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WA1 Resources unveil major niobium discovery at West Arunta

1 July 2024 16:35

WA1 Resources Ltd (ASX:WA1) has announced a groundbreaking Mineral Resource Estimate (MRE) for the Luni niobium deposit at their 100%-owned West Arunta Project in Western Australia. Luni is the most significant niobium discovery in over 70 years, establishing it as a major global critical minerals deposit.

World-Class Grade and Scale

The Inferred MRE boasts an impressive 200Mt at 1.0% Nb2O5 (niobium pentoxide), with a high-grade subset of 53 Mt at 2.1% Nb2O5 (at a 0.25% cut-off). This confirms the tier-1 scale and grade of the Luni niobium deposit.

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Figure 1: Luni MRE 3D view and RPEEE shell.

The MRE is based on drilling completed up to the end of 2023, and it does not include any fresh material at depth for which significant potential for mineralisation exists.

Key objectives for this year’s drilling program include enhancing the confidence level of high-grade zones within the current resource, targeting additional high-grade mineralisation both laterally and at depth, and collecting further samples for ongoing metallurgical variability studies.

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Figure 2: West Arunta Project location.

The initial Inferred MRE spans 3.6 kilometers east-west and 1.4 kilometers north-south. The mineralised units range in thickness from 10m to 70m, averaging around 30m, with some areas reaching up to 130m in thickness. Mineralisation typically starts between 30m and 70m below the surface and extends to depths of up to 190m.

WA1 engaged RSC Global Pty Ltd (RSC) to prepare the MRE in accordance with the JORC Code 2012. The estimate was completed on 30 June 2024 and reflects a fair and reasonable assessment of the project’s potential for economic extraction.

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Table 1: Luni Mineral Resource estimate (JORC Code 2012).

Management comments

WA1’s Managing Director Paul Savich commented “This Mineral Resource estimate confirms Luni as the most significant niobium discovery globally in over 70 years. This is a remarkable achievement within two years from discovery in an entirely greenfield belt in the West Arunta.

“The shallow, high-grade nature of the deposit, coupled with the recently announced initial metallurgy results, indicates the deposit may be amenable to conventional processing techniques and reinforces Luni as a highly strategic critical mineral asset.”

Drilling at Luni will continue for the remainder of the year with various objectives including the conversion of a portion of the current resource to the Indicated JORC category.

WA1’s Australian Security Exchange-listed share price is currently trading at $19.47 (4:30 pm UTC+ 8 hours)

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