Gold

WA1 Resources locks in maiden drill run at Arunta

Mon 09 May 22, 10:52am (AEST)
Gold Copper 4 Exploration
Source: iStock

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Key Points

  • WA1 Resources has completed geological mapping onsite its WA West Arunta Project’s Pachpadra target
  • Access tracks for drill rigs expected to be completed in June
  • Maiden drill run for the company is on-track for Q3 CY22

WA1 Resources (ASX:WA1) has completed heritage surveys and surface-sampling at its WA Pachpadra target, within the larger West Arunta copper-gold Project. 

Soil samples and rock chips have been sent off to laboratories for analysis with results pending and the company's maiden drill run confirmed for the expected Q3 CY22 commencement date. 

Additional field mapping was undertaken; the heritage surveys related to the creation of planned drilling access tracks through the project acreage. 

Two exploration teams fast-track pre-drill plans

Two separate teams carried out exploration activities at Pachpadra, with one team overseeing site mapping, and another team undertaking geochemical sampling and rock chip collection. 

Geological mapping data will be digitised and incorporated into datasets retained by the company so as to better define the location of key geological structures at the company's flagship development. 

Geochem and rock chip results are expected no later than early July. Ultrafine Fraction (UFF) analysis will be conducted on the sample materials to define key iron-oxide-copper-gold exploration targets. 

(Source: WA1 Resources) Map detailing the location of soil samples collected on-site Pachpadra

Rio Tinto taking interest in West Arunta area nearby 

The company is also hopeful to UFF analysis reflecting the presence of Rare Earth Elements (REE). Drill holes adjacent the West Arunta Project have intersected mafic intrusions with proved iron ore copper gold geochemical signatures, the company notes. 

That asset was drilled in 2020 by Encounter Resources. Rio Tinto has also farmed into tenement landholdings in West Arunta contiguous with WA1 Resources' project. 

Final compliance deliverables submitted, approval on horizon 

A contractor for the maiden drill run is locked in with heritage surveys outlining access tracks awaiting final report and clearance. 

The drilling program has been lodged with the Department of Mines, Industry Regulation and Safety. The company expects access tracks to be cleared and built no later than June. 

WA1 Resources shares are flat in early morning trades and currently trading at a substantial discount to where they were only two weeks ago, at 18cps down from 22cps. 

WA1 Resources' charts today show the significant discount at which the price is currently trading
WA1 Resources' charts today show the significant discount at which the price is currently trading

 

WA1 Resources was a Market Index client at the time of publishing. All coverage contains factual information only and should not be interpreted as opinion of financial advice.

 

Written By

Jonathon Davidson

Journalist

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.

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