The fast-rising stock in question is mineral exploration company Encounter Resources Ltd (ASX: ENR).

Encounter shares closed yesterday trading for 19 cents. In earlier trade, shares just leapt to 23 cents each, up 21.1%. After some likely profit taking, shares are changing hands for 22.5 cents apiece, up 18.4%.

Here's what spurring investor interest in the ASX All Ords stock today.

What's sending the ASX All Ords stock flying?

Investors are piling into Encounter Resources shares today after the miner announced its maiden Mineral Resource Estimate (MRE) for three separate deposits.

Those deposits – Green, Emily, and Crean – all sit within Encounter's Aileron Project, located in Western Australia.

The ASX All Ords stock reported a combined Inferred Mineral Resource of 19.2 million tonnes at 1.74% niobium (Nb₂O₅). That resource is contained within 67.6 million tonnes at 0.88% Nb₂O₅.

Among other critical applications, niobium is used in aerospace, defence, automotive, construction, and health technologies.

The miner noted that the Mineral Resource has now been defined after only six months of drilling. This followed the initial high-grade discovery at Crean in June 2024 and subsequent discoveries at Green and Emily.

Snowden Optiro prepared the MRE, which is reported in accordance with the JORC Code.

According to the release, the original objective was to define an Exploration Target. But the continuity of mineralisation intersected during drilling supported classification as an Inferred Resource. Encounter said the estimate incorporates drilling it completed to the end of 2024.

What did management say?

Commenting on the progress sending the ASX All Ords stock soaring today, Encounter Resources executive chairman Will Robinson said, "Our 2024 wide-spaced exploration drilling has outlined what may become one of the world's most significant undeveloped niobium resources."

Robinson added:

This early success highlights the exceptional geological potential of the Aileron project and the broader West Arunta region. This is only the beginning.

The strike-extensive carbonatite systems of the West Arunta represent an unusually mineralised suite of intrusions, and Encounter is committed to unlocking their full potential through a focused and systematic exploration program.

What's next for the ASX All Ords mining stock?

Looking at what could impact the ASX All Ords stock in the months ahead, the miner said it has commenced reverse circulation (RC drilling) to extend and improve the definition of high-grade mineralisation.

Management noted a "high potential for near-term MRE growth" from the ongoing infill RC and extensional aircore drilling across the Aileron project.

The post Guess which ASX All Ords stock just rocketed 21% on 'exceptional' results appeared first on The Motley Fool Australia.

In early trade, the ASX copper stock was up as much as 25% to 58 cents.

As a comparison, the ASX 200 index is up 0.5% at the time of writing.

Why is this ASX copper stock surging?

Investors have been scrambling to buy the mineral exploration company's shares this morning following the announcement of a new discovery.

However, the discovery isn't copper, it is niobium that has been unearthed by the company.

Niobium is a critical metal with unique properties that make it essential as the world transitions to a low-carbon economy.

The primary niobium product is ferroniobium (FeNb, ~65% Nb). It accounts for approximately 90% of an estimated 100,000tpa market. Ferroniobium is utilised as a micro alloy in the steel industry to improve the mechanical properties of steel.

In addition, niobium pentoxide (Nb2O5) represents a key growth market, with significant recent developments in lithium-ion battery technology to utilise niobium to substantially reduce charge times down to six minutes while enhancing battery life.

What did the company announce?

According to the release, recent aircore drilling has intersected further shallow, high grade niobium-REE mineralisation across multiple targets at the 100% owned Aileron project in the West Arunta region of Western Australia.

Management believes these latest results provide further validation of the abundant fertility of this new carbonatite mineral province.

It notes that the extensive footprint of carbonatites that contain +2% Nb2O5 drill intercepts continues to grow with each drill program. And, importantly, high grade niobium intersections are repeatedly being achieved in wide spaced, first pass drilling. Follow-up drilling will then delineate the better mineralised parts of these complexes.

Management commentary

The ASX copper stock's executive chairman, Will Robinson, was pleased with the news. He said:

Encounter's Aileron project in the West Aruna hosts multiple bodies of high-grade, near-surface niobium oxide mineralisation. Crean is shaping up as a coherent body of thick, high-grade niobium mineralisation. Green contains a large, laterally mineralised zone with frequent high-grade niobium intercepts (+2% Nb2O5) defined in broad spaced aircore drilling.

