Copper

WA1 Resources identifies "a significant new anomaly" for copper and gold

Thu 10 Mar 22, 11:54am (AEST)
2011 Geologists sampling rocks in iron ore exploration in the Outback
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Key Points

  • A helicopter-supported gravity survey has identified a significant anomaly
  • Early-stage exploration activities are planned to kick off in April
  • WA1 listed on 8 February at an offer price of 20 cents per share

A recent gravity survey from the newly listed copper-gold hopeful WA1 Resources (ASX: WA1) has identified a significant anomaly at the West Arunta Project in WA. 

Managing Director Paul Savich said that the characteristics of the new anomaly “makes for an exciting, potentially hematite dominated IOCG (Iron oxide copper-gold) exploration target.”

“It is these sorts of IOCG exploration targets which have the potential to produce a meaningful discovery.”

WA1 believes the anomaly is comparable to IOCG deposits such as Prominent Hill, owned by Oz Minerals (ASX: OZL) in South Australia.

“This result is timely and will be an additional focus for our on-ground field programs planned to commence in early April,” added Savich

Next steps

Over the next 12-months, WA1 hopes to systematically compile comprehensive datasets for the West Arunta Project in the lead up to a maiden drilling campaign.

WA1 is currently finalising plans for early-stage exploration activities such as mapping, surface sampling and geophysics analysis.

Within the company's prospectus, WA1 said it intends to undergo “immediate diamond drilling of any identified targets as generated by the newly acquired geophysical data and interpretation work based on them.”

WA1 shares briefly rallied 40% to 28 cents on its ASX debut on 8 February.

Its shares have come back to the low 20 cent level, still above its IPO offer price of 20 cents per share.

WA1 Resources (ASX WA1) Share Price - Market Index
WA1 Resources price chart

 

Written By

Kerry Sun

Finance Writer & Social Media

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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