Three ASX resources stocks are setting the bar high today.
Very high.
In afternoon trade on Wednesday, the All Ordinaries Index (ASX: XAO) is up a slender 0.07%. As for the resource space, the S&P/ASX 200 Resource Index (ASX: XJR) is down 0.26%.
But these three ASX resources stocks are up 19%, 16%, and 45% respectively.
Here’s what spurring investor interest today.
Three ASX resources stocks rocketing higher
Up first we have American West Metals Ltd (ASX: AW1). Shares in the ASX miner are up 18.64% at the time of writing, trading at 35 cents apiece.
There’s no fresh price-sensitive news out from American West Metals today.
But outsized share price moves have been the norm for this ASX resources stock over the past few weeks amid a series of promising copper discovery announcements.
On Friday, shares closed the day up 26% and then gained another 17% on Monday. Yesterday, there looks to have been some profit taking, with the American West Metals share price tumbling 13%.
As for today, it looks like that profit-taking has turned to bargain-hunting for this copper explorer.
Up next, we have ASX resources stock Belararox Ltd (ASX: BRX). The Belararox share price is up 16% in afternoon trade at 36 cents a share.
The last price-sensitive news from Belararox was its June quarterly report, released on 28 July. And unlike American West, share price moves of this size are infrequent for this stock.
I’ll be keeping an eye out for positive announcements from this junior explorer over the coming days.
Which brings us to the third ASX resources stock that’s shooting higher today, Iris Metals Ltd (ASX: IR1).
The Iris Metals share price is up a whopping 44.5% at the time of writing, trading for $2.23 a share.
Investors are sending the Iris Metals share price through the roof after the company announced promising drilling results at its Beecher project in the United States.
The explorer said its drilling campaign had struck multiple wide, high-grade and shallow lithium intersections at the project. And Iris is bringing on more diamond drill rigs to expedite the exploration at Beecher.
Commenting on the results that are sending this ASX resources stock soaring today, Iris Metals’ technical director Chris Connell said:
As Iris is the only ASX listed company with granted hard rock lithium pegmatite mining licences in the US, we currently are aggressively ramping-up drill testing of the Beecher project.