Beyond these discoveries, with new results such as at Joyce, we are continuing to validate our targeting model, which focuses on major regional faults which have the capacity to host mineralised carbonatites over considerable strike length. Finding and delineating high-grade zones, with mineable dimensions, along these mineralised corridors, is an immediate priority.

Following today's strong gain, the company's shares are now up 70% since the start of the year.

The post ASX copper stock surges 25% on new discovery appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Domino's Pizza Enterprises Ltd (ASX: DMP)

The Domino's Pizza share price is up 1.5% to $30.03. This is despite there being no news out of the pizza chain operator. However, this could have been driven by bargain hunters swooping in on the belief that its shares were oversold last week.

Encounter Resources Ltd (ASX: ENR)

The Encounter Resources share price is up over 11% to 59 cents. This morning, this niobium and rare earths elements explorer released drilling results from the intersection of the Elephant Island and Stromness Faults. According to the release, the drilling has intersected further mineralised carbonatite in the West Arunta region of Western Australia. Executive Chairman Will Robinson said:
"The extremely thick carbonatite that has been drilled at this location supports an interpretation that the Elephant Island Fault corridor is a significant regional scale control for the emplacement of mineralised carbonatites in the West Arunta. This has important implications for future exploration along this corridor and other structural corridors across the project area."

Magnetic Resources NL (ASX: MAU)

The Magnetic Resources share price is up 7% to $1.58. This morning, this gold developer released an economic update on its 100% owned Lady Julie Gold Project in the Laverton gold region of Western Australia. A study confirmed that it is a financially attractive standalone project with low cost, high margin gold production of 817,470 ounces. This means an average of 104,000 ounces per year over an 8-year life of mine. Magnetic Resources' managing director, George Sakalidis, said: "The excellent outcomes demonstrate that Magnetic's Lady Julie Gold Project is one of the high margins, undeveloped gold projects in Australia."

ResMed Inc. (ASX: RMD)

The ResMed share price is up 3% to $32.74. This follows a rise from the sleep disorder treatment company's US listed shares on Friday night in response to the release of a strong quarterly update. In other news, analysts at Macquarie have retained their outperform rating on its shares with an improved price target of $36.25. The broker was pleased with the update and notes that its margins and guidance for FY 2025 were ahead of expectations. In light of this, it continues to see a lot of value in ResMed's shares and named it as one of its top picks in the sector.

The post Why Domino's, Encounter, Magnetic Resources, and ResMed shares are rising today appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are pushing higher:

Challenger Ltd (ASX: CGF)

The Challenger share price is up over 2% to $6.97. Investors have been buying this annuities company's shares in response to the release of a broker note out of Citi. According to the note, the broker has upgraded its shares to a neutral rating (from sell) with an improved price target of $6.95. The broker is feeling more upbeat on the company's outlook and suspects that it could return to target with its return on equity quicker than it was expecting.

Deep Yellow Limited (ASX: DYL)

The Deep Yellow share price is up almost 4% to $1.25. This follows the release of the uranium developer's quarterly update this morning. Management spoke positively about its progress during the quarter and believes it is well-positioned for the future. It commented: "Significant progress has been made on the development of the Tumas Project (Tumas or the Project), which remains the primary focus of the Company. Ausenco Services Pty Ltd was selected as the preferred EPCM contractor for the Project and appointed to undertake the Engineering, Procurement and Construction Management (EPCM) services in two phases. The first phase involves completing sufficient detailed engineering to allow the Board to make a Final Investment Decision."

Encounter Resources Ltd (ASX: ENR)

The Encounter Resources share price is up 4% to 63.5 cents. Investors have been buying this copper explorer's shares following the release of an update on the Sandover Copper project in the Northern Territory. The company advised that diamond drilling activities are now underway at the project. It is seeking to understand better what lies beneath the ground after the first diamond drill hole at Sandover, which was completed in late 2023, intersected unexpected high-grade copper mineralisation at the contact between the basin sediments and the basement rocks.

Resolute Mining Ltd (ASX: RSG)

The Resolute Mining share price is up over 3% to 63 cents. This has been driven by the release of the gold miner's quarterly update this morning. During the second quarter, Resolute Mining poured 90,787 ounces of gold. This was up 18.9% on the first quarter and was in line with management's expectations. Gold sales were 88,321 ounces at an average realised price of $2,342 per ounce. This is up from 69,000 ounces at $1,950 per ounce during the first quarter.

