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Highlights
On Thursday, the benchmark ASX 200 ended 0.15% lower at 6,591.10.
However, the ASX 200 Resources (ASX:XJR) ended 0.56% higher.
There were a few ASX-listed mining shares which surged mainly on account of positive drilling updates.
Australian shares ended in the red on Thursday despite starting the session on a positive note after Wall Street’s rally in overnight trade. The benchmark ASX 200 ended 0.15% lower at 6,591.10. However, the ASX 200 Resources (ASX:XJR) ended 0.56% higher and a few ASX-listed mining shares racked up over 10% gains during the day. The stocks surged mainly on account of positive drilling updates by their respective companies. These firms reported high-grade intersections from drilling on Thursday.
On this note, let’s discuss why these two ASX-listed mining shares rose on Thursday:
Renascor Resources Ltd (ASX:RNU)
Renascor Resources is a mineral exploration and development company with asset portfolio in South Australia’s key mineral districts. The company’s flagship Siviour Graphite Project hosts one of the world’s largest graphite resources.
Shares of Renascor Resources ended Thursday’s trade 14.29% higher at AU$0.16 after the company announced more high-grade graphite intersections from recent drilling at its 100%-owned Siviour Graphite Deposit in South Australia. The drilling is anticipated to support an increase in the confidence level of the Siviour Resource and a potential increase in the scale of the Siviour Ore Reserve.
In the past one year, the ASX mining stock has gained over 128%. Meanwhile, the stock is down over 11% on a year-to-date (YTD) basis.
Resolute Mining Ltd (ASX:RSG)
Resolute Mining is a gold miner and explorer with key projects at Ravenswood, Syama and Bibiani. The Syama gold mine in Africa and the Ravenswood gold mine in Australia are well known assets.
Shares of Resolute Mining ended Thursday’s trade 10.42% higher at AU$0.26 after the company reported significant oxide and sulphide gold mineralisation at the Syama North project in West Africa.
The mining firm described this finding 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.
Resolute Mining’s CEO Terry Holohan was upbeat about the development. “I am very pleased with the progress over the last twelve months within both the exploration and operations teams,” he said.
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