ASX mining shares have continued their rebound since July and are now trading back in the green. Investors have wound up the metals and mining trade amid a number of macroeconomic catalysts.
The benchmark S&P/ASX 300 Metals and Mining Index (ASX: XMM) is up 9% over the past month after a 5.1% gain this past week.
Meanwhile, these 3 ASX mining shares have clipped a more than 20% gain in today's session.
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Tempus Resources Ltd (ASX: TMR)
Shares in ASX small cap Tempus have rocketed 52% after the company announced it had intersected gold at its Elizabeth Gold Project.
Tempus said it had received assay results for the first three drill holes of its 2022 drilling campaign at Elizabeth.
One drill hole "returned 'bonanza' grades including the best intersection ever encountered at Elizabeth Gold Project." Assays over widths of up to 1.7 metres in multiple intersections were found.
Tempus Resources President and CEO, Jason Bahnsen said "the spectacular grades are a cause for celebration given the Blue Vein was only discovered late last year…"
Tempus shares are down 17% this year to date and have recently bounced along 52-week lows since July.
DevEx Resources Ltd (ASX: DEV)
DevEx shares have tracked 28% into the green today following a company update regarding its Nabarlek Uranium Project in the Northern Territory.
The company advised that initial diamond drilling has intersected high-grade uranium mineralisation at the site.
Hole number two intersected 10.7 metres @ 1.2% eU3O8 from 123.4 metres, including 3.2 metres @ 3.1% eU3O8. Meanwhile, Hole number four intersected 9.1 metres @ 0.15% eU3O8 from 50.5 metres.
Both finds extend the previously known uranium mineralisation a further 25 metres down-plunge from the historical intercepts.
DevEx Managing Director, Brendan Bradley said drilling at the Nabarlek site "is off to a flying start" following the discoveries.
"The historic Nabarlek uranium mine has shown that these high-grade deposits can exist within a
lens of between 30m and 75m in length," he added.
DevEx shares have soared 60% into the green over the past 12 months.
Minerals 260 Ltd (ASX: MI6)
The final ASX mining share pushing 20% or more today is Minerals 260. It is up 20% to 33 cents in late afternoon trading.
Investors have rallied the stock today on no news. Noteworthy, however, is that both gold and copper prices have reversed off their 52-week lows and have retraced a small percentage of gains.
As seen on the chart below, the ASX miner is sensitive to movements in the underlying metals markets it is exposed to. Six-month returns are shown below.
With that in mind, it stands to reason that strength in the gold and copper markets has transferred to Minerals 260.
Since listing last October, the Minerals 260 share price has clipped a 45% loss.
