The WA1 Resources Ltd (ASX: WA1) share price has been charging ahead in recent weeks.
The explorer's share price has soared 1,344% from 13.5 cents at market close on 21 October to the current price of $1.95.
In today's trade alone, WA1 Resources shares are up 10.8%. For perspective, the S&P/ASX 200 Index (ASX: XJO) is rising 0.32% today.
So what is going on with this ASX mining share?
Image source: Getty Images
What's going on with this ASX mining share?
This ASX mining share has been surging since presenting maiden drilling results from the West Arunta Project in late October.
WA1 Resources is exploring critical minerals, including niobium, in Western Australia. Niobium improves battery performance.
On 26 October, WA1 revealed it had found a mineralised carbonatite system at the West Arunta Project.
At drill hole PARC003, WA1 confirmed "significant mineralisation". This included 54m at 0.62% niobium pentoxide, 0.18% total rare earth oxide (TREO) and 3.85% phosphorus pentoxide from 162 metres.
At the time, the company said the ferroniobium metal (65% Nb) was selling for US $45,000 a tonne.
Commenting on the company's future plans, managing director Paul Savich said: "Over the coming months we will collate a comprehensive dataset from the drilling program and plan follow-up exploration activities."
Last week, WA1 entered a voluntary trading freeze while preparing a response to a price query from the ASX.
The ASX mining share noted the "substantial" media coverage following its discovery at the Western Australian project.
WA1 held its annual general meeting on Monday, with all resolutions carried.
WA1 Resources share price snapshot
This ASX mining share has rocketed 700% since it listed on the ASX in February, while it has soared 61% in the last week.
For perspective, the ASX 200 has fallen around 8% in the year to date.
WA1 Resources has a market capitalisation of about $57 million based on the current share price.
