WA1 Resources (ASX: WA1) has completed drilling at its West Arunta iron oxide copper gold (IOCG) project located in a remote region of Western Australia, 490km south of Halls Creek.
The company reports that preliminary observations are “highly encouraging” with significant zones of hematite alteration and trace sulphides noted, these being consistent with the IOCG target model.
Assay results, and detailed interpretation of those, are expected over the coming months.
Planning is under way for follow-up exploration activities.
Bringing in industry experts to interpret findings
The project area has significance because WA1’s ground is contiguous to an area into which Rio Tinto (ASX: RIO) has committed to a staged $58.5 million farm-in and joint venture with a private company.
WA1 was listed on the ASX in February with its main objective being to discover a tier one mineral deposit in Western Australia’s underexplored regions.
Managing director Paul Savich says drill samples have been submitted for analysis and now the company is carrying out geochemical and geological interpretations.
“We are highly encouraged by what we have seen and will utilise the assistance of industry-leading geochemical and geological experts over the coming months,” he added.
All holes at Luni prospect indicated mineralisation
At the Luni target at West Arunta, three holes were drilled for 803m, with all completed to the maximum capacity for the reverse circulation rig.
The depth of the holes varied due to the thickness of the cover sequence and down hole water pressure.
WA1 says all holes exhibited iron-oxide-carbonate-silicate alteration often associated with trace sulphides.
The first hole encountered weak to moderate hematite alteration from 152m down hole to 288m at the end of hole.
“While all drill holes intersected the top of the modelled gravity anomaly, it currently remains inconclusive as to whether the source of the intense density feature has adequately been tested and explained,” the company noted.
At the Pachpadra prospect, four holes were drilled for a total of 942m.
Previous work in the entire project area had been limited to exploration for gold and copper largely in the form of reconnaissance airborne geophysics, and sparse ground surveys and surface sampling.
