Why has WA1 Resources' Share Price Surged by 400%?
An exploration company is making waves with its impressive drilling results at the West Arunta Project
Share Price Surge
WA1 Resources Ltd (ASX:WA1) has experienced a remarkable 400% surge in its share price since last year. The company's drilling efforts at the 100% owned West Arunta Project in Western Australia have yielded strong results, contributing to this significant increase.
Successful Drilling at West Arunta Project
The management of WA1 Resources believes that the drilling conducted at the Luni carbonatite deposit will make a substantial contribution to the maiden mineral resource estimate for Luni. This estimate is set to be completed in the first half of 2024. The ongoing reverse circulation and diamond drilling efforts have already covered nearly 26,000 meters this year at Luni. The company is expecting a steady stream of assay results in the coming months.
Positive Market Response
As a result of the promising drilling results, WA1 Resources' share price has soared.
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Shareholders have seen an impressive 15% increase, with the company's shares reaching a 52-week high of $10. 88 as of November 8, 2023.
Conclusion
WA1 Resources' share price surge is a reflection of the company's success in its drilling activities at the West Arunta Project. The management's ongoing efforts to extract resources from the Luni deposit are anticipated to contribute significantly to the overall mineral resource estimate. Investors are closely monitoring the company and eagerly awaiting further assay results, contributing to the positive market response.
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