ASX mining shares Southern Palladium Ltd (ASX: SPD), Arafura Resources Ltd (ASX: ARU) and Flinders Mines Limited (ASX: FMS) had a massive day today, soaring between 17% and 42% higher.
For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) rose 1.94%.
Let's take a look at what may have caused these three ASX mining shares to reach for the stars.
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Southern Palladium
The Southern Palladium share price exploded 21% higher, closing on Monday at $1.15. The monster trading day came after the company updated the market on drilling progress at its Bengwenyama PGM project.
Southern Palladium has a 70% stake in the palladium and rhodium-rich project located at the Bushveld Complex in South Africa.
The explorer advised that drillhole E062 had intersected the first UG2 reef at 31.2m below the surface. Commenting on the news, managing director Johan Odendaal said:
Confirmation of the UG2 Reef intersection is an important early barometer for the company as it advances the Phase 1a drill program.
Arafura Resources
The Arafura Resources Ltd (ASX: ARU) share price also shot the lights out today, surging 17.24% to close at 34 cents.
Arafura has been added to the ASX 300 Index as part of a quarterly rebalance. S&P Dow Jones Indices advised of the changes to multiple S&P/ASX indices after market close on Friday.
Arafura is developing the Nolans Rare Earths Project in the Northern Territory. The mineral explorer aims to supply 5% of the world's neodymium and praseodymium (NDPr) 99% pure oxide from the Nolan's project.
Flinders Mines
Finally, the Flinders Mines share price soared a whopping 41.51% today to 75 cents at the close.
Flinders advised the market this morning that BBIG Group Pty Ltd had terminated a farm-in agreement with it. This meant Flinders would be able to negotiate a staged development of its Pilbara Iron Ore Project in Western Australia.
The company's chair Cheryl Edwardes said the move would provide Flinders with a "more certain pathway to near term cash flow".