The post Why Challenger, Deep Yellow, Encounter Resources, and Resolute Mining shares are rising today appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Champion Iron Ltd (ASX: CIA)

The Champion Iron share price is down 2% to $6.33. This morning, this Canadian iron ore miner announced a gradual return of its workforce to its Bloom Lake mine following a preventive evacuation and temporary shutdown of operations in response to nearby forest fires. However, it also advised that the timing and resumption of full operational activities remain subject to the availability of railway services. Management continues to collaborate with local authorities and the railway operator to expedite a return to normal operations, while prioritising the safety of its employees and the community.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is down 4% to 11.5 cents. This is despite there being no news out of the lithium miner today. However, it is worth noting that its shares have been on fire in recent sessions. This could mean that some investors are taking some profit off the table on Tuesday after a weak night for lithium stocks on Wall Street. Even after this decline, Core Lithium's shares are up 25% since this time last week. Though, it is worth remembering that they remain down over 85% on a 12-month basis.

Encounter Resources Ltd (ASX: ENR)

The Encounter Resources share price is down 13% to 72 cents. This follows the release of initial assays from first pass, wide-spaced aircore drilling at the Green target of the Aileron project. While the drilling has mapped out carbonatite hosted niobium-REE mineralisation over 1.6km of strike (which remains open), it seems that some investors were betting on stronger results. Nevertheless, its executive chairman, Will Robinson, was pleased. He said: "Broad spaced aircore drilling is achieving what we had hoped by rapidly identifying and mapping out near surface mineralised carbonatites in the West Arunta. The mineralised trend at Green broadly follows a curved, magnetic anomaly extending to the north-east from WA1's Luni discovery and wraps around into the Stromness fault."

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is down 2.5% to $117.09. Investors have been selling the mining giant's shares after it fell short of expectations during the second quarter. The consensus estimate for iron ore shipments was 82Mt, but Rio Tinto reported shipments of 80.3Mt. It was the same for copper production, which came in at 171kt compared to the consensus estimate of 175kt. Management now expects to hit the low end of its copper guidance for the full year.

The post Why Champion Iron, Core Lithium, Encounter Resources, and Rio Tinto shares are dropping appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up 15% to 10.5 cents. Investors have been buying the lithium miner's shares after it exceeded its FY 2024 production guidance. Over the 12 months, Core produced 95,020 dry metric tonnes (dmt) of spodumene concentrate and shipped 97,423 dmt. This led to Core Lithium reporting an unaudited cash balance of $87.6 million at 30 June, which is up from $80.4 million at the end of March. However, revenue will now dry up with all activities suspended at the Finniss operation. And while restart assessments are underway, management said that the resumption of activities "would only occur when we are confident the lithium market conditions support such a decision."

Encounter Resources Ltd (ASX: ENR)

The Encounter Resources share price is up almost 21% to 88 cents. This has been driven by the release of drilling results from the Aileron project in Western Australia. The niobium explorer revealed that aircore drilling has intersected further shallow, high-grade mineralisation at the West Arunta-based project. Encounter Resources' executive chairman, Will Robinson, commented: "Aircore drilling is defining new belts of shallow niobium-REE carbonatite hosted mineralisation in the West Arunta. Highly enriched, near surface mineralisation has now been intersected at both the Crean and Emily targets which are located on separate structures at Aileron, over 10km apart."

RED 5 Limited (ASX: RED)

The Red 5 share price is up 8.5% to 40.7 cents. This morning, this gold miner announced that it has entered into a restructured hedge facility and security package, repaid all outstanding loans, and restructured the hedging from the legacy Silver Lake Resources Limited (ASX: SLR) common terms deed. In addition, it advised that preliminary group sales for the fourth quarter were 110,818 ounces of gold. This brought full year sales to 455,259 ounces of gold.

Regis Resources Ltd (ASX: RRL)

The Regis Resources share price is up 2.5% to $1.82. This follows the release of the gold miner's fourth quarter and full year update. In respect to the latter, Regis Resources achieved production of 417,700 ounces of gold for FY 2024. This was within its group production guidance range for the period. Management also revealed that it achieved a record $109 million increase in its quarterly cash and bullion balance. This took its cash and bullion balance to its highest ever level of $295 million.

The post Why Core Lithium, Encounter Resources, Red 5, and Regis Resources shares are storming higher appeared first on The Motley Fool Australia.

At one stage, the ASX mining share was up as much as 26% to a new high of 92 cents.

The niobium explorer's shares have eased back a touch since then but remain up 16% to 85 cents at the time of writing.

Why is this ASX mining share surging?

