WA1 Resources makes ASX debut, uses $4.5m funding to pursue WA exploration objectives

Junior explorer WA1 Resources (ASX: WA1) will make its debut on the Australian Stock Exchange today following a $4.5 million float for an indicative market capitalisation of $9 million.

The company has spent the past few years consolidating its portfolio of three projects in Western Australia targeting minerals essential for battery and electrification technologies.

These include the flagship West Arunta iron oxide copper gold (IOCG) project near Alice Springs, which comprises the Pachpadra, Sambhar and Urmia prospects within a granted exploration licence.

The other two projects – Madura in the southeast of the state, and Hidden Valley near Kununurra to the north – are at access agreement stage and will need related approvals to enable granting of exploration tenements.

Madura is considered prospective for IOCG while Hidden Valley contains a number of potential intrusive bodies along the interpreted Osmond Valley Fault and is believed to host nickel-copper-platinum group elements (PGE) sulphide mineralisation.

The projects cover a combined 900 square kilometres and are believed to have separate potential to deliver a valuable mineral resource for the junior and exploration will be focused on the economic discovery of copper and nickel, along with coincident gold.

Exploration objectives

WA1 managing director and chief executive officer Paul Savich said the initial public offering process raised the funds needed to pursue initial exploration objectives using a systematic and targeted approach.

“Our IPO was carefully structured and attractively priced to deliver a strong listed mineral exploration business with a supportive share register we recognise that exploration success is ultimately required to deliver further substantial value creation for our shareholders,” he said.

“Our focus is firmly where it needs to be moving forward, and that is on completing preparations for the coming field season and executing our planned exploration activities for this year.”

Historical exploration

Prior to WA1 acquiring West Arunta from parent company Tali Resources in 2021, the tenements had been subject to limited historical exploration for gold and copper which was largely in the form of reconnaissance airborne geophysics, ground surveys and surface sampling.

A diamond hole drilled close to the project in 2020 by Encounter Resources (ASX: ENR) intersected hydrothermal hematite-altered mafic intrusions with a distinct IOCG signature and altered potassic granite.

The discovery was significant for the region’s exploration potential and supported an IOCG mineralisation model being targeted by WA1.

“We are currently in the process of finalising West Arunta’s exploration program for the coming field season,” Mr Savich said.

“It will comprise geological mapping and geochemical sampling, and we expect the results will assist in planned reconnaissance drilling of previously identified geophysical anomalies by mid-year.”

Madura potential

Located east of Kalgoorlie-Boulder, the Madura project consists of three granted exploration licences and two licence applications over 420sqkm of the Madura Province.

Mr Savich said “clear potential” exists in the region for IOCG-style gold-copper mineralisation and the model will be retained as the basis for a proposed exploration program within the Madura tenements.

WA1 is currently finalising heritage access agreements to enable granting of the tenements.

Planning is advanced for detailed high-resolution geophysical surveys to better constrain the local geological setting and assist in the targeting of future drilling activities.

Sediment-hosted mineralisation

The Hidden Valley project comprises one exploration licence application over 220sqkm located 150km south of Kununurra, in an area considered prospective for sediment-hosted massive sulphide (SHMS) lead-zinc-silver and magmatic copper-nickel mineralisation.

While several anomalous indicators for gold and copper have been identified by previous operators, no historic drilling has been completed on the tenements.

WA1 is negotiating an exploration access agreement to enable granting of the tenement.

This will be followed by an initial program of reconnaissance mapping and sampling to explore for polymetallic mineralisation of various styles, along with high-resolution geophysical surveys.