WA1 Resources Ltd (ASX: WA1 ) (WA1 or the Company ) is pleased to provide a report on its activities for the quarter ended 30 June 2022.

The West Arunta Project is located approximately 490km south of Halls Creek in Western Australia. It comprises the Pachpadra, Sambhar and Urmia prospect areas which are

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significant geophysical anomalies interpreted to have the potential to host iron-oxidecopper-gold (IOCG ) mineralisation and are contained within a granted Exploration Licence.

In April, geological field mapping, rock chip sampling and surface sampling was undertaken within the Pachpadra prospect area. The objective of the program was to enhance and refine exploration targeting prior to initial drill testing.

Results of the program highlighted anomalism proximate to the P1 target, which is the peak of the Pachpadra geophysical anomaly (refer to ASX Announcement dated 16 June 2022). The enrichment in rare earth elements including cerium, yttrium and lanthanum is significant as such elements are often associated with iron-oxide-copper-gold (IOCG ) mineralisation and their presence further validates the exploration potential of the P1 target area.

Figure 1: Soil/Lag Geochemical Results

Furthermore, field mapping was completed to identify and map surface expressions at the Pachpadra prospect area. Earlier mapping was completed by the Geological Survey of Western Australia (GSWA ) on a 1:250k regional scale, and more recently in a series of GSWA 1:500k compilation maps.

Key findings were that the quartzites are generally both strongly recrystallised and tectonised with some parts showing remnant bedding and granular uniform sandstone

texture. A presumably ex-pelitic and chemical sedimentary unit, now ironstone, is wrapped along the north-west edge of the quartzites.

Importantly, hydrothermal activity with ferruginous fracture fills in quartzite and a mildly radioactive ferruginous plug (with subordinate quartz) were evidenced in the quartzite sequence.

Figure 2: Field Mapping and Rock Chip Sample Location Points

An on-country heritage survey was completed in May to evaluate drilling access tracks and pads. All of the Company's proposed activities were cleared for the maiden drill program.

Prior to WA1 acquiring the West Arunta Project in 2021, the Company's tenements had limited historical exploration for gold and copper, largely in the form of reconnaissance airborne geophysics, limited ground geophysical surveys, and surface sampling.

Geophysics are often the primary initial exploration tool used to identify IOCG deposits as this style of mineralisation has differing gravity and magnetic characteristics due to variations in the extent and mineralogy of iron alteration. In addition, the strong structural controls, such as those interpreted within the West Arunta Project tenements, could provide the means for the extensive hydrothermal activity necessary for the formation of an IOCG system and the accumulation of elevated copper and gold, and potentially a suite of other commodities such as cobalt, uranium and rare earth elements.

The West Arunta region has experienced limited exploration with drilling on the West Arunta Project tenement limited to a single historic diamond hole drilled in 2010, which indicated potential for IOCG style mineralisation. Since 2010, the region has seen low levels

of exploration until recently when two key events provided renewed significant validation for the area's IOCG exploration potential.

Figure 3: West Arunta Project Location

In late 2020, Encounter Resources Limited (ENR ) drilled a single diamond hole proximal to WA1's West Arunta Project which successfully intersected hydrothermally altered mafic intrusions with a distinctive IOCG geochemical signature and altered potassic granite (refer to ENR's ASX announcement on 11 February 2021 for further details).

In early 2021, Rio Tinto Exploration Pty Ltd applied for significant tenement landholdings in the West Arunta and entered into a staged A$58.5 million farm-in and joint venture agreement in five tenements to the south held by Tali Resources Pty Ltd. These tenements are contiguous with WA1's West Arunta Project (refer to Agrimin Limited's (AMN ) ASX announcement on 12 March 2021 for further details). During the quarter, an RC drill program was undertaken at this exploration project with results awaited (refer to AMN's ASX Quarterly Report on 20 July 2022).

The Hidden Valley Project comprises one Exploration Licence application located 150km south of Kununurra, Western Australia. During the quarter a Native Title Heritage Protection and Mineral Exploration Agreement was entered into with the Kimberley Land Council Aboriginal Corporation, on behalf of the Malarngowem and Purnululu people to enable the grant of the Exploration Licence.

The tenement lies within the Osmond Ranges and on a major structural position straddling the Osmond Fault. The fault is a unique east-north-east trending structural domain immediately east of the Halls Creek Orogen and along strike from IGO Limited's (IGO ) Osmond Valley Project.

Figure 4: Hidden Valley Project tenement plan

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WA1 Resources Ltd. published this content on 27 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2022 02:21:06 UTC.