Intelligent Monitoring Group (ASX: IMB), Iperionx Ltd (ASX: IPX), and Golden Mile Resources Ltd (ASX: G88) shares all charged ahead today.

So why did these three ASX shares outperform the broader market? Let's take a look.

Golden Mile

Golden Mile shares skyrocketed a massive 133% today. The Western Australian-based resources company discovered the "highest ever" nickel grades at its 100%-owned Quicksilver deposit.

Diamond drilling for stage three metallurgical testwork intersected with "very wide zones" of high-grade nickel mineralisation.

This included 49 metres at 1.74% nickel and 0.071% cobalt from 30 metres at drill hole 23QDD008.

Commenting on the news, Golden Mile managing director Damon Dormer said:

These are spectacular intersections and the highest nickel grade we have ever encountered at Quicksilver.

IperionX

Titanium share IperionX surged 69% today on the back of a deal with the Ford Motor Company. IperionX will supply its 100% recycled, low-carbon titanium metal to the car manufacturer.

IperionX has been working with Ford to design, test, and manufacture high-quality titanium parts for future Ford Performance production vehicles.

Ford has plans to be carbon neutral by 2050.

Commenting on the news, IperionX CEO Anastasios (Taso) Arima said:

We are proud to partner with Ford to accelerate the deployment of a sustainable, circular titanium supply chain for the global automotive market.

Our low-carbon titanium metal is uniquely made with 100% recycled titanium and can significantly improve automotive supply chains by using high-strength titanium components with nearly half the weight of steel.

Intelligent Monitoring

Finally, Intelligent Monitoring shares rocketed 67% ahead today on the back of takeover news. The company has entered into a binding agreement to acquire all the shares of Tyco Australia Group Pty Limited. Tyco is a security monitoring provider with customers in Australia and New Zealand.

Intelligent Monitoring will pay $45 million for the acquisition, which is subject to conditions expected to be settled by 1 August.

Intelligent Monitoring forecasts the new combined business will deliver an EBITDA of about $24.8 million, aside from transaction and restructure costs.

Commenting on the news, managing director Dennison Hambling said:

The opportunity to create a market leading business, with one of the most recognisable security brands in the world, is an exciting new development in the IMG journey.

The post 3 ASX shares that exploded 60 to 133% on Wednesday appeared first on The Motley Fool Australia.

What's driving the Golden Mile share price higher?

Investors are fighting to pick up Golden Mile shares after the company updated the ASX with its drill results.

According to its release, Golden Mile has intersected a wide zone of thick, high-grade gold mineralisation at the Wanghi Prospect. The high impact AC drilling program that began in late February reported the following results:

• 33 meters @ 1.60g/t (grams per tonne) Au (gold) from 48 meters in hole BTAC187 including 16 meters @ 2.95g/t Au from 61 meters.
• 3 meters @ 2.74g/t Au from 15 meters in hole BTAC 188.
• 4 meters @ 0.51g/t Au from 36 meters in hole BTAC 189.

The company stated that BTAC187 is the first of six holes that have received assays from its 2021 drilling campaign. Currently, there are another 75 holes that have been drilled amounting to over 3,000 kilometres of AC drilling.

Golden Mile noted that it has over 1,000 samples at a laboratory in Perth, Western Australia to analyse the results. It's expected that the finding will be released within the next few weeks.

In addition, Golden Mile revealed that geological mapping has identified a previously unrecognised structural trend controlling gold mineralisation. The company plans to commence RC drilling mid-next month targeting the site for further mineralisation.

What did management say?

Golden Mile managing director James Merrillees commented:

These are exciting results for the Company. We intersected further wide zones of strong gold mineralisation in fresh rock at Wanghi, and the recognition of important structures controlling mineralisation provides an important new targeting tool for the follow up RC drilling planned next month.

The Golden Mile share price has gained 450% in the past 12 months and is up by around 83% year to date, thanks in large part to today's gains.

The post Golden Mile (ASX:G88) share price rockets 112% on drill results appeared first on The Motley Fool Australia.