This ASX mining share has exploded 515% this week on the back of a new discovery.
The WA1 Resources Ltd (ASX: WA1) share price has risen from 13.5 cents at market close on 21 October to 87 cents at the time of writing.
So why is this ASX mining share having such a good week?
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Drilling results
WA1 Resources listed on the ASX in early February this year. The company is exploring critical metals for a clean energy future.
On Wednesday, WA1 Resources provided maiden drilling results from the West Aruta Project in Western Australia. The company discovered a mineralised carbonatite system at the project. WA1 Resources entered a trading halt before market open on Monday pending this announcement.
WA1 Resources confirmed "significant mineralisation" at drill hole PARC003. This includes:
- 54m at 0.62% niobium pentoxide, 0.18% Total Rare Oxides and 3.85% phosphorus pentoxide from 162 metres
Commenting on the news, WA1 Resources managing director Paul Savich said:
The discovery of a mineralised carbonatite system in the West Arunta is the first of its kind
in the region and is a significant finding from our maiden drilling program.For our first hole at P2 to have intersected high-grade niobium mineralisation that
remains open and with the highest grade at the end-of-hole (2m at 1.22% Nb2O5) along
with elevated rare earth elements and phosphorus, is an exciting result.
WA1 Resources highlighted nibium is a critical mineral that is "key to global technology needs" in Australia, the USA, Europe, Japan and India.
Today, WA1 Resources shared a corporate presentation on its maiden drill program. Assay results are still pending for multiple targets at the project.
WA1 share price snapshot
WA1 Resources shares have exploded 300% year to date, while they have soared 416% in a month.
In comparison, the S&P/ASX 200 Index (ASX: XJO) has fallen 8% in the year to date.
WA1 Resources has a market capitalisation of about $23 million based on the current share price.
