The market may be dropping on Thursday but that hasn't stopped a couple of ASX mining shares from surging higher.

Here's what is causing these shares to rocket:

Anax Metals Ltd (ASX: ANX)

The Anax Metals share price is up 19% to 10 cents. This follows the release of assay results from recent diamond drilling from the Evelyn deposit at the Whim Creek project.

According to the release, the company intersected near-surface massive sulphides comprising chalcopyrite, sphalerite, galena, pyrite and pyrrhotite with true widths of up to 15 metres encountered.

Management believes these results bode well for Whim Creek project outcomes. Anax's Managing Director, Geoff Laing, commented:

These assay results are very pleasing and confirm that the Evelyn deposit will provide considerable upside to Whim Creek project outcomes. Metallurgical test work is well advanced and initial indications suggest that Evelyn ore will be highly compatible with the processing flow sheet currently being finalised for both the Mons Cupri and Whim Creek ore deposits. It is envisaged that Evelyn ore will feed directly into the Whim Creek development scenario.

Superior Resources Limited (ASX: SPQ)

The Superior Resources share price has rocketed 43% higher to 5 cents. Investors have also been buying this copper explorer's shares following the release of assay results from the Greenvale project.

Those assay results confirm extensive strong copper mineralisation in the BTDD004 drill hole with significant zones of high grade copper from a distal part of interpreted porphyry system. Copper mineralised over almost the entire length of a 658.9m hole.

Superior's Managing Director, Peter Hwang, was pleased with the results. He commented:

The better-than-expected results returned from BTDD004 are impressive, particularly considering the mineralisation is thought to be some distance away from the interpreted porphyry core where higher grades are expected. To have intersected such a large interval of significant grade copper at this distal part of the interpreted system, provides us with further confidence that we are dealing with a very large-scale copper-gold system.

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It's a big day for ASX mining shares across the board, with the resources and materials sectors leading the broader market.

But these 3 ASX-listed miners are besting most on Tuesday, each recording gains of more than 18%.

Right now, the All Ordinaries Index (ASX: XAO) is up 0.54% while the S&P/ASX 200 Index (ASX: XJO) has gained 0.5%.

Meanwhile, the S&P/ASX 200 Resources Index (ASX: XJR) has lifted 1.28% and the S&P/ASX 200 Materials Index (ASX: XMJ) is up 1.2%.

So, without further ado, let's take a look at today's outperformers and what's boosted their share prices to outrageous heights.

3 ASX mining shares recording massive gains on Tuesday

Syrah Resources Ltd (ASX: SYR) – surged 22%

The Syrah Resources share price lifted 22.29% to its intraday high of $1.92 on Tuesday.

Its gain followed news that the company has received a US$107 million loan agreement from the United States' Department of Energy.

It will use the funding to expand its Louisiana-based Vidalia active anode material facility.

At the time of writing, the Syrah Resources share price is $1.77, 12.74% higher than its previous close.

Though, that's still 8% lower than it was at the start of 2022.

Lefroy Exploration Ltd (ASX: LEX) – launched 33%

The Lefroy Exploration share price also took off earlier this morning, surging 33.33% to trade at 44 cents at its highest point.

Its gains came after the company announced an "impressive" copper and gold intersection identified at the Lefroy Gold Project's Burns prospect.

The finding has helped solidify the company's certainty that Burns houses a high-grade gold-copper zone within a broader gold, copper, silver, and molybdenum system.

It has scheduled a drill hole of at least 1,000 metres to begin in May. The hole will test the down plunge position of the zone, as well as the broader system.

At the time of writing, the Lefroy share price is 39 cents, 18.18% higher than its previous close.

That brings the ASX mining share's gains for the year so far to 25.8%.

Anax Metals Ltd (ASX: ANX) – rocketed 18%

Finally, the Anax Metals share price launched to 13 cents at its highest point of the day, 18.18% higher than its previous close.

Interestingly, there's been no news from the mineral developer today. However, last week it announced a "spectacular" copper and zinc find at the Whim Creek Project.

Right now, shares in the ASX mining company are trading at 12.5 cents. That represents a 13.64% increase.

The company's stock has also gained 56% since the start of 2022.  

The post 3 ASX mining shares booming by 18% or more today appeared first on The Motley Fool Australia.

The Anax Metals Ltd (ASX: ANX) share price is exploding today on the back of 'spectacular' drilling results.

The company's shares are currently trading at 14 cents each, a 44% gain. In contrast, the S&P/ASX 200 Resources Index (ASX: XJR) is 0.57% in the red today.

So why is this ASX mining share soaring today?

Copper and zinc intersected

Anax reported spectacular "massive" copper and zinc sulphide mineralisation at the company's Whim Creek project.

Drilling intersected mineralisation up to 15m wide at the Evelyn deposit and massive to semi-massive sulphides at the Salt Creek deposit.

The project is located near Port Hedland in the West Pilbara region of Western Australia.

Nine holes have been drilled at three of the four metal deposits at the project. Final assay results are still on the way.

Commenting on the results, managing director Geoff Laing said:

Initial observations from this latest round of diamond drilling have been very encouraging and while assay results are still awaited, intersection of massive copper and zinc sulphides and confirmation of historically defined mineralisation is exciting.

The presence of copper, zinc, and also lead was confirmed via XRF scanning. Metallurgical test work is due to start very soon. The results will help form geotechnical data for feasibility studies.

Share price snapshot

Anax shares have surged 69% year to date and more than 84% in a year.

For perspective, the ASX 200 Resources Index has returned around 15% over the past 52 weeks.

In the past month, the company's shares have risen 59%, leaping 44% in the past week alone.

Anax has a market capitalisation of about $56 million based on the current share price.

The post Massive copper and zinc discovery sends this ASX mining share soaring 44% appeared first on The Motley Fool Australia.