The catalyst for today's gain has been the release of drilling results from the Aileron project in Western Australia.

According to the release, aircore drilling has intersected further shallow, high-grade mineralisation at the West Arunta-based project.

At the Crean target, continuous near-surface carbonatite was intersected across the four aircore drill lines completed to the west of previous drilling. Previously reported assay results from the most western aircore drill line returned shallow high-grade niobium mineralisation.

Management notes that mineralisation at Crean is strongest on the two western sections. Pleasingly, it remains open to the west. As a result, the aircore drill rig has now returned to Crean to complete 200m spaced drill lines to extend this high-grade, near surface mineralisation further to the west.

Over at the Emily target, as a reminder, fifteen widely spaced reverse circulation holes were completed by the ASX mining share late last year. Emily is centred on a magnetic low on the Endurance Fault, which is northwest of the world class Luni discovery owned by WA1 Resources Ltd (ASX: WA1).

Management advised that 10 of the 15 reconnaissance holes intersected carbonatite. The carbonatite at Emily is variably anomalous in niobium and rare earth elements (REE) with shallow, high-grade niobium-REE intersected in two adjacent holes 400m apart.

Its latest aircore drilling tested the north-south extent mineralisation intersected previously. The good news is the first assays received from Emily returned shallow, high-grade niobium-REE mineralisation north and south of there. Additional aircore drilling at Emily will be completed in July/August to establish strike extent of the high-grade mineralisation identified.

The ASX mining share's executive chairman, Will Robinson, commented:

Aircore drilling is defining new belts of shallow niobium-REE carbonatite hosted mineralisation in the West Arunta. Highly enriched, near surface mineralisation has now been intersected at both the Crean and Emily targets which are located on separate structures at Aileron, over 10km apart. The aircore rig is currently completing further drill sections at the western end of Crean and will then return to Emily and Green.

The post This ASX mining share is surging 26% on 'high-grade' drilling results appeared first on The Motley Fool Australia.

Let's take a look at four stocks that are avoiding the selloff and recording strong gains:

Arcadium Lithium (ASX: LTM)

The Arcadium Lithium share price is up 3.5% to $5.17. This follows a very strong gain for the lithium miner's NYSE listed shares overnight. They rose 12% on Wall Street after investors piled back into lithium stocks. It remains unclear why lithium stocks are suddenly rebounding but it could potentially be due to short sellers believing that they have now bottomed and are buying back shares to close their positions.

Encounter Resources Ltd (ASX: ENR)

The Encounter Resources share price is up almost 12% to 62.5 cents. This means that the mineral exploration company's shares are now up over 80% since this time last week. Investors have been buying its shares since announcing high-grade niobium intercepts at the Aileron project in West Arunta. The ASX mining share's managing director, Will Robinson, commented: "Aircore drilling is opening up new fronts of shallow niobium-REE carbonatite hosted mineralisation at Aileron. The aircore rig completed over 10,000m of drilling in its first month on site. This drilling has expanded the near surface footprint of the Crean, Hurley and Emily carbonatites."

Magnetic Resources NL (ASX: MAU)

The Magnetic Resources share price is up 4% to $1.07. This morning, this gold explorer released drilling results from the Laverton Project. According to the release, its drilling shows that the 400m northern part of the 750m long LJN4 deposit plunges to the south east and is much larger than previously estimated. It is also bigger than the southern silica pyrite and breccia zone. In addition, the company revealed that outstanding intersections continue with strong grades. The company said: "Interestingly, similarly to other world class multi- million-ounce deposits in the Laverton region, we have already identified 8 stacked lodes in the central part of LJN4. We have now completed a 717m hole below these stacked lodes and results are pending."

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is up 7% to 3.75 cents. Once again, this follows strong gains for lithium stocks on Wall Street overnight. It may be worth looking at short interest data in the coming days to see if short sellers have been closing out of their positions. As of Monday, this ASX mining share had short interest of 9.8%.

Editor's note: A previous version of this article misquoted the Sayona Mining share price as 37.5 cents instead of the correct 3.75 cents per share.

The post 4 ASX mining shares going gangbusters while the market dives appeared first on The Motley Fool Australia.

Money talks — which is why it can be seen as a vote of confidence when company insiders buy shares in the companies they're involved in. These are the people who are most familiar with the inner workings of the business.

Importantly, they still don't know the company's future. However, people on the board or leadership team make the decisions that shape the future of a business. If they're buying shares, you'd think they are pretty happy with the path they are paving.

