WA1 Resources (ASX:WA1) is preparing to restart niobium drilling before the end of February at its West Arunta Project in Western Australia ahead of a planned mineral resource estimate (MRE) for the area.
The $614.59 million market capitalisation company says a diamond rig is already on-site at the project, with other key personnel and equipment currently being mobilised.
WA1 says this comes even as it awaits the assay and analysis results of a ‘significant backlog’ of reverse circulation (RC) and diamond samples that are busy making their way through a laboratory.
The results of this lab work, which are expected over the coming months, will potentially form the basis of the planned MRE for the project, slated for release during the June quarter of 2024.
In any case, WA1 says a fresh batch of assay results from the western portion of the Luni carbonatite in the project area show more high-grade niobium mineralisation.
The company’s latest batch of assays, released today (2 February 2024), include top results of 9m @ 3.7% Nb2O5 from 63m in hole LURC23-231, 12m @ 3.4% Nb2O5 from 45m in LURC23-232, and 80m @ 1.5% Nb2O5 from 86m in LURC23-235.
These results come from 100m-spaced drillholes.
WA1 Managing Director Paul Savich says the new assays further consolidate the southwestern zone of Luni by ‘closing the gap’ between previously reported 200m-spaced step-outs.
“Further step-out holes have also extended the mineralised footprint to the west.
Detailed planning and preparation for this year’s activities are being finalised, with diamond drilling planned to commence later this month. In parallel, our metallurgical testwork programs are now underway at leading laboratories both locally and internationally.”
“Detailed planning and preparation for this year’s activities are being finalised, with diamond drilling planned to commence later this month”
All up, WA1 has completed 200 RC holes and 30 diamond drillholes, as well as 5 diamond tails, across the Luni carbonatite within the West Arunta area.
With today’s new results, the company has reported assays for 125 drillholes.
WA1 says the orientation of enriched oxide mineralisation intersected to date is generally interpreted to be sub-horizontal and coincident with the flat-lying transition between intensely and moderately weathered carbonatite.
Further, the company considers the potential for primary mineralisation in the ‘deeper, unweathered’ zone of the Luni area to be ‘significant’ and plans to drill test this in the future.
WA1 Resources had around $18.7 million cash and cash equivalents at hand at the end of December 2023, according to its latest quarterly report. On 18 January, the company launched a $40 million placement to advance work across its West Arunta Project.
Write to Joshua Smith at Mining.com.au
Images: WA1 Resources
