WA1 Resources Ltd (ASX: WA1) has secured firm commitments for a Placement of New Shares to institutional and sophisticated investors to raise A$10 million to further advance its West Arunta project in central Western Australia.
Euroz Hartleys Limited acted as Lead Manager to the Placement and Canaccord Genuity (Australia) Limited acted as Co-Lead Manager.
“We sincerely appreciate the support from our new and existing shareholders which is enabling us to continue to execute the exploration we’re so passionate about. We will maintain our focus to maximise the chance of continuing to deliver positive results for all stakeholders,” WA1’s Managing Director, Paul Savich, said.
“Funds raised from the Placement will primarily be applied to a substantial drilling program at our West Arunta Project which will focus on determining the depth and lateral extent of the carbonatite intrusions intersected at Luni and P2. We are also now funded to test more priority targets in the next round of drilling.”
West Arunta Project – Upcoming Results and Activity
Four metre composite assays for all seven drillholes completed in WA1’s maiden drill programme in the West Arunta have now been received and reported.
All single-metre splits from P2 and Luni have been submitted for analysis with first assay results now expected during December. This includes results from the shallower weathered portions of the holes which have potential for supergene mineralisation and has not previously been assayed or reported.
Priority follow-up work includes geophysical surveys and an intensive review of the geochemical assay results. This work will assess the nature of the carbonatites intersected and determine if any spatial variation or zonation can be mapped.
Work will also commence on the design of the first drill program in 2023. This programmw will focus on determining the spatial and depth extent of the carbonatite intrusions intersected at Luni and P2.
For further information please visit: http://www.w.waa1.1c.coomm.a.auu/
