It’s been a good day to own these ASX-listed small cap miners.
The post 2 tiny ASX mining shares surging on new discoveries appeared first on The Motley Fool Australia. –
Itâs been a good day for these ASX small-cap mining stocks â theyâve each seen their share price rocket higher on exciting discoveries.
Letâs take a closer look at what they have uncovered and how they are performing on Thursday.
2 ASX mining shares lifting on exciting news
Far East Gold Ltd (ASX: FEG)
The Far East Gold share price is surging 14% higher to trade at 33 cents on Thursday.
The company’s gain follows news from its Woyla Copper Gold Project. Samples from the project have been tested and found to house gold associated with sulphides.
The gold was identified by petrographic studies, undertaken to better understand gold occurring within samples that assayed bonanza grade gold and silver.
The studies have also helped verify a previous petrographic study on the projectâs Aloe Rek vein system.
Additionally, they confirmed high-grade gold and silver mineralisation associated with ginguro banded quartz is present within all of the defined Woyla vein systems.
Carnaby Resources Ltd (ASX: CNB)
Another tiny ASX mining share enjoying a day in the green following a new discovery is Carnaby Resources. Its stock has lifted 17% to trade at 82 cents on Thursday.
Induced polarisation (IP) surveys have recorded large and strong IP chargeability anomalies in two previously undrilled areas of the project.
The companyâs managing director, Rob Watkins commented on todayâs news, saying:
The undrilled 3 kilometre corridor between [the projectâs Nil Desperandum prospect] and [its Lady Fanny prospect] now has two excellent deposit scale drill targets following the identification of these highly significant IP anomalies.
Watkins also noted that IP identified the original high grade discovery hole at the projectâs Nil Desperandum prospect. It showed similar anomalies as those announced today.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.