The S&P/ASX 200 Materials Index (ASX: XMJ) is sliding 1.56% today, but three ASX mining shares are bucking the trend.
The Indiana Resources Ltd (ASX: IDA), Austral Resources Australia Ltd (ASX: AR1) and Musgrave Minerals Ltd (ASX: MGV) are all surging today.
Let's take a look at what these ASX mining shares reported to the market.
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Indiana Resources
The Indiana Resources share price is exploding 24% today. Assay results confirmed Rare Earth Elements (REE) mineralisation at the company's Central Gawler Project in South Australia.
The results show Total Rare Earth Oxides (TREO) of up to 15,486 parts per million (ppm).
Commenting on the results, technical director Felicity Trafigura said:
The confirmation of the high TREO values including the high value magnet metals is a promising
result and shows there has been enrichment of these elements within the weathered clay profile.We will now re-assay the balance of our extensive sample pulp inventory and work to enhance the
rare earth potential in our large project area.
Austral Resources
Austral shares are rocketing 14% today. The copper producer reported results from drilling at Flying Horse at Mt Kelly in Queensland.
Results included 14 metres at 2.23% copper, 11 metres at 2.3% copper and 19 metres at 1.69% copper.
Austral will continue to evaluate the potential of Mt Kelly copper sulphide ore for sulphide heap leach SX-EW technology. The company will also ramp up assessing the potential for commercial extraction of copper sulphide from the site.
Musgrave Minerals
Musgrave Minerals shares are lifting 8% today. The company reported results from drilling at the White Heat-Mosaic deposit in Western Australia.
Reverse circulation and diamond drilling delivered "high-grade gold assay results" at the site. The company says these results show the potential to grow the resource.
Commenting on the results, managing director Rob Waugh said:
These are another set of very strong results from White Heat-Mosaic, part of the high-grade Break of Day Trend.
It would be hard to find better results from a recent Australian exploration program and the Cue Gold Project is fast becoming one of the richest undeveloped high-grade gold deposits in Australia
