This ASX mining share leapt 27% on an ‘outstanding’ new discovery

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The S&P/ASX 200 Index (ASX: XJO) may be down today, but this small-cap ASX share is bucking the trend.

The Marquee Resources Ltd (ASX: MQR) share price has surged 17.2% today, currently trading at 17 cents. However, in early trade, shares jumped 27% to 18.5 cents. This was a 52-week high for the company.

Let’s take a look at what might be impacting this explorer’s share price today.

Digging for copper and gold

The Marquee Resources share price surged in morning trade after the company released results from its Lone Star project. The company is mining for copper and gold in Washington State, USA.

Drilling results from the mine revealed intersection with multiple large zones of mineralisation. Up to 18.5% of high-grade copper mineralisation was affirmed from the first two diamond drill holes. Meanwhile, “significant elevated gold” up to 10.4 grams per tonne and up to 106 grams per tonne of silver was also identified.

The company’s drill rig has been “spinning around the clock” after only a short Christmas break.

Commenting on the results driving up this ASX share, executive chairman Charles Thomas said:

We are delighted with the high-grade results we have received from the first two drill holes of the program.

The results have confirmed the outstanding opportunity that Lone Star represents and the presence of high-grade gold and silver further adds to the potential of this exciting project.

These results strengthen our position to deliver a quality JORC compliant resource in the first half of 2022.

Marquee Resources has now completed seven diamond drill holes at the Lone Star mine, with results received for just two of them.

The company signed a deal to acquire up to 80% of the Lone Star copper-gold mine in November.

The news today follows a share market boost in December when the company revealed “significant potential” for lithium bearing lithium-ceasium-tantalum (LCT) pegmatites at the West Spargoville project near Kalgoorlie.

Marquee Resources share price snapshot

The Marquee Resources share price has soared 126% in the past year and 17% in the past month. Meanwhile, it’s up nearly 26% aince the start of the past week.

In comparison, the S&P/ASX 200 Index (ASX: XJO) has returned more than 13% to investors in the past year.

This ASX share commands a market capitalisation of around $36 million based on its current share price.

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