In afternoon trade, the ASX mining share is up 33% to 24 cents.

Why is this ASX mining share rocketing?

Investors have been buying the nickel explorer's shares today following the release of promising drilling results from its Mons Project in Western Australia.

According to the release, diamond drilling of the two MLEM Plates in Block 2 at the Mons project has intersected a 54m mineralised zone of massive, semi massive and disseminated sulphide mineralisation containing pyrrhotite, chalcopyrite and pyrite from 118 metres.

Management notes that the massive sulphide intersections coincide with the modelled MLEM plate locations.

It will now push on with its downhole electromagnetic (DHEM) and fixed loop electromagnetic (FLEM) surveys, which are due to commence within a fortnight.

In addition, the ASX mining share advised that diamond drilling has started at Block 3, which is ~10km south of Block 2. This drilling program will test similar modelled conductive plates.

Nimy's Executive Director, Luke Hampson, appeared to be delighted with the news and called it a "game-changer" for the company. He said:

 The intersection of 54m of substantial sulphide mineralisation is clearly a game-changer for Nimy. Importantly, the result is entirely consistent with the conductor plates we have modelled using geophysics. In light of this result, we are moving quickly to do DHEM and FLEM surveys to gain further understanding of the size of the intrusive and to locate related anomalies around and below the discovered sulphide zone.

The post Guess which ASX mining share is rocketing 30% on a 'game-changer' appeared first on The Motley Fool Australia.

This is amid the S&P/ASX 300 Metals and Mining Index (ASX: XMM) gaining 1.27% in late afternoon trade. A similar benchmark, the S&P/ASX 200 Materials Index (ASX: XMJ), is also up 1.09%.

Let's see which ASX mining shares are have a cracking day today.

Arcadia Minerals Ltd (ASX: AM7)

The Arcadia Minerals share price is up a massive 102.56% at the time of writing, with shares of the battery metals explorer trading hands for 39.5 cents each. The company's share price hit an intraday high of 48 cents this morning, representing a 146% gain.

The big news for the company today is the announcement it has discovered 85.2 million tonnes of extra lithium reserves at its Bittwasser site in Namibia this morning. This represents a 560% increase from its earlier numbers. The company also announced that 59.6 million tonnes of lithium carbonate could be produced from these additional reserves, up 430% from previous estimates.

Nimy Resources Ltd (ASX: NIM)

The Nimy Resources share price is up 18.52% in late afternoon trade. Shares in the nickel exploration company are fetching for 32 cents apiece after closing at 27 cents each yesterday.

There's no news today to support the Nimy Resources share price surge. In fact, the last significant announcement the company made was in June when it released its quarterly activities report. This was mostly centred around its diamond drilling activities. Curiously, nickel is currently down 0.69% today, according to Markets Insider.

Noronex Limited (ASX: NRX)

The Noronex Limited share price is up 21.05% right now to 6.9 cents a share. Earlier today, the copper company's shares hit an intraday high of 7.9 cents apiece, representing a 39% jump.

Noronex addressed the reason why its shares are gaining today through a response to a price and volume query initiated by ASX's listings compliance department. The price action of Noronex shares comes amid news about other ASX-listed companies mining in the Kalahari copper belt, where Noronex controls 5,600 square kilometers. The belt stretches from Namibia into Northern Botswana.

In the letter addressed to the ASX, Noronex said Cobre Ltd (ASX: CBE) reported it had discovered significant copper mineralisation in the Kalahari copper belt. Another update by Sandfire Resources Ltd (ASX: SFR) was cited as a potential contributor to the surge in the Noronex share price as it prepares to commence copper mining in its Motheo Botswana site in FY23.

The post Which 3 ASX mining shares are soaring more than 15% today? appeared first on The Motley Fool Australia.

The junior nickel explorer's shares are set to float on the ASX at 12:30pm AEDT Monday. Under its prospectus, Nimy's shares were going for 20 cents apiece.

Let's take a look at the company that will soon be the newest nickel-focused ASX participant.

What does Nimy Resources do?

Nimy Resources is a nickel explorer with 100% ownership of the greenfield exploration project Mons Nickel.

The Mons Nickel Project is in Western Australia's Yilgarn Craton. According to the company, the Yilgarn Craton makes up part of a tier-one mining jurisdiction with substantial nickel and gold resources.

The project has had minimal nickel exploration and Nimy Resources hopes modern exploration techniques will expose its potential. So far, Nimy has put together a database including aerial geophysical surveys, soil and rock chip samples, ground magnetics, and drilling results from previous exploration.

Additionally, the company completed the project's maiden drill campaign in October 2020. Through the campaign, Nimy drilled 20 reverse circulation holes to a depth of around 200 metres. Of those, 16 intersected substantive widths of nickel mineralisation with mineralisation, in many instances, ongoing at end of hole.

Nimy Resources to hit the ASX

Nimy Resources raised around $6.4 million through its initial public offering (IPO).

That was within its expected range of between $6 million and $7.5 million.

To do so, it sold around 32 million Nimy shares for 20 cents apiece.

At the time of listing, the company will have around 114 million shares outstanding. Thus, the company has an expected market capitalisation of approximately $22.8 million.

Over the 2021 financial year, the company brought in $90,517 in revenue and recorded a pre-tax loss of $677,971. It ended the financial year with $972,664 of cash in the bank and $631,762 of total equity.

Nimy Resources hasn't provided the market with earnings guidance going forward. It states that, due to the current status of its project and the nature of mineral exploration and development, its directors don't believe it's appropriate to forecast its future earnings.

It likely goes without saying, all eyes will be on Nimy Resources and its share price when it floats on the ASX this afternoon.

The post Nickel explorer Nimy Resources (ASX:NIM) lists on the ASX today. Here's what you need to know appeared first on The Motley Fool Australia.