WA1 Resources (ASX:WA1) has reported fresh niobium drill results that provide a ‘significant’ contribution to its planned maiden Mineral Resource Estimate (MRE) for its Luni discovery in Western Australia.
The $533.88 million market capitalisation company says the MRE is expected to be completed in the first half of next year.
Assays from 100m-spaced drillholes in the eastern zone of Luni, which forms part of the wider West Arunta Project, demonstrate continuity of the shallow ‘high-grade’ blanket of niobium mineralisation in the area.
Some of the ‘best’ new intersections include hole LURC23-140 with 10m @ 2.1 Nb2O5 from 37m; and hole LURC23-157 with 30m @ 4.7% Nb2O5 from 54m.
WA1 Resources Managing Director Paul Savich says the company assessed the interpreted continuity of ‘high-grade’ mineralisation, and the results indicate ‘good’ continuity of the flat-lying mineralised blanket over the 1km strike extent of the infilled zone.
“Drill-out of the Luni carbonatite is ongoing. We anticipate receiving further regular laboratory assay results which will continue to form the basis of the maiden MRE, expected in the first half of 2024.”
“We anticipate receiving further regular laboratory assay results which will continue to form the basis of the maiden MRE, expected in the first half of 2024”
Reverse circulation (RC) and diamond drilling are still ongoing. The company says it expects to receive a consistent flow of assay results over the coming months.
WA1 Resources is an ASX-listed minerals explorer based in Perth, Western Australia. The company owns 3 projects considered to be prospective for rare earths, niobium, critical minerals, and battery metals.
As of 30 September 2023, the company had $23 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: WA1 Resources
