ASX mineral explorer shares Anson Resources Ltd (ASX: ASN), Pacgold Ltd (ASX: PGO), and Investigator Resources Ltd (ASX: IVR) are all well in the green today.

Let's take a look at why these ASX mining shares are lifting today.

Anson Resources

Anson Resources shares are up an incredible 42% today on lithium news. The company advised it has the potential to become a major supplier of high purity lithium carbonate to the US electric vehicle (EV) market. This follows the completion of a Definitive Feasibility Study at its Paradox Lithium Project in Utah. Phase one of the project is forecast to deliver US$5.08 billion of revenue in the first 23 years. Anson is targeting production of 13,074 tonnes of lithium carbonate per year.

Commenting on the news, executive chairman Bruce Richardson said:

We are very excited to deliver the Paradox Lithium Project Phase 1 DFS to market. The DFS confirms the technical and financial viability of a major new source of high purity Lithium Carbonate available for the rapidly growing US market.

Pacgold

Pacgold shares are up 22% at the time of writing. In an update today, the company advised drilling intersected with "spectacular visible gold" at the Alice River Gold Project in Queensland. Drillhole ARDH061 intersected with a 16.4 wide zone showing more than 200 occurrences of visible gold. Assay results for 12 further drill holes will be delivered in the future.

Commenting on the news, Pacgold managing director Tony Schreck said:

The intersection of visible gold over a sixteen metre zone is a stunning outcome and represents the first of what we believe could be potential multiple high-grade zones developed along the F1a zone.

Investigator Resources

Investigator Resources shares gained nearly 20% shortly after market open before settling back to 7.32% higher at the time of writing. This follows a "significant rare earth" discovery at the Apollo prospect. Drilling at the project showed high-grade rare earth mineralisation.

Results include:

• 15m at 3,221 parts per million (ppm) total rare earth oxide (TREO) and 1,099ppm magnet rare earth oxide (MREO) from 66m including
• 9m at 4,700ppm TREO and 1,772ppm MREO from 72m

The Apollo prospect is 4km north-west of the company's Paris Silver Project near Kimba in South Australia.

Commenting on the news, managing director Andrew McIlwain said:

Our team have already identified a number of opportunities at Apollo following up these exciting silver and REE [rare earth elements] discoveries.

The post 3 ASX mining shares soaring more than 20% today appeared first on The Motley Fool Australia.

Investors are responding positively to a company announcement on its Alice River Gold Project in North Queensland before market open today.

Shares spiked from the opening bell and have been riding high every since. Let's take a closer look.

Why is the Pacgold share price charging higher?

Pacgold provided an update on drilling assay results following completion of the diamond (DD) and reverse circulation (RC) drill programme at its Alice River Gold Project, west of Cooktown.

The project consists of 13 tenements, comprised of eight mining leases and five exploration tenements. They cover an area of 377 km.

A total of 39 holes were completed at the site, comprised of 2,007m in the DD programme and 5,018m via RC drilling.

Pacgold has received results for 25 holes, with results pending for the remaining 14 holes, including 7 holes targeting the "newly discovered high-grade gold zone".

New assay results from drilling at the zone that lies below and along strike of the historical open pit have extended the high-grade gold zone reported in late 2021, according to the company's announcement.

The company says that "high-grade intersection in [hole] ARDH026 is drilled 60m below the recent PGO drill intersection of 26m @ 3.6g/t Au from 104m incl. 3m @ 21g/t Au from 126m and shows a strong increase in gold grade and width of mineralisation from surface to a depth of at least 210m".

It also advised that "multiple visible gold occurrences (results pending) [were] intersected in drilling 130m along strike from ARDH026". The company announcement says assay results for a further 7 holes completed into the zone are expected to be received over the next 5 weeks.

Pacgold notes that drilling success to date and "confirmation of [its] mineralisation model unlocks enormous scope on the Project, with significant potential for the system to define a large-scale resource".

The company now believes that the high-grade gold zone could extend over 700m in strike from greater than 100m depth below the surface and remains open in all directions.

Management commentary

Speaking on the announcement, Pacgold Managing Director Tony Schreck said:

This excellent result in drill hole ARDH026 represents a pivotal advance for our Alice River Project, providing compelling indications we have just intersected the top of a large, high-grade gold system only 100m below surface. We have achieved rapid success applying the gold mineralisation model based on the tier-1 Donlin gold deposit in Alaska, which suggested potential higher grades as we transition deeper into the system. Results are pending for an additional 7 drill holes completed over 250m strike, targeting the zone between 100m to 320m below surface. All 7 holes intersected broad zones of alteration and veining associated with the target, including a 1m interval (ARDH027) with strongly disseminated visible gold.

The Pacgold share price has climbed more than 35% this year to date and has rallied 192% in the last 12 months.

The post 61% spike: This just caused the Pacgold (ASX:PGO) share price to hit new peaks appeared first on The Motley Fool Australia.