The company's share price is currently up 22% in late afternoon trading to 5.5 cents.

However, in earlier trade, the micro-cap ASX mining share lifted nearly 32% before pulling back.

For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has fallen 0.6% today.

Let's take a look at the news that Conico revealed to the ASX today.

Exploration update

Investors have been buying up Conico shares following an exploration update on the Mount Thirsty Joint Venture. This is located near Norseman, Western Australia.

Conico has a 50% stake in the project, while Greenstone Resources Ltd (ASX: GSR) also owns 50%.

Phase one drilling intersected with a continuous zone of disseminated nickel and copper sulphides.

Diamond drill hole MTJV001 intercepted 65 metres of disseminated sulphides including 43 metres of ultramafics from 190 metres downhole, three metres of sediments from 233 metres downhole, and 19 metres of fluid-altered ultramafics from 236 metres downhole.

Conico is expecting full assay results showing platinum, copper, nickel, rhodium, and gold in the next four to six weeks.

Commenting on the news, executive director Guy Le Page said:

The company is delighted to have intersected a thick continuous zone of heavily disseminated nickel-copper sulphides in the very first hole drilled in this program.

The drilling program remains on schedule. Conico has moved the drilling rig further north to drill hole MTRC014D.

Price summary for this ASX mining share

The Conico share price has surged 37.5% in the year to date, although it has lost 21% in the past year.

In the past month, the Conico share price has exploded by 83%.

The ASX mining share has a market capitalisation of $65.35 million based on the current share price.

The post Why did ASX mining share Conico rocket 30% today? appeared first on The Motley Fool Australia.

While that's a welcome boost, it pales in comparison to the smashing gains posted by three ASX mining shares today, all of which are up 20% or more.

So which ASX mining shares are rocketing?

We're glad you asked!

This ASX mining share is up 20% today

The Minbos Resources Ltd (ASX: MNB) share price is up 19.5% at the time of writing to 6 cents per share, having earlier posted intraday gains of more than 23%.

Investors are snapping up shares in the mineral explorer after the company reported it will complete the definitive feasibility studies at its Cabinda Phosphate Project and its Capanda Green Hydrogen-Ammonia Project, both located in Angola.

The ASX mining share will use the $2.5 million it just received from ALS for its remaining interests in the Ambato Rare Earths Project, located in Madagascar.

Minbos CEO, Lindsay Reed highlighted the potential value of the hydrogen project, saying:

Our positioning with the Green Hydrogen-Ammonia Project puts the Company ahead of most, if not all, other ASX listed peers giving Minbos a significant time, infrastructure spend and power pricing advantage. These advantages cannot be underestimated.

The Minbos share price is now up 158% year-to-date.

Today's second big gainer

The second ASX mining share shooting the lights out today is Greenstone Resources Ltd (ASX: GSR), up 24.4%. to 5.6 cents per share.

The gold explorer appears to be getting a delayed boost from yesterday's release announcing positive drill results from its 100% owned Burbanks Gold Project, located in Western Australia.

Greenstone reported that the ongoing drill campaign "continues to return multiple high-grade intercepts".

Commenting on the strong gold results, Greenstone CEO, Chris Hansen said:

We are highly encouraged by these most recent results from Burbanks North, having returned multiple bonanza grade intercepts in quick succession which are in line with the historical underground production grades from the Burbanks Mining Centre.

Which brings us to…

Today's top performing ASX mining share

Leading the charge higher is Conico Ltd (ASX: CNJ). Shares in the mining minnow are up an eye-popping 66.7% today to 4 cents per share.

The ASX mining share is primarily focused on cobalt, nickel, and manganese, but its share price appears to be moving for reasons unrelated to any new discoveries.

Instead, Conico reported this morning on the shortfall in subscriptions for its fully underwritten, pro-rata non-renounceable rights offer made to shareholders. That offer was fully written by Peloton Capital and closed on 18 May.

Conico stated:

Accordingly, upon completion of issuing of the new shares (and one for two free attaching options to acquire Shares at 2.6 cents each on or before 31 December 2026), the total amount raised (after the shortfall was placed) is $2,492,202

Despite today's big lift, the ASX mining share remains down 2.5% year-to-date.

The post 3 ASX mining shares surging by more than 20% today appeared first on The Motley Fool Australia.

Conico shares were up 67.5% at the close, trading at 5.7 cents, after earlier exploding 97.06% higher to reach a record-breaking high of 7 cents.

Quick take on the Ryberg Project

Located on the east coast of Greenland, the Ryberg Project is 100% owned and operated by Conico's wholly-owned subsidiary, Longland. The latter holds licences that cover an area of 4,500 square kilometres.

According to the company, the Ryberg Project is considered an under-explored mineral province with a "significant amount of magmatism" within the Kangerlussuaq Basin. Geochemical analysis has identified samples rich in copper, palladium, gold, nickel, cobalt and platinum.

What did Conico announce?

The company reported that significant sulphide mineralisation had been detected from drill-hole MIDD001.

According to the release, Longland encountered a sequence of metamorphic rocks that contains zones of strong sulphide mineralisation. This is between a depth of 117 metres to 124 metres over a 4.5-metre-wide drill hole.

While the results are exciting, it's worth noting that the samples have not been sent for laboratory analysis yet. Conico advised that the preliminary findings came from an observation by a qualified and experienced geologist.

A second drill-hole (MIDD002) is nearing completion, and rigs have been established on holes MIDD003 and MIDD004. All holes target the Miki Prospect, but the company has scheduled one rig to mobilise to the Sortekap Prospect later in the season.

In addition to the drilling, Longland is conducting a regional 200m line-spaced heliborne magnetic survey.

Longland CEO Thomas Abraham-James thanked Conico shareholders and directors for "putting their faith in Longland Resources" when they acquired the company last year.

We are a greenfields exploration company in a location far from Australia. They saw what I did in the potential of our Greenland assets. I take tremendous satisfaction in the first ever drill-hole to occur at Ryberg encountering significant sulphide mineralisation.

About the Conico share price

In the past 12 months, Conico shares have lifted more than 570%, with year-to-date up 110%. The company's share price reached a multi-year high of 7 cents today.

Conico commands a market capitalisation of roughly $55.9 million, with approximately 916 million shares on issue.

The post Up 70%, the Conico (ASX:CNJ) share price is breaking records today appeared first on The Motley Fool Australia.