Two ASX mining shares are setting the bar high today.

While the All Ordinaries Index (ASX: XAO) remains slightly in the red during the Friday lunch hours, investors are rewarding these mining stocks after they both announced promising new discoveries.

One involves lithium, and the other platinum group elements (PGE).

So, without further ado…

ASX mining share leaps higher on lithium intersection

The first ASX mining stock that's surging today is St George Mining Ltd (ASX: SGQ), with shares up 8.3%.

This comes after the explorer confirmed it has intersected more high-grade lithium in rock chip samples, with up to 3.25% Li2O, at its Mt Alexander Project in Western Australia.

St George said that this first drilling at the Jailbreak Prospect confirms that lithium-bearing pegmatites extend below surface.

The reverse circulation (RC) drilling is the first phase of the ASX mining share's drill program at the Jailbreak Prospect. A diamond drill rig is scheduled to arrive within days to test for deeper extensions to the mineralised pegmatites.

Commenting on the results, St George Mining's executive chairman, John Prineas said:

The latest assays for rock chip samples have delivered our highest-grade lithium values at Jailbreak, providing further validation of the potential for pegmatite-hosted lithium mineralisation at Mt Alexander. Significantly, the high-grade assays now extend across five pegmatites mapped across a broad area.

Which brings us to the second ASX mining share that's flying higher today.

Palladium and platinum grab investor interest 

The Minerals 260 Ltd (ASX: MI6) share price is up 14.5% after the miner reported on the final assays from the June RC drill campaign at its Moora Project located in Western Australia.

According to the release, the results from the final RC holes confirmed the potential of the Moora Project to host palladium and platinum mineralisation.

Minerals 260 said it's on track to commence a 10,000 to 15,000 metre drilling program by mid-November.

Commenting on PGE results sending the ASX mining share higher today, managing director David Richards said:

We have always been confident that the Moora and Koojan Projects are prospective for PGE mineralisation analogous to that discovered further south in the Julimar Mineral Province. The intersection of highly anomalous PGE and copper values coincident with a large gravity high confirms this view.

The post 2 ASX mining shares surging higher on new discoveries appeared first on The Motley Fool Australia.

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.

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.

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The Minerals 260 Ltd (ASX: MI6) share price is roaring today and is now 17.02% higher at 55 cents. At one point today, Minerals 260 shares were trading as high as 59 cents apiece, before recoursing back to current levels.

Investors are responding well to an announcement out of the company's camp today regarding its 100%-owned Moora project, located approximately 150km northeast of Perth.

What did Minerals 260 announce?

The Minerals 260 share price is surging after the company advised it has received assays for a further nine holes from the recently completed drilling program at the Moora site. The findings confirm a wide copper-gold zone at the project.

According to Minerals, the Moora project forms part of a contiguous, 1,000km2 land position that also includes the Koojan venture with Lachlan Star Ltd (ASX: LSA) next door.

Earlier in January, Minerals 260 completed a 37-hole diamond core and reverse circulation (RC) drilling program for a total of 6,196 metres on various anomalies at the site.

Results from the Mynt prospect show mineralisation was intersected at 24m at 1.9% copper and 0.7 grams of gold per tonne from 99-123m.

"[The] mineralisation hosted by a quartz-veined zone with disseminated to semi-massive chalcopyrite and pyrrhotite," Minerals 260 said.

Minerals 260 also notes the presence of mineralisation with "significant geochemical and geophysical anomalies" indicates the potential for a large sulphide-related system.

Assays received for a further eight drill holes at another prospect located on the site confirm the continuity of gold mineralisation. This has now been intersected on five sections over 400 metres of strike in all directions.

Management commentary

Speaking on the news fuelling the Minerals 260 share price today, managing director David Richards said:

The recent drilling and geophysical results continue to highlight the potential for large mineralising systems at Moora and Koojan. While we still have a lot of assay and other data to review and analyse, we are developing a clearer understanding of the priority areas for follow-up drilling.

One is clearly the exciting new copper-gold zone delineated at the Mynt prospect, where geophysics indicates potential for a significant mineralised system. The other is at Angepena, where we have now delineated significant gold mineralisation over an extensive area.

