Gold-copper explorer WA1 Resources (ASX:WA1) has defined a new ‘significant’ intrusive system from reverse circulation (RC) drilling at the P2 carbonatite complex within its West Arunta Project in Western Australia.
The company, which has a $312.74 million market capitalisation, says the target spans about 2.5km by 1km and was unearthed by a ‘broad’ 4-hole reconnaissance RC program. Field observations indicate that 3 of the 4 holes (PARC23005, 06, and 07) intersected carbonatite and contained a similar regolith profile to that intersected in the 2022 discovery hole PARC003.
WA1 Resources reports field observation also demonstrates an apparent continuity of the carbonatite system within these holes.
Samples gathered from drilling are currently en route to a laboratory in Perth for geochemical analyses.
The company notes these field observations have also warranted the start of planning for additional RC and diamond drilling to further test and define the extent of the P2 carbonatite complex.
This planned drilling is being designed in line with WA1’s current focus on drilling out the Luni carbonatite complex.
WA1 Resources is an ASX-listed explorer based in Perth, Western Australia, focused on discovering tier-one deposits in the state’s underexplored regions.
The company’s West Arunta project is located about 700km west-northwest of Alice Springs.
WA1 Resources had $17 million cash at hand as of 30 June 2023 following the completion of a $10 million placement, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: WA1 Resources Ltd