Which ASX mining shares are insiders buying?

Several small-cap mining companies have released change of director's interest notices over the past two weeks.

Not only are these useful signs of belief in the companies, but it's also positive to see greater 'skin in the game' among directors. The more shares a director holds, the more intrinsic motivation to create more wealth for shareholders.

All four ASX mining shares have a market capitalisation of less than $200 million.

Encounter Resources Ltd (ASX: ENR): On 10 April, independent director Philip Crutchfield scooped up 1.8 million shares in the Australian copper and critical minerals explorer. At 22 cents apiece, the off-market trade was worth $396,000. The purchase takes Crutchfield's holdings in this ASX mining share to $2.8 million.

DevEx Resources Ltd (ASX: DEV): Between 10 and 15 April, DevEx Resources chair Tim Goyder acquired 2 million shares through his TRB Goyder Super Fund. Based on the $614,698.68 paid, Goyder purchased the shares at an average of 30.7 cents.

April has been a busy month for Goyder. Additional purchases were made on 9 April and 2 April, totalling another 2 million shares. Goyder's ownership of DevEx is now 17.1% of the company or $21.9 million worth.

Bulletin Resources Ltd (ASX: BNR): Another ASX mining share with insider buying is this lithium and gold explorer. Over 9, 10, and 11 April, director Robert Martin purchased 1.1 million ordinary shares in Bulletin Resources. In addition, 22,858 listed options were added to his name, expiring 30 September 2024.

Martin's purchases were worth $53,220.90, taking his total holding to $3.7 million.

Prospect Resources Ltd (ASX: PSC): The last company with recent insider investments is ASX mining share exploring for copper, lithium, and rare earth elements in Africa. CEO Sam Hosack followed up the acquisition of a Zambian copper project by buying 3.48 million shares between 10 and 15 April.

The shares were purchased at an average price of 14.5 cents per share, amounting to a $503,498.56 investment. After adding to his holdings, Hosack's stake now comes to $2.3 million.

The post 4 ASX small-cap mining insiders buying up big chunks of company shares appeared first on The Motley Fool Australia.

The International Energy Agency estimates the world will need 700 million tonnes of copper over the next 20 years to achieve the Paris Agreement climate goals.

Copper is a brilliant electricity conductor. Its traditional industrial uses include common electronic appliances, car radiators, telephones, and heating systems.

Its future uses include electric vehicles, wind turbines, and solar energy systems.

Robert Friedland, the founder of global miner Ivanhoe Mines, reckons copper prices could rise tenfold and foresees a copper "train wreck" amid stalling supply and skyrocketing demand.

In a recent Market Matters Q&A, Shaw and Partners portfolio manager James Gerrish said: "We think copper has a better outlook than iron ore."

Wilsons equity strategist Rob Crookston says the "long-term trend towards copper is clear".

Crookston says EVs require about 3x more copper than conventional cars, and solar and offshore wind projects require about 3x to 7x more copper per megawatt of installed capacity than fossil fuels.

Three ASX copper shares riding this wave of optimism

This trio of ASX mineral explorers is hoping to take full advantage of rising copper demand.

Over the past 12 months, they have been among the best performers of the ASX copper shares.

Xanadu Mines Ltd (ASX: XAM) is a mineral explorer with assets in Mongolia. The Xanadu Mines share price is up 375% over the past 12 months. It is currently trading for 9.5 cents.

Encounter Resources Ltd (ASX: ENR) is an explorer with projects in Western Australia. The Encounter Resources share price is up 262.5% over the past 12 months. It is currently 44 cents.

Hot Chili Ltd (ASX: HCH) is developing several copper assets in Chile. The Hot Chili share price is up 113% over the past 12 months. It is currently $1.50.

The big ASX miners are focusing on copper, too

The 30-year-old Escondida mine in Chile is the world's largest producer of copper concentrates and cathodes.

It produces about 1.2 million tonnes of copper a year, which is 5.5% of global production.

It is owned by BHP Group Ltd (ASX: BHP) (57.5%), Rio Tinto Ltd (ASX: RIO) (30%), and the Japanese consortium, JECO Corporation (12.5%).

BHP recently announced it was using artificial intelligence (AI) to improve copper extraction. This is important because there are few opportunities to build new economical mines.

BHP also operates copper mines in Australia, the United States, Peru, and elsewhere in Chile. In May 2023, it completed a $9.6 billion takeover of OZ Minerals Limited.

