Wa1 Resources Ltd
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Wa1 Resources West Arunta Project Shows Promising Results in Quarterly Activities Report
In the latest quarterly activities report, West Arunta Project, has shared exciting updates on their ongoing drilling efforts at Luni. The report highlights the significant progress made in defining the lateral extent of mineralized carbonatite and the discovery of high-grade niobium mineralization. Additionally, the company has also announced successful completion of a placement, securing A$10 million in funds to support further exploration.
Defining the Extent of Mineralized Carbonatite at Luni
Ongoing step-out drilling at Luni has yielded promising results, with the lateral extent of mineralized carbonatite being further defined. The exploration efforts have uncovered shallow, high-grade niobium mineralization over a 1. 4km extent. Importantly, the presence of a high-grade oxide blanket that is yet to be laterally defined indicates the potential for further discoveries and expansion of the resource.
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Multi-Commodity Potential and Diamond Drilling
The West Arunta Project has identified evidence of high-grade, multi-commodity potential at Luni, in addition to niobium. To further explore these possibilities, diamond drilling commenced during the quarter. This phase of drilling will initially focus on infill drilling and producing core samples for process test work. The early mineralogy reports have indicated strong liberation characteristics of the high-grade primary niobium-bearing minerals within limited composite samples, further cementing the project's geological significance.
Continued Drilling Success and Exploration Milestone
With almost 10,000m of drilling completed thus far in the year, West Arunta Project has made significant strides in defining the extent of this globally significant discovery. Two drill rigs continue to operate on-site, highlighting the dedication and commitment to thorough exploration. The company remains confident in the potential of the West Arunta Project and will continue to push boundaries in their pursuit of excellence.
Funding secured through Completion of A$10 Million Placement
In a major financial milestone, the company successfully completed a placement, raising A$10 million at an issue price of A$2. 75 per share. This injection of funds will provide West Arunta Project with the necessary capital to drive further exploration and development activities. As of 30 June 2023, the company boasts a cash balance of approximately A$17 million, positioning them strongly for future growth and value creation.
The West Arunta Project continues to deliver promising results in their ongoing exploration efforts at Luni. The quarterly activities report highlights the successful definition of the lateral extent of mineralised carbonatite and the presence of high-grade niobium mineralization. Additionally, the company's endeavours have attracted strong financial backing, with a placement raising A$10 million. With abundant funds and ongoing drilling activities, West Arunta Project remains committed to achieving significant milestones and unlocking the full potential of this exceptional discovery.
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