WA1 Resources' (ASX:WA1) shares are skyrocketing; here's why

October 26, 2022 03:11 PM AEDT | By Khushboo Joshi

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WA1 Resources' (ASX:WA1) shares are skyrocketing; here's why — Image source: © Xtrekx | Megapixl.com

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Highlights

WA1 Resources, on 26 October, announced the first results from drilling at West Arunta project.

The drilling had started in July this year.

The company has found high-grade niobium mineralisation in the West Arunta project.

Shares of WA1 Resources Ltd (ASX:WA1) were seen skyrocketing at AU$0.460 apiece, up 240.740% at 1:02 PM AEDT on ASX on Wednesday (26 October 2022).

The materials firm has announced the initial outcome from its maiden West Arunta project drilling program commenced in July 2022 as per which the first drill hole has intersected high-grade niobium mineralisation. The drilling program has also reported discovery of rare earth elements and phosphorus.

Key takeaways from the drilling results:

WA1 Resources shared today that Niobium is listed as a critical and strategic mineral key to global technology needs by Australia, US, EU, Japan, and India. The company said that carbonatite mineral systems are important sources of niobium and REE and they host all three of the world’s operating niobium mines and also Lynas Rare Earths Limited’s Mt Weld deposit.

WA1’s Managing Director, Paul Savich, commented:

Savich added by saying that Niobium has been classified as a crucial mineral by many nations. He further informed that ferroniobium metal (65% Niobium) is selling for US$45,000/t3.

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