Oz Minerals had been the largest pure-play copper miner on the ASX.

BHP says global copper production needs to double over the next 30 years relative to the past 30.

Rio Tinto began life as a copper mine in Spain in 1873. As we reported recently, it's going back to the future and expanding its copper mining segment as well.

Rio Tinto's newly-expanded Oyu Tolgoi copper mine in Mongolia began production in March.

The company owns 66% of the mine.

Rio Tinto says Oyu Tolgoi is on track to be the fourth-largest copper mine in the world.

Barton described the energy transition as "a further opportunity for Rio Tinto".

Copper prices

Copper is one of the few commodities likely to rise in value over the next five years.

According to the Federal Government's official forecasts for commodity prices, the copper price will rise from US$8,406 per tonne in FY23 to US$9,954 per tonne by FY28.

It's currently trading at US$8,429 per tonne, up 12.4% from about US$7,500 this time last year.

The copper price hit a record high in March 2022 went it went above US$10,000 per tonne.

The post 3 ASX copper shares that have surged 100% to 400% in a year appeared first on The Motley Fool Australia.

Despite the S&P/ASX 300 Metals & Mining Index (ASX: XMM) sliding more than 109 basis points today, these three ASX miners outpaced the rest of the pack.

Culpeo Minerals Ltd (ASX: CPO)

Shares in Culpeo Minerals exploded into the green on Monday, clipping a gain of more than 193% to finish the day. Investors bid up the miner's share price after a company announcement on its Lana Corina Copper Project.

Culpeo advised it has intersected a record 173 metres at 1.05% copper and 50 parts per million of molybdenum. Results also confirmed the mineralisation continues at depth.

"The intersection of 173 metres of copper mineralisation at a grade of 1.05% is the highest-grade intercept to date from the ongoing drilling program," CEO Max Tuesley said.

Copper has spiked back north in recent weeks and is now more than 5% higher on the month at US$4.41/lbs.

Firetail Resources Ltd (ASX: FTL)

The Firetail share price spiked more than 21% higher on Monday and closed the session at 36.5 cents. Despite no market-sensitive news for the company, investors bid up its share price at pace today.

The price of copper has raced higher in recent weeks as well, helping to drive shareholder returns for the company. Meanwhile, the gold price has stabilised at US$1,855 per troy ounce, after incurring heavy losses in recent weeks.

After making its debut in April, Firetail has traded off its IPO price and slipped 6% into the red this past month of trade.

However, investors appears to be buyers at these price levels, with today's gain occurring on a trading volume more than three times the four-week average.

Encounter Resources Ltd (ASX: ENR)

Shares in Encounter Resources were also net winners today, securing a 29% lift at the closing bell.

Despite trading down in recent weeks, investors rallied the Encounter Resources share price after an update at its Sandover project in the Northern Territory.

The company said on Friday:

Additional surface sampling and field reconnaissance completed at Sandover in April 2022 confirmed further areas of surface copper oxide mineralisation.

The potential for lithium and other critical metals will be investigated in conjunction with copper exploration activities [at the site].

News of the update have sent Encounter shares well into the green with investors still looking to capture gains as part of the wider commodity and energy trade.

In the last 12 months, the company has secured a 14% gain after spiking more than 16% this year to date.

The post These 3 ASX mining shares surged more than 20% on Monday appeared first on The Motley Fool Australia.

At the time of writing, the exploration and resource development company's shares are up 15.38%, trading at 15 cents apiece.

What did Encounter announce?

The company has confirmed high-grade copper mineralisation at Sandover.

In today's release, Encounter advised that recent surface sampling and mapping have returned up to 20.9% copper mineralisation. This is spread across 4 separate areas around 6km apart at the Sandover project.

Encounter noted each site comprised a red-bed sandstone sequence with multiple, narrow grey shale units containing copper oxide mineralisation.

The next steps will see the company engage with experts to conduct further on-ground mapping and sampling activities. Planned to start in March/April 2022, the exploration program will focus on identifying where these units intersect along the basin forming structures. The company believes these areas have the potential to host major mineral deposits.

Management commentary

Encounter managing director Will Robinson said:

The confirmation of outcropping high-grade copper over a large area is a promising start to exploration at Sandover.

Sandover covers a Zambian copper belt aged, sub-basin on the southern margin of the Georgina Basin, approximately 170km north of Alice Springs. Access is excellent with the Stuart Highway and Ghan railway extending through the western margin of the project. Further areas of interest have been identified at Sandover and will be sampled at the start of the 2022 field season.

