The WA1 Resources Ltd (ASX: WA1) share price is having a very strong session.
In morning trade, the niobium explorer's shares are up 15% to a 52-week high of $10.88.
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Why is the WA1 share price surging?
Investors have been scrambling to buy the company's shares this morning after it announced further exploration results from drilling at the 100% owned West Arunta Project in Western Australia.
According to the release, assays from 100 metre-spaced drillholes in the eastern zone further demonstrate continuity of the shallow high-grade blanket of niobium mineralisation at the Luni carbonatite.
Niobium is a critical metal with unique properties that make it essential as the world transitions to a low-carbon economy.
Management believes that these results will provide a significant contribution to the maiden mineral resource estimate for Luni, which is targeted to be completed in the first half of 2024.
But the company isn't resting on its laurels. Reverse circulation and diamond drilling is ongoing with nearly 26,000 metres completed this year at Luni and a consistent flow of assay results is expected to be received over the coming months.
WA1's managing director, Paul Savich, commented:
We initiated this 100m-spaced infill drilling in the early stages of this year's program to assess the interpreted continuity of high-grade mineralisation between the initial 200m spaced stepout holes. The results to date indicate good continuity of the flat-lying mineralised blanket over the 1km strike extent of the infilled zone. Drill-out of the Luni carbonatite is ongoing. We anticipate receiving further regular laboratory assay results which will continue to form the basis of the maiden Mineral Resource estimate expected in the first half of 2024.
The WA1 share price is now up over 400% since this time last year.
