The S&P/ASX 200 Materials Index (ASX: XMJ) has returned 2% in the last year, but this ASX mining share has soared far higher.
The WA1 Resources Ltd (ASX: WA1) share price has risen 1,100% in the last year and is currently fetching $2.40. In Thursday's trade alone, this ASX share soared almost 14%.
For perspective, a $10,000 investment in this share a year ago would now be worth $120,000.
Let's take a look at what is going on with this ASX mining share.
Image source: Getty Images
What's been going on?
WA1 Resources shares soared 1529% between market close on 21 October and 18 November amid some announcements.
On 26 October, WA1 Resources released drill results from the West Arunta Project in Western Australia.
The explorer revealed it had intersected with a mineralised carbonate system with highly elevated niobium, anomalous rare earth elements (REE), and phosphorous.
At the time, the company's 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
Then on 15 November, WA1 advised it had started an airborne electromagnetic (EM) survey at the Hidden Valley Project. This survey is testing for bedrock conductive anomalies.
The next day, WA1 announced the discovery of a second niobium and REE mineralised carbonatite system at Luni, within the West Arunta project.
Savich described this announcement as an "incredible outcome".
In late April, WA1 presented a quarterly report advising of a cash balance of $10.4 million at 31 March.
In more recent news, on 1 May, WA1 Resources announced high-grade niobium mineralisation is continuing to extend at Luni.
Mineralisation extends at least 400m to the east and 200m south of drill hole LURC003 and is open in all directions.
Share price snapshot
The WA1 Resources share price has lifted 72% in the year to date and nearly 78% in the last month.
This ASX mining share has a market capitalisation of about $85 billion based on the last closing price.