Minerals 260 share price snapshot

Since listing last year the Minerals 260 share price has gained 12%. It is also up 5.6% this year to date.

During the past month, its shares are up 1.8% and they have exploded by almost 32% over the past week.

The post Mission possible: Why this ASX mining share is surging 17% today appeared first on The Motley Fool Australia.

The Minerals 260 Ltd (ASX: MI6) share price is surging higher today, up 10.2% in afternoon trading to 54 cents.

Below we take a look at the ASX resource explorer's project update that looks to be spurring investor interest.

What project update was announced?

The Minerals 260 share price is soaring after the company reported it is speeding up exploration work at its Moora and Koojan JV projects.

Both projects are located in Western Australia's Julimar Mineral Province. Minerals 260 is the 100% owner of Moora and in a joint venture (JV) with Lachlan Star Limited (ASX: LSA) at Koojan. The Lachlan share price is up 11% today.

Minerals 260 has so far drilled 6 diamond core holes at its Angepena gold prospect in Moora. Drilling commenced on 4 November to follow up on promising gold intersections struck earlier this year.

Assays are still pending for all 6 holes drilled with initial results expected in January. The company plans to drill 7 more diamond core holes at Angepena totalling some 2,000 metres. That should also be completed in January.

Minerals 260 has also recently commenced a reverse circulation (RC) drilling program at the project. It plans to drill up to 35 holes for approximately 5,000 metres.

Commenting on the announcement likely pushing up the Minerals 260 share price today, managing director David Richards said:

Diamond drilling has confirmed the presence of mafic/ultramafic hosted sulphide-related mineralisation and highlighted the exciting potential, not only of the Mt Yule magnetic anomaly but also the rest of the projects – where numerous targets remain to be tested.

While it is early days, we are very encouraged by what we are seeing in the Angepena drill core. However, we caution investors that until assays are received, we cannot draw any conclusions. Our objective is to build on the exploration data collected so far and systematically work towards the opportunity for a significant discovery.

The company has $6.7 million in the budget for its first 12 months of exploration following its 12 October listing on the ASX.

Minerals 260 share price snapshot

Minerals 260's initial public offering (IPO) raised $30 million at a listing price of 50 cents per share.

The Minerals 260 share price leapt higher that day to close at 60 cents and reached an all-time closing high of 77 cents per share on 15 November. Since then shares have retraced.

Since the closing bell on its first day of trading, Minerals 260's shares are down 10%.

The post Here's why the Minerals 260 (ASX:MI6) share price is leaping 10% today appeared first on The Motley Fool Australia.

Shares in minerals explorer Minerals 260 Ltd (ASX: MI6) are charging higher to trade more than 20% in the green at 70 cents.

Minerals 260 shares have rallied from the open to trade as high as 74 cents, before reversing course to the current market price.

Investors have been bidding up the Minerals 260 share price following a company announcement on its 100% owned Moora Gold-PGE-Nickel-Copper project in WA.

The company has started its inaugural drilling program since demerging from Liontown Resources Ltd (ASX: LTR) and listing on the ASX in October 2021.

Here are the details.

What is Minerals 260?

The company was listed on the ASX after a successful demerger from Liontown where it raised $30 million via an initial public offering (IPO). This saw the creation of Minerals 260.

It was formed to contain Liontown's non-lithium assets, which include Moora and the Koojan Project located in southwest Western Australia.

That was on 12 October and since then, the Minerals 260 share price has climbed more than 35%, roaring off a low of 45.5 cents last week to its new high today.

At the time of writing, Minerals 260 has a market capitalisation of almost $153 million.

What was announced?

Minerals is set to commence its first drilling program at the Moora project, located around 150km northeast of Perth.

The Moora project forms part of a 1,100km square land package that also includes adjacent projects to the Angepena prospect.

A 3,500 metre diamond core drilling program is designed to follow up on intersections reported earlier this year from the Angepena gold prospect.

Those results showed an intersection of gold at various depths and with various concentrations in the samples.

Diamond core drilling at the site will now determine the style, orientation and continuity of the mineralisation.

Geological data obtained will then be used to plan a 6,000m reverse circulation (RC) drilling program, due to start this month.

In addition to drilling at Angepena, Minerals 260 also intends to undertake follow up drilling at other targets and complete a low-level "aeromagnetic survey to better define prospective mafic/ultramafic units obscured by transported cover".

