WA1 Resources (ASX:WA1) – one of the most commonly watched stocks on HotCopper – has jumped 6.5% in morning trades as the market responds favourably to the company’s latest niobium assays.
Niobium is a rare earth element (REE) and typically used as an alloy in aerospace, though, has myriad uses. Shares were trading at $11.95 at 10.35am AEDT on Thursday.
The company has unveiled the following hits:
- 34m @ 4.8% niobium from 87m depth, including:
- 16 m @ 7.9% niobium
- 42m @ 1.5% niobium from 39m depth, including:
- 10m @ 2.8% niobium
- 72m @ 1.0% niobium from 46m depth
A further series of assays from drilling conducted back in 2023 are also due for delivery to the geotechs in due course.
“The results from this program have performed well and are providing important additional geological datapoints at Luni, along with delivering high-grade niobium mineralisation within expectation for this area,” WA1 chief Paul Savich said.
“Metallurgical testwork programs are progressing well and we continue to target the release of an initial Mineral Resource estimate for Luni late in the June quarter.”
That MRE will be a testament to the company’s ability to avoid market headwinds and continue plugging away at its WA project.
Over the last year, WA1 Resources shares have posted 1Y returns of 840.94%.
The company is outperforming the ASX200 by 771% and has a market cap of $732.9M.
However, the stock has a generally low liquidity.
Shares last at $11.95.