Up 47% and down 25% in one day, what’s with this ASX mining share?

This one ASX mining share has been up and down like a yo-yo today.

The WA1 Resources Ltd (ASX: WA1) share price finished 24.62% in the red after soaring higher in earlier trade.

This morning, WA1 Resources shares exploded out the blocks, soaring 46.73% from $1.99 to $2.92. For comparison, the S&P/ASX 200 Materials Index (ASX: XMJ) fell 2.96% today.

Let’s take a look at what went on with this ASX mining share today.

ASX mining share resumes trading

WA1 Resources shares soared a staggering 1,321% between market close on 21 October and 1 November.

On Tuesday, the company’s shares were placed on ice after exploding 60% earlier in the day. WA1 entered a trading halt voluntarily after receiving a price query from the ASX.

Today, WA1 Resources resumed trading after releasing its response to the ASX volume query after the market closed on Wednesday. The company confirmed it is in compliance with the listing rules.

In its response, the company pointed to “substantial recent media coverage” of the company’s discovery at the West Arunta project in Western Australia.

As announced by the company on 26 October, WA1 Resources has discovered a mineralised carbonatite system at the mine.

WA1 told the ASX assay results for six other drill holes at the project are due to be received next week. These results will be released following a comprehensive review by the company.

On 27 October, WA1 Resources released a corporate overview of the company, including the maiden drill program. The company’s mission is to “discover a tier one deposit in WA’s unexplored regions and create value for all stakeholders”.

WA1 Resources listed on the ASX on 8 February this year.

WA1 Resources share price snapshot

The WA1 Resources share price has soared 650% in the year to date. In the past month, the company’s shares have skyrocketed by 868%.

For perspective, the ASX 200 Materials Index has gained nearly 4% in the past year.

This ASX mining share has a market capitalisation of about $43.5 million based on today’s closing price.

The post Up 47% and down 25% in one day, what’s with this ASX mining share? appeared first on The Motley Fool Australia.

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More reading

• Why was this ASX mining share placed on ice after exploding 60% today? 
• 3 ASX mining shares going gangbusters on Thursday

Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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