We are engaging with experts in Zambian style copper deposits to assist in the design of exploration programs to fast track this emerging copper opportunity in the Northern Territory.

About the Encounter share price

While the Encounter share price has accelerated today, the same cannot be said for the past year. In the last 12 months, the company's shares are down roughly 3%, and almost 8% lower for 2021.

Encounter is a small-cap ASX share, valued at around $47.52 million. The company has approximately 316.82 million shares outstanding.

The post Encounter Resources (ASX:ENR) share price blasts 15% higher on copper update appeared first on The Motley Fool Australia.

The massive price rise comes after the company announced BHP Group Ltd (ASX: BHP) agreed to enter into a joint-venture agreement to develop a copper project in the Northern Territory.

Let's take a closer look at today's news.

Why the Encounter share price is rising

In a statement to the ASX, Encounter Resources said BHP has exercised an option under a previous agreement to jointly develop the Elliot Copper Project in the NT. BHP will own three-quarters of the endeavour while Encounter will own the remaining portion. This is providing BHP spends $22 million over 10 years on the site. The mining giant will also manage the site.

Investors are clearly loving the prospects for this joint-venture copper project with BHP, judging by today's Encounter share price action.

Management commentary

Encounter managing director Will Robinson said:

Copper sourced from sedimentary-hosted deposits is one of the fastest growing sources of high-grade copper in the world.

The potential for this region to host large sedimentary-hosted copper deposits is rapidly emerging and we are delighted to be teaming up with BHP to apply leading edge technologies in the search for Tier 1 copper deposits at Elliott. The outcomes of the jointly designed validation program at Elliott have been illuminating and bolstered the potential for the discovery of large sedimentary-hosted copper deposits under shallow cover in the NT.

Copper commodity price

Copper is currently trading for US$4.54 per pound on the commodities market according to the website Trading Economics. While it's down 2.7% this week, the metal's value has increased 6.1% this month and 29.0% since the beginning of the year. It should be noted copper was at an all-time high price of US$4.90 per pound two weeks ago and a near-record US$4.79 last week.

The increasing copper price could also be positively affecting Encounter shares today.

As Motley Fool has previously reported, copper demand has been surging recently due to a rebounding global economy and increasing demand for green technologies. Copper is an essential metal in the production of renewable energy technologies.

As also reported, supply of the reddish-brown metal is also down due to a lack of investment in copper production by large mining corporations, as well as tax hikes in Chile. One-quarter of all copper is mined in the South American nation. A mix of increasing demand and decreasing supply will generally increase the price of a good or service.

Encounter share price snapshot

Over the past 12-months, the Encounter share price has increased by 45.83% – the majority of which occurred today. However, since hitting a 9-year high of 33.5 cents per share in October last year, the company's value has fallen by almost 48%. Encounter Resources has a market capitalisation of $51.7 million.

The post Encounter (ASX:ENR) share price rockets 30% on BHP copper joint-project appeared first on The Motley Fool Australia.

By comparison, the All Ordinaries Index (ASX: XAO) is up 1.1% today.

Shareholders in Encounter Resources and other ASX-listed miners with a focus on copper, like Sandfire Resources Ltd (ASX: SFR), received some unwelcome rumours this week courtesy of China's media outlets. Those rumours have it that copper could join wine, lobsters, coal and barley on the Chinese government's growing list of restricted Australian commodities.

China's government has yet to specifically say so. But the consensus in Australia is these restrictions are punitive measures put into place as diplomatic relations between the 2 nations have grown strained over spying allegations, Australia's Huawei 5G ban, and frictions over China's alleged detention of a million Uighurs.

Nonetheless, Encounter Resources is charging ahead. Today's gains see the Encounter share price up 63% year-to-date.

What does Encounter Resources do?

Encounter Resources is an Australian gold and copper exploration company. Encounter is moving forward with a promising group of projects in the Tanami and West Arunta regions of Western Australia in joint ventures with Australia's largest gold miner, Newcrest Mining Limited (ASX: NCM).

What sent the Encounter Resources share price higher?

This morning Encounter announced it had started a diamond drilling program (up to 1,900 metres) at its Yeneena Copper-Cobalt Project in the Patterson Province of Western Australia under the earn-in and joint venture agreement with IGO Ltd (ASX:IGO).

Under the terms of the agreement, IGO can sole fund $15 million in exploration costs over 7 years to earn a 70% interest in Yeneena.

