minerals also noted its project management plan should be granted approval any minute now. That will allow operations at Kat Gap to kick off.

Goldvalley managing director Yuzheng Xie also commented on the news driving the Classic Minerals share price today:

Classic has carefully developed a very worthy gold project and coupled with Goldvalley's expertise in mining and marketing, the project now has the attributes to bring it to fruition.

The post Why did ASX gold share Classic Minerals just explode 290%? appeared first on The Motley Fool Australia.