Shares of West Cobar Metals (ASX:WC1) experience a significant increase of 81.3%, reaching A$0.145 per share, the peak value seen since March 30.

The surge is attributed to its announcement that the mineral resource at its Salazar clay hosted rare-earths element (REE) project located in Western Australia has quadrupled.

Furthermore, West Cobar Metals (ASX:WC1) states that the amplified resources are the result of the recently initiated Phase I air core drilling programme.

As a result, approximately 7.4 million shares were traded - almost 90 times higher than the 30-day average trading volume of 82,348 shares.

Despite this considerable increase, West Cobar Metals (ASX:WC1)’s year-to-date performance remains on the downside, revealing a decline of 52.9% as of the market’s last close.

West Cobar Metals (ASX:WC1) is a company that mainly engages in mineral exploration, specifically on projects based in Western Australia.