The WA1 Resources Ltd (ASX: WA1) share price is taking off once more on Monday on a new find, surging 33% at the time of writing.
The company has announced it's uncovered the highest-grade niobium intersection to date at its West Arunta Project, located in Western Australia.
Right now, the WA1 Resources share price is trading at $6.225. That's nearly 3,700% higher than it was this time last year!
The company's shares hit an intraday high of $6.70 a share this morning. That was up 42% on Friday's closing price.
Let's take a closer look at what's going right for the ASX mining stock today.
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ASX mining stock takes off on assay results
The WA1 Resources share price is rocketing as the company reveals more results from the 2023 drilling program at its primary exploration project.
Assay results from drilling completed at the project's Luni prospect in March and April returned its highest-grade niobium intersection yet. The find is more than 500 metres southwest of previously reported drill holes.
Shallow, high-grade niobium mineralisation has now been found to extend over more than a kilometre.
Further, assays also reiterated the potential for Luni to house multiple commodities, with significant titanium mineralisation identified in multiple drill holes.
WA1 Resources managing director Paul Savich commented on the finding driving the company's share price higher today, saying:
These latest assay results now demonstrate that Luni has a large and extremely high-grade niobium footprint which we are working to extend further.
We are also very pleased to have received initial mineralogy results reporting high-purity primary niobium-bearing minerals with strong liberation characteristics in the samples examined. This is an extremely positive first step as we develop metallurgical test work programs to determine the optimal potential process route.
It comes just eight months after the company first revealed it had intersected niobium mineralisation at the project.
The system is the first of its kind found in the region. It has the potential to be a "globally significant deposit of one of the world's most critical raw materials", Savich previously said.
WA1 Resources share price snapshot
Stock in WA1 Resources has taken off in recent months.
It's gained a notable 290% since the start of 2023.
Meanwhile, the benchmark All Ordinaries Index (ASX: XAO) has risen 4% year to date and is trading flat year on year.