The diamond drill program follows on magneto-telluric (MT) and electromagnetic (EM) surveys which identified a range of promising new copper drill targets at Yeneena. An initial diamond drill program will test Tarcunyah's multi-point copper anomaly as well as the Windsor EM target.

Encounter managing director Will Robinson said:

We are excited to be under way with diamond drilling at Yeneena. The compelling copper-cobalt drill targets to be tested are a result of the innovative application of modern exploration technologies in a highly fertile but covered terrain.

With Encounter's share price rallying on the drill announcement, the test hole results will be the next ones to watch for.

The post Why the Encounter Resources (ASX:ENR) share price is up today appeared first on The Motley Fool Australia.

The drop could also be attributed to the overall market weakness following the heavy sell-off on the Dow Jones Industrial Average Index (DJX: .DJI) overnight.

The S&P/ASX 200 Index (ASX: XJO) has also lost 1.29% in late-morning trade and is currently trading at 5,853.50 points.

Option agreement

BHP and Encounter Resources Ltd. (ASX: ENR) announced an option agreement to mine copper at the Elliot Cooper Project. The Northern Territory site will cover roughly around 4,500 square km, comprised of seven tenements.

New datasets provided by Geoscience Australia have supported targeting models at Elliot which found base metal deposits under shallow cover. The copper-in-groundwater anomaly has resulted in Encounter securing the first mover Elliot copper opportunity.

Following the completion of a jointly designed validation program, BHP will be able to enter an earn-in and joint venture agreement. The mining giant could earn up to 75% interest in Elliot by spending $22 million over 10 years.

Encounter Managing Director, Will Robinson, was upbeat about the new partnership. He said:

New data has shone a light on the potential for copper to be found under shallow cover in the Northern Territory. Encounter moved early and aggressively to secure first mover opportunities in this new frontier.

We are delighted to be teaming up with BHP in the search for Tier 1 copper deposits at Elliott. We look forward to working alongside the highly respected BHP exploration team to validate this compelling opportunity.

Next steps

Both parties will complete a program to compile, interpret and model data packages at Elliot. It is anticipated that this will be completed by the end of the calendar year.

However following completion, BHP could fund additional validation programs during 2021 prior to deciding on whether to enter a joint venture agreement.

Should you invest?

Despite the short-lived BHP share price hiccup in March this year, the company has been making tailwinds since 2016. The BHP share price has jumped from a 2016 low of $15.26 to record a 140% increase based on today's price.

I think that BHP is a strong company with a diversified portfolio that will continue to see increased revenues in future. Today's market announcement is another step in the right direction for BHP to maximise its value. In light of this, I believe today's BHP share price would make a sound addition to a diversified portfolio. 

The post BHP (ASX:BHP) share price falls despite new option agreement appeared first on The Motley Fool Australia.

What did Newcrest Mining announce?

JV partner Encounter Resources Ltd (ASX: ENR) completed the first phase of reverse circulation (RC) drilling in the Tanama region of Western Australia.

The company announced that 17 RC drill holes were completed at the Hutch's Find site with assay results expected in November 2019.

The drilling is part of Newcrest's JV with the small-cap Aussie miner.

The project has now moved to its Afghan prospect with 12 RC holes on the cards to a planned depth of 300 metres.

Encounter and Newcrest expect the results from the Afghan drilling activities in December 2019.

What's the story with the JV?

Newcrest is the financial backer of Encounter Resources and its projects in Western Australia.

Newcrest announced earlier this year that it would be the sole financier with a large exploration tenure with Encounter.

The two Aussie resources companies are involved in several joint ventures across the state.

The Newcrest Mining share price will be one to watch in 2019, with assay results expected in November and December.

How has the Newcrest Mining share price performed in 2019?

The company's shares have been a strong performer so far this year.

The Newcrest Mining share price had climbed 48.13% year to date, prior to this morning's open. It has since pulled back slightly in morning trade to $31.97 per share.

However, Newcrest shares reached as high as $38.87 per share back in August. One big boost has been the US–China trade war escalation, which saw investors flock to gold assets.

The company's shares have also outperformed many of its ASX Metals & Mining sector peers in 2019 and the ASX 200 this year.

The S&P/ASX 200 Index (INDEXASX: XJO) had climbed 21.29% higher so far this year prior to this morning's strong open.

You might be interested in checking out these 3 things before you dive into Newcrest shares in 2019.

The post Newcrest Mining share price falls after JV update appeared first on The Motley Fool Australia.