The results of all works to be completed will be used to plan further drilling programs, Minerals 260 says.

Minerals 260 share price snapshot

Investors are rallying for a spot in the newly-formed minerals explorer, with total volume traded so far today reaching 2,715,603 shares – 46% above its 4-week average since listing.

After its 35% return since 12 October, early investors will be happy as this gain is well ahead of the S&P/ASX 200 Index (ASX: XJO)'s climb in that time.

Shares in Liontown Resources are also trading up 6.05% on the day at $1.665 apiece.

The post Why is the Minerals 260 (ASX:MI6) share price rocketing 21% today? appeared first on The Motley Fool Australia.

The Minerals 260 Ltd (ASX: MI6) share price has ended its first week on the ASX below its prospectus' offer price.

Under the Minerals 260 prospectus, investors could get their hands on shares in the company for 50 cents apiece.

The Liontown Resources Limited (ASX: LTR) spin-off underwent its initial public offering (IPO) on Tuesday afternoon. It reached an impressive 75 cents in intraday trade on Tuesday before finishing its first day on the ASX at 60 cents.

However, despite Tuesday's strong performance, the gold, nickel, copper, and platinum-group elements explorer's stock finished the week lower than its offer price.

As of Friday's close, the Minerals 260 share price is 48 cents, 2% lower than its previous close.

For context, that's 4% lower than its offer price, 33% less than its closing price on Tuesday, and 36% lower than its brand-new record high.

It also leaves Minerals 260 with a market capitalisation of around $105.6 million

Let's take a closer look at Minerals 260's first 4 days as a listed entity.

Minerals 260 share price's turbulent week

The Minerals 260 share price has ended the week lower than its offer price despite no news being released by the company.

While the market initially reacted well to the ASX newbie – boosting its shares 20% higher than its offer price on Tuesday – the positive reception didn't last long.

On Wednesday, Minerals 260 shareholders watched as the market pushed the company's share price down 23%. It closed at 46 cents on Wednesday.

A brief gain on Thursday was counteracted on Friday, likely leaving some Minerals 260 investors slightly bitter.

However, those who got in on Minerals 260's IPO through Liontown's pro-rata offer have finished the week with a silver lining.

The Liontown share price surged 13.9% yesterday – alongside many ASX lithium shares. Additionally, it managed to hold onto its gains today.

The post Minerals 260 (ASX:MI6) share price ends wild first week below list price appeared first on The Motley Fool Australia.

The Minerals 260 Ltd (ASX: MI6) share price has been losing momentum the minute it debuted on the ASX.

The new company is a spin-off of Liontown Resources Limited (ASX: LTR) and its non-core lithium assets.

Minerals 260 had a successful oversubscribed initial public offering (IPO), raising $30 million at a listing price of 50 cents per share.

It made its way to the ASX at 1:00 pm on Tuesday, opening as high as 74.5 cents.

Traders might have used its strong open as an opportunity to offload shares. After all, who wouldn't want to lock in a 50% gain?

The Minerals 260 share price closed at 60 cents on Tuesday, a 20% return for those who managed to participate in the IPO but a 20% decline from its opening price.

Its share price has continued to crater on Wednesday, sliding 13.33% at the time of writing to 52 cents.

Why the Minerals 260 share price is plunging

It's not uncommon for IPOs to fizzle out after listing, especially if there's a lot of hype surrounding the company.

Take Zoom2u Technologies Ltd (ASX: Z2U) for example. The delivery Software as a Service (SaaS) company closed at 43 cents on its first day of listing after an IPO offer price of just 20 cents.

It would continue to rally for the next 5 trading days, reaching highs of 83.5 cents.

Just two weeks after its all-time high, the Zoom2u share price almost halved, trading at around 45 cents.

A similar narrative has applied to a number of recent IPOs including high profile listings such as Li-S Energy Ltd (ASX: LIS), Global Lithium Resources Ltd (ASX: GL1) and Airtasker Ltd (ASX: ART).

Some of these listings have managed to climb and surpass prior highs, while others have continued to trade sideways for quite some time.

Fortunately for the Minerals 260 share price, it's currently trading just above its listing price.

