The OD6 Metals Ltd (ASX: OD6) share price rocketed 61% in today's trade from 29.5 cents to a high of 47.5 cents. But it then pulled back to close the day at 42 cents, a 42% gain.

Let's take a look at why this rare earths explorer soared today.

What's going on?

OD6 Metals is exploring the Splinter Rock and Grass Patch rare earth elements projects near Esperance in Western Australia.

In today's news, the company announced it had discovered "bumper rare earth grades" and "extensive thicknesses" at the Splinter Rock project.

Assay results show higher grades and greater thickness than previously found in the initial drilling program.

Total Rare Earth Oxides at grades of up to 6,605 parts per million (ppm) were discovered, including clay thickness at high grades between 20 to 80 metres.

Results included:

• 69 metres at 1483ppm TREO (21.1% Magnet REO) at drill hole SRA0227
• 66 metres at 1516ppm TREO (20.2% Magnet REO) at SRA0226
• 55 metres at 1781 ppm TREO (23.2% Magnet REO) at SRACO218

Commenting on the news, managing director Brett Hazelden said:

These exceptional drill results represent some of the highest rare earth grades, over some of the thickest intersections seen in an Australian clay hosted rare earth project.

With thicknesses of 20m to 80m, grades in excess of 1,000ppm Total Rare Earths, and consistency across several kilometres of width, the Splinter Rock project has emerged as a globally significant discovery.

Overall, 74 of the 83 drill holes returned "significant grades" and thickness. A phase three 188-hole drill program will start in the second quarter of 2023.

Share price snapshot

The OD6 Metals share price has surged 110% in the last year. In the past month alone, the company's share price has soared 127%.

This ASX mining share has a market capitalisation of more than $23 million based on the current share price.

The post Why did this ASX mining share explode 60% today? appeared first on The Motley Fool Australia.

The iTech Minerals Ltd (ASX: ITM), OD6 Metals Ltd (ASX: OD6) and Victory Goldfields Ltd (ASX: 1VG) share prices are all storming higher today.

Let's take a look at why these three mineral explorers are having such a top run today.

Victory Goldfields

The Victory Goldfields share price is soaring 17% today. Victory is exploring multiple commodities in the Cue Goldfields in Western Australia.

Late last week, Victory provided a rare earths update to the market. The company advised magnetic and gravity survey data provide grounds for a diamond drilling program at the company's alkaline intrusion prospect. Alkaline intrusions are "engine rooms for rare earth elements and critical metals", Victory highlighted.

OD6 Metals

The OD6 Metals share price is soaring 27% today to an all-time high. The company joined the ASX this year. OD6 Metals is exploring the Splinter Rock rare earth element (REE) project 150km away from Esperance, Western Australia. The company is also working on the Grass Patch REE project, 100km away from Esperance.

While the company has not released any recent news, earlier in November the company's share price soared 176% in two days following "outstanding assay results" at Splinter Rock. OD6 discovered widespread, thick, clay hosted REE mineralisation at the project.

iTech Minerals Ltd 

The iTech Minerals share price is soaring nearly 16% today. iTech is exploring the halloysite-kaolinite and rare earth elements project in South Australia. The company is also developing the Campoona Graphite Deposit on the Eyre Peninsula with an aim of supplying the battery materials market.

The company recently conducted a $4.5 million capital raise to fund graphite exploration. A share purchase plan was also offered last week to raise up to $2 million. The company has drilling planned in November and December this year.

The post 3 ASX mining shares surging over 15% on Monday appeared first on The Motley Fool Australia.

The rare earth explorer's share price has risen 176% from 23 cents at market close on 9 November to the current share price of 63.5 cents.

So why is this ASX mining stock having such a good day?

Rare earth discovery

This ASX mining stock has been surging since it released "outstanding assay results" at the Splinter Rock Project in Western Australia.

OD6 Metals discovered widespread, thick, clay hosted rare earth element (REE) mineralisation at the project.

This includes grades of up to 6,729 parts per million (ppm) Total Rare Earth Oxides (TREO). Assay results have been returned for 65 drill holes out of a total program of 179 holes.

Today, the company updated the ASX with a corporate presentation. OD6 Metals said it has a "massive landholding" bigger than the ACT.

Describing the potential of its projects, OD6 Metals said:

Excellent concentrations of neodymium (Nd) and praseodymium (Pr), which are essential elements needed for the green economy.

OD6 Metals again highlighted the drilling results reported yesterday. OD6 Metals said the results showed: "outstanding TREO grades, over extensive thicknesses, close to surface, with excellent concentrations of magnetic rare earths".

The company also noted there is currently an explosion in demand for critical rare earth minerals.

OD6 Metals joined the ASX in June 2022.

OD6 Metals share price snapshot

This ASX mining stock has risen 218.5% in the year to date, while it has soared 243% in the last month.

For perspective, the ASX 200 has shed 4% in the past year.

OD6 Metals has a market capitalisation of more than $31 million based on the current share price.

The post Why has ASX mining stock OD6 Metals rocketed 176% in 2 days? appeared first on The Motley Fool Australia.

In afternoon trade, the rare earths explorer's shares are up 25% to 29.5 cents.

At one stage, the OD6 share price was up as much as 104% to a record high of 47 cents.

Why is the OD6 share price rocketing higher?

Investors have been buying OD6's shares today following the release of initial assay results from the recently completed drilling campaign at its Splinter Rock Project northeast of Esperance in Western Australia.

According to the release, Splinter Rock was found to contain widespread, thick clay hosted rare earth element (REE) mineralisation.

OD6 advises that assays received from 32 of 65 holes have returned significant Total Rare Earth Oxides (TREO) grades and thickness using a 750ppm cut-off grade with clay thickness intervals up to 33m. Magnetic rare earth oxides make up an average of 22.5%, with critical rare earth oxides averaging 24.2% plus heavy rare earth oxides averaging 10.7%.

'The potential is massive'

OD6's managing director, Brett Hazelden, appeared delighted with the assay results and suggested that the Splinter Rock project has the potential to be a globally significant multigenerational asset. He commented:

These initial rare earth assay results are outstanding and represent some of the highest grades and thickest clayhosted rare earth intersections seen in Australia. The extent and consistency of these shallow, high-grade clays have resulted in four significant prospects being identified that are between four and seven kilometres in width which are open in length, on our 2,579km2 Splinter Rock project.

Importantly, these drill results validate historic assays, plus they extend the discovery of clay-hosted rare earths across a new drill line perpendicular to the original line. This bodes well for future drilling, which we anticipate will significantly grow the known mineralised area.

The Splinter Rock Project, with its proximity to port and renewable energy generation potential, now has the very real potential to be a globally significant, world class group of mineral systems that could be a multigenerational asset as the world transitions to the decarbonised economy. The scale of these clays is hard to comprehend when you start talking multiple kilometres in one direction at a thickness of between 10 to 30m. The potential is massive.

The post Guess which ASX mining share just surged 100% on an 'outstanding' new rare earths find appeared first on The Motley Fool Australia.