3 ASX mining shares that surged by 20% or more on Tuesday

These shares diverged from the wider metals and mining sector yesterday.

| More on:
A bearded man holds both arms up diagonally and points with his index fingers to the sky with a thrilled look on his face over these rising Tassal share price

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • ASX mining shares may be correcting with the index tracking the sector down 11% in the past week
  • Despite that, these three ASX shares surged by 20% or more during Tuesday's session
  • Each of these shares has shown considerable returns over the year to date as well

ASX mining shares softened yesterday amid sector weakness and China's worsening COVID-19 prognosis.

The S&P/ASX 300 Metals & Mining Index (ASX: XMM) closed the session down by almost 6% on Tuesday. This brought the benchmark's losses to 11% for the past week. It's down 6% this past month.

Meanwhile, these three ASX mining shares managed to surge more than 20% yesterday.

TradingView Chart

BMG Resources Ltd (ASX: BMG)

The first ASX mining share to highlight is BMG Resources. BMG shares spiked to finish 20% in the green following a company announcement.

The company revealed it had intersected new portions of thick, high-grade gold at its Capital Prospect located at the Abercromby Gold Project.

According to the company, results "significantly add to the known mineralised envelope at the Capital Prospect which remains open at depth and along strike."

Speaking on the results, BMG managing director Bruce McCracken said that it's "now well and truly game on at Abercromby".

"In one single program, we have more than doubled the likely size of the deposit, intersected extremely high-grade gold in fresh rock, and proven the system is fertile at depth via the deepest drilling undertaken at the Project to date."

Western Mines Group Ltd (ASX: WMG)

Next on our list of outstanding ASX mining shares is Western Mines. Its share price also surged higher on Tuesday, closing at 34 cents. That was a 19% gain for the day. At one point, they were fetching 37 cents apiece before levelling off in afternoon trade.

The company advised today that the diamond drilling program at its flagship Mulga Tank Ni-Cu-PGE Project has now commenced.

The company says that numerous exciting drill targets have been defined at the project. WMG managing director Caedmon Marriott said, "each hole will take between eight to fifteen days to complete".

Continuing, he added:

The Company is also pleased to have completed the due diligence hurdle for the sale of the Pavarotti Project iron ore rights to Mineral Resources. Cash proceeds of $200,000 are expected to be received this week and these funds will go towards expanding the Mulga Tank drilling program.

The Western Mines share price has gained 70% since listing in mid-2021 and is up 84% this year to date.

Far East Gold Ltd (ASX: FEG)

Our final ASX mining share is Far East Gold. It also finished up 21% at 40 cents apiece. In an announcement, the company advised it had returned bonanza grade assays from its Rek Rinti and Aloe Eumpeuk gold and silver 'vein systems' in Indonesia.

Within the Aloe Eumpeuk prospect, Far East says that rock chip sampling of quartz veins has returned further bonanza gold and silver grades of 63 g/t gold, 1,179 g/t silver, and 26.16 g/t gold, 597 g/t silver.

"The bonanza grade samples exhibit ginguro bands which are a key textural feature common to highgrade low sulphidation epithermal vein deposits within the Gosowong Goldfield (>6Moz Au at
grades of 20-40 g/t Au) in Indonesia and at Hishikari (8Moz Au at grades of 30-40g/t Au) in Japan," the company says.

Regarding its study results, Far East said that it expects "detailed mapping" will establish continuity of the structural corridor between the Rek Rinti and Aloe Eumpeuk vein systems.

It notes the Aloe Rek vein system is located about 2km south of Aloe Eumpeuk. If confirmed, this would "form a continuous system of veins over a strike length of about 4.5km".

After listing in March 2022 the Far East Gold share price has doubled and gained 35% in the past week.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Zach Bristow 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 Bruce Jackson.

More on Resources Shares

Miner looking at a tablet.
Resources Shares

Does Macquarie rate Fortescue shares a buy, hold or sell?

Down 42% in a year, does Macquarie think Fortescue shares are now a good buy?

Read more »

Cheerful businessman with a mining hat on the table sitting back with his arms behind his head while looking at his laptop's screen.
Resources Shares

Rock solid: How have mining and metals shares fared in 2025?

Who is leading so far?

Read more »

Miner looking at a tablet.
Resources Shares

Mineral Resources share price slides despite significant reserves growth

An 89% resources upgrade hasn’t boosted Mineral Resources shares today.

Read more »

Copal miner standing in front of coal.
Resources Shares

How much upside does Macquarie tip for New Hope shares?

A softer-than-expected quarter has impacted the broker's view.

Read more »

2 people at mining site, bhp share price, mining shares
Resources Shares

Rio Tinto share price pushes higher on $1.4 billion lithium agreement

Rio Tinto shares are gaining major lithium exposure.

Read more »

Miner looking at a tablet.
Resources Shares

Up 73% since April, why Mineral Resources shares could keep charging higher

A leading expert says that Mineral Resources shares remain ‘heavily undervalued’. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Resources Shares

Guess which ASX 200 mining stock is sinking 7% following its quarterly update

Let's see how this miner performed during the third quarter.

Read more »

Miner looking at a tablet.
Resources Shares

What's the latest broker ratings on BHP shares?

There's an air of caution floating about BHP shares even with bullish ratings.

Read more »