Gold

WA1 Resources expanding acreage to target new gold leads

Wed 27 Apr 22, 10:05am (AEST)
Worker in high vis and gloves holding rock with gold at a mine site
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Key Points

  • WA1 Resources finished Q1 CY2022 with $4.1m in bank after ASX listing in February
  • Company expanding its acreage via two new WA Exploration Licences encompassing five tenements
  • Builds on existing West Arunta Project acreage 490km south of Halls Creek comprising Pachpadra, Sambhar and Urmia prospects containing iron-oxide-copper-cold mineralisation targets

WA1 Resources (ASX:WA1) has released its quarterly report for the first of the 2022 calendar year, highlighting its new applications for WA Exploration Licences (A)80/5752 and 5753 respectively.

WA1 Resources listed on the ASX in February; as at 31 March 2022, it had $4m in the bank and is carrying out ongoing heritage negotiations towards agreement related to its exploration permits attached to the Madura and Hidden Valley projects. 

The two licences encompass five tenements separate from the company’s existing 100% owned West Arunta Project rights, where company geologists are aware of anomalies that indicate the possibility of gold.  

New ‘Luni’ find at West Arunta Sambhar prospect 

Onsite the company’s West Arunta Project, within the Sambhar prospect, the company has last month identified geological anomalies via an airborne survey that suggests the presence of gold underground.

The newly identified Luni anomaly adds a second region of interest to the Sambhar prospect. Luni’s geodata suggests a possible hematite dominated by iron-oxide-copper-gold, the company says.

Hidden Valley Kimberley Land Council chat rolls on 

WA1 Resources’ Hidden Valley project comprises one exploration licence some 150km south of Kununnara. The company continues to negotiate a Native Title Heritage Protection and Mineral Exploration Agreement with the Kimberley Land Council. 

The Hidden Valley project is located within the Osmond Ranges, however, no drilling has yet been undertaken. 

Madura Project to east of Kalgoorlie on par with HV

The company is deep in the cut with negotiations right now, as it sees a similar situation running parallel at its Madura Project located some 540km east of Kalgoorlie-Boulder. 

The tenements contained within the Madura project boundaries were the subject of airborne geophys surveys in 2021 partially supported by the State of Western Australia. 

Indicators for Copper-Gold source and host rocks onsite are confirmed in historical datasets, the company states. 

WA1 Resources' charts

 

Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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