The S&P/ASX 200 Index (ASX: XJO) finished slightly in the red today, but these two ASX mining shares had a better day.
Renascor Resources Ltd (ASX: RNU) and Resolute Mining Limited (ASX: RSG) both soared more than 10% on drilling news today.
Let's take a look at why these ASX explorers had a good day.
Image source: Getty Images
Renascor Resources
The Renascor Resources share price surged 14.29% today. The company reported more results from the Siviour Graphite Deposit in South Australia where high-grade graphite at the site.
On the back of these results, the company sees potential to improve and accelerate the mining schedule. Siviour noted that the graphite market continues to be strong, with prices for the mineral surging 42% in the past 12 months.
Managing director David Christensen said:
These results continue to confirm that Siviour is a tier one graphite orebody and, given
its favourable deposit geometry and location in South Australia, presents Renascor with
an opportunity to become a globally significant low-cost producer of high-value Purified
Spherical Graphite for use in Electric Vehicles.
Resolute Mining
Resolute Mining shares soared more than 10% on the market today. The company reported significant oxide and sulphide gold mineralisation at the Syama North project in West Africa.
Resolute described this result as "some of the best gold intersections ever recorded from the Syama North area". Gold intersections included 27 metres at 6.62 grams per tonne (g/t) from 45 metres at drill hole QVRC533 and 26m at 7.8 g/t from 180m.
CEO Terry Holohan said: "I am very pleased with the progress over the last twelve months within both the exploration and operations teams".