The post The Minerals 260 (ASX:MI6) share price has lost 28% since yesterday's open appeared first on The Motley Fool Australia.

The Minerals 260 Limited (ASX: MI6) share price has hit the ground running after making its ASX debut at 1:00 pm on Tuesday.

The company's oversubscribed initial public offering (IPO) successfully raised $30 million at a listing price of 50 cents per share.

The Minerals 260 share price opened at 75 cents, or 50% higher, and the company's shares are currently fetching 61 cents each.

You can read more about Minerals 260's projects here.

What's driving the Minerals 260 share price?

There's arguably a lot of hype behind the Minerals 260 share price.

The new company is a spin-off of Liontown Resources Limited (ASX: LTR)'s non-lithium assets.

Liontown is an emerging lithium player with a world-class lithium deposit in Western Australia. Its share price has ballooned 250% year-to-date and 440% in the last 12-months on the back of the bullish lithium sector and surging lithium prices.

Minerals 260's most advanced exploration project, the Moora Project, is in the same geological terrain as the Julimar discovery by Chalice Mining Ltd (ASX: CHN), located 95 km to the south.

Chalice has been one of the top performing ASX shares, surging some 1,000% since its Julimar discovery in April 2020.

Minerals 260 described its IPO as "oversubscribed" meaning it may have received more than the $30 million it was asking for.

This means some investors might have had their IPO allocations scaled back. If they wanted more shares, they'd have to buy Minerals 260 on-market.

What's so special about Minerals 260?

Minerals 260 owns four prospective gold, nickel, copper and platinum-group elements (PGE) projects across Western Australia.

The Koojan, Dingo Rocks and Yalwest projects are early-stage exploration projects where the area is relatively underexplored.

The Moora Project is arguably its most exciting prospect at this time, given its proximity to Chalice's "globally significant" Julimar.

The resources the company is looking for play into the concept of "green metal" used for technologies to decarbonise the global economy and address climate change.

Nickel is a key battery material used in electric vehicles while copper is used extensively in the green energy industry. Platinum also has applications in green hydrogen production and fuel cells.

The post Minerals 260 (ASX:MI6) share price leaps 36% following IPO appeared first on The Motley Fool Australia.

Minerals 260 Limited (ASX: MI6) shares will be making their ASX debut at 1:00 pm on Tuesday.

The company successfully raised $30 million at 50 cents per share following its spin-off from Liontown Resources Limited (ASX: LTR).

What does Minerals 260 do?

Minerals 260 is a spin-off of Liontown's non-lithium assets.

The exploration company owns a portfolio of prospective gold, nickel, copper and platinum-group elements (PGE) projects across Western Australia.

Moora Project

The Moora Project is located in the same geological terrain as the Julimar project, owned by Chalice Mining Ltd (ASX: CHN).

Following Chalice's "globally significant" discovery at Julimar, the region has become a highly sought-after exploration area with numerous ASX-listed companies actively targeting gold, nickel, copper and PGE deposits, according to Minerals 260's prospectus.

A maiden drilling program was completed at Moora in the March 2021 quarter, with proposed follow-up work including diamond core drilling, ground electromagnetic surveys and a detailed aeromagnetic survey on the horizon.

Koojan JV Project

Liontown, through its wholly-owned subsidiary ERL, will retain a 51% interest in the Koojan Project.

The area was described as "effectively unexplored with no prior geochemical sampling or drilling".

So far, Metals 260 has completed two phases of geochemical exploration, defining a number of high order PGE and/or gold anomalies.

Proposed work for Koojan includes follow-up geophysical programs to define bedrock targets for drill testing.

Dingo Rocks Project

Dingo Rocks is an early-stage exploration project focused on precious and base metals.

The company is currently compiling and reviewing previous exploration data to carry out an initial ground reconnaissance.

Yalwest Project

Yalwest is another early-stage exploration project focused on precious and base metals.

The project is in an area where there has been no previous recorded exploration.

What's next for Minerals 260?

Minerals 260 will likely have a busy schedule ahead with a variety of geochemical, geophysical and drilling activities to grow its prospective mineral portfolio.

According to the company's prospectus, it has a proposed budget of $14.3 million over the next two years to drive exploration activities across its four projects.

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