The junior ASX miner closed yesterday trading for 4.5 cents. In early morning trade shares were swapping hands for 8.0 cents apiece, up 77.8%. After some likely profit taking, shares are trading for 6.9 cents at time of writing, up 53.3%.

Any guesses?

If you said Magmatic Resources Ltd (ASX: MAG), go to the head of the virtual class.

Here's what's happening.

Magmatic Resources share price leaps on Fortescue deal

The Magmatic Resources share price is rocketing after the ASX mining share reported it had executed a Farm-in and JV agreement with Fortescue subsidiary FMG Resources Pty Ltd.

The agreement will see Fortescue join Magmatic in exploring the Myall copper-gold project, located in New South Wales. The Myall Project consists of a contiguous 244 square kilometre tenement covering the northern extension of the Junee-Narromine Volcanic Belt.

Fortescue will spend up to $14 million under the agreement to earn up to 75% joint venture interest in the project.

Magmatic Resources will be the operator of the project during the initial Farm-in period of up to four years.

Fortescue will subscribe for 75,946,151 shares in Magmatic Resources. That will see Fortescue holding a 19.9% stake in the junior ASX mining share. Fortescue will pay 4.884 cents per share, which will raise just over $3.7 million for Magmatic Resources.

Magmatic Resources said it will deploy the funds to advance its two other projects in parallel with Myall.

Commenting on the agreement with Fortescue sending the ASX mining share rocketing today, Magmatic Resources executive chairman David Richardson said:

Myall has many of the signatures of a Tier 1 copper-gold deposit and Magmatic has recognised the need to partner with a major to further advance the project following the maiden Resource.

Fortescue's cornerstone investment in MAG will allow the Company to simultaneously advance our other two projects at Wellington North and Parkes which are strategically located near Alkane Resources Boda-Kaiser deposits and Tomingley Gold Operations respectively.

How has the ASX mining share been tracking?

With today's intraday gains factored in, the Magmatic Resources share price is down 20% over the past 12 months.

The ASX mining share has soared 130% since the recent 26 February lows.

The post Guess which ASX mining share is rocketing 78% on a JV agreement with Fortescue appeared first on The Motley Fool Australia.

The Carnaby Resources Ltd (ASX: CNB) and Magmatic Resources Ltd (ASX: MAG) share prices are smashing the index today.

Let's take a look at why these ASX mining shares are having such a great day.

Carnaby Resources

Carnaby shares are currently soaring 23.49% to 92 cents apiece.

As we reported earlier, the ASX mining share advised of "phenomenal results" from the Mount Hope prospect. This is located within the Greater Duchess Copper Gold Project in Queensland. Results included 60 metres at 3.1% copper and 16 metres at 7.6% copper.

Commenting on the news, managing director Rob Watkins said:

The outstanding result of 60m @ 3.1% copper in MHRC029 is the widest and highest grade drill result yet recorded throughout the Greater Duchess Project, even surpassing the original discovery hole at Nil Desperandum.

Magmatic Resources

Magmatic Resources shares are surging 20% to 12 cents at the time of writing.

The ASX mining share is exploring gold and copper at the Wellington North, Parkes, Myall, and Moorefield projects.

The gold price leapt higher to US$1,674 in global markets overnight, while copper fell slightly to US$7,545 a tonne.

Earlier this week, Magmatic reported a 722.5 metre copper intersection. Results included:

• 722.5 metres at 0.25% copper, 0.05 grams per tonne gold, and 14 parts per million (ppm) molybdenum from 134.5m

Commenting on the results, managing director Dr Adam McKinnon said: "I couldn't be any more impressed with results from first full hole at our Myall program."

Share price snapshot

The Carnaby Resources share price is up 200% in the past 12 months but is down 43% this year to date. However, it has gained 6% in the past month.

Magmatic Resources shares are up 20% over the past year and 9% year to date, but are down 14% over the past month.

The post Two ASX mining shares soaring by 20% today appeared first on The Motley Fool Australia.

The American West Metals Ltd (ASX: AW1) and Magmatic Resources Ltd (ASX: MAG) share prices both soared today.

Let's take a look at why these ASX mining shares had such a good day.

Magmatic Resources

The Magmatic Resources share price exploded 108% today. Magmatic shares soared on drilling results.

The company reported visible copper sulphide mineralisation intersected a more than 740 metre interval.

Magmatic is exploring its wholly owned Myall project, 25 kilometres southwest of Narromine in New South Wales.

Commenting on the results, managing director Dr Adam McKinnon said:

This is an absolutely stunning result for the first full hole of our drilling program at Myall. It's difficult to describe the excitement of our team each time we look over the previous day's core and see an ever-increasing interval of visible sulphide mineralisation.

American West Metals

American West shares soared 16% today amid a "major copper discovery" in Canada.

Drill hole ST22-10 intersected with more than 68 metres of stratiform copper sulphide mineralisation. This was from a 277 metre downhole.

Managing director Dave O'Neill described the discovery, at the company's Storm Copper Project, as "game changing".

The importance of this discovery for the project cannot be overstated, as it has hugely positive implications for the copper endowment within the project area.

The post 2 ASX mining shares that rocketed between 16% and 108% on Tuesday appeared first on The Motley Fool Australia.