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WA1 RESOURCES LTD Capital/Financing Update 2022

Jul 12, 2022

66031_rns_2022-07-12_ede65de4-f891-457c-819c-fbf561ed114d.pdf

Capital/Financing Update

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ASX RELEASE
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13 JULY 2022

WEST ARUNTA PROJECT COMMENCEMENT OF DRILLING

Highlights

  • Drilling has commenced at the West Arunta Project

  • Plans include six RC holes to test three significant geophysical anomalies considered prospective for IOCG-style copper-gold-REE mineralisation

WA1 Resources Ltd (ASX: WA1) ( WA1 or the Company ) is pleased to announce that its maiden West Arunta Project drilling program has commenced.

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Figure 1: RC Drilling at Pachpadra

WA1’s Managing Director, Paul Savich, commented:

“WA1 listed on the ASX in February this year to undertake responsible exploration which has the potential to be transformative for our stakeholders. We have now commenced the first drill testing of significant geophysical anomalies in a region which has seen extremely limited exploration and where potential remains to make a major discovery.

“We have systematically advanced our understanding of the West Arunta Project over the past four years with a focus on acquiring complimentary datasets. This work has reinforced the relevance of our exploration model and provided the confidence to undertake our maiden drilling program.

“With a current cash position of approximately $3.6 million we have a strong balance sheet to support any follow-up exploration and activities.”

WA1 RESOURCES LTD | ABN: 51 646 878 631 | WWW.WA1.COM.AU | ASX: WA1 WA1 RESOURCES LTD | ABN: 51 646 878 631 | WWW.WA1.COM.AU | ASX: WA1 A: L2 55 CARRINGTON ST NEDLANDS WA 6009 P: +61 8 6478 7866 E: [email protected] A: 2C LOCH ST, NEDLANDS WA 6009 P: +61 8 6478 7866 E: [email protected]

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Maiden West Arunta Drill Program

The planned drill program will provide an initial test of the Pachpadra (P1 and P2 targets) and Luni exploration prospects, with the aim of assessing the potential for the areas to host mineralisation.

Over the past four years a comprehensive, multi-layered dataset of new and historic information from the West Arunta has been acquired and analysed. This includes geophysical magnetic and gravity surveying, surface sampling and mapping. The culmination of this work has supported the primary targeting of IOCG-style copper-goldREE deposits. In addition, the area is also considered to be prospective for magmatic style nickel-copper mineralisation.

Geophysical techniques 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.

Drilling at Pachpadra (four RC drill holes) and Luni (two RC drill holes) ( Figure 2 ) is designed to test the peak of each gravity and magnetic high, and the associated margins of these large geophysical anomalies. Drill holes are planned to depths of between 240 to 400 meters with drilling expected to take approximately three weeks. WA1’s current intention is to announce the assays results once they have been received for all holes.

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Figure 2: Planned Drill Collar Locations Combined gravity (resUC200m, colour) and magnetic (residual contours) anomaly images

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WA1 was awarded a $150,000 Exploration Incentive Scheme ( EIS ) grant to drill the P1 and P2 Pachpadra exploration targets by the Western Australian Department of Mines, Industry Regulation & Safety. Holes within this drilling program are expected to meet the requirements of the EIS grant which will assist in offsetting some of the cost incurred in this program.

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Figure 3: West Arunta Regional Tenure Map with Magnetics

Rock Chip Sampling Results

As previously announced, a number of rock chip samples were taken during the recent mapping and surface sampling program. Similar to the results of the earlier surface sampling (refer to the ASX Announcement released on 16 June 2022 for further details), areas of elevated rare-earth-element anomalism were detected in the P1 target area within the Pachpadra prospect.

In addition, copper and nickel anomalism (between 276 to 1,074ppm Cu and up to 228ppm Ni) was detected in five samples associated with a mapped ironstone plug which appears to have intruded into the quartzite sequence. This unit is not associated with any significant gravity or magnetic response and further field reconnaissance is planned to be carried out.

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505ppm Cu
Cluster of Cu-Ni
anomalism
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Figure 4: Pachpadra Field Mapping and Rock Chip Sample Location Points

* Refer to samples WAP22-35J to 39J in Rock Chip Sampling Table 1

ENDS

For further information, please contact:

Investors

Media

Paul Savich Michael Vaughan Managing Director Fivemark Partners T: +61 8 6478 7866 T: +61 422 602 720 / +61 410 276 744 E: [email protected] E: [email protected]

Or visit our website at www.wa1.com.au

Authorised for market release by the Board of WA1.

Competent Person Statements

The information in this announcement that relates to Exploration Results is based on information compiled by Ms. Stephanie Wray who is a Member of the Australian Institute of Geoscientists. Ms. Wray is a full time employee of WA1 Resources Ltd and has sufficient experience which is relevant to the style of mineralisation under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Ms. Wray consents to the inclusion in the announcement of the matters based on her information in the form and context in which it appears.

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About WA1

WA1 Resources Ltd is based in Perth, Western Australia and was admitted to the official list of the Australian Securities Exchange (ASX) in February 2022. WA1’s shares are traded under the code WA1.

WA1’s objective is to discover a Tier 1 deposit in Western Australia’s unexplored regions and create value for all stakeholders. We believe we can have a positive impact on the remote communities within the lands on which we operate. We will execute our exploration using a proven leadership team which has a successful track record of exploring in WA’s most remote regions.

Forward-Looking Statements

This ASX Release may contain certain “forward-looking statements” which may be based on forward-looking information that are subject to a number of known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those presented here. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. For a more detailed discussion of such risks and other factors, see the Company’s Prospectus and Annual Reports, as well as the Company’s other ASX Releases. Readers should not place undue reliance on forward-looking information. The Company does not undertake any obligation to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this ASX Release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria Commentary
Sampling techniques •
Rock chips were sampled by Drake Brockman Geoinfo Pty Ltd, a
contractor undertaking geological mapping of areas of
outcrop/subcrop. The samples are random and subject to bias and
unrepresentative in terms of the typical sampling widths and
frequency for economic consideration and are by nature difficult
to duplicate with any acceptable form of precision or accuracy.
•
Sample locations were recorded by handheld GPS with an
estimated accuracy of +/-5m.
•
Rock chips were analysed in full by Australian Laboratory Services
Pty Ltd (ALS) in Perth where they were dried, crushed, pulverised
and split to produce a subsample for 4-acid digest (ME) and ICP-
MS analysis.
Drilling techniques •
Not applicable.
Drill sample recovery •
Not applicable.
Logging •
A qualitative geological description including interpreted
lithology, alteration, structure, veining and other features of the
sample was recorded.
Sub-sampling
techniques and sample
preparation		 •
Rock chip samples were submitted to ALS in Perth where sample
preparation was completed. See Sampling techniques above.
•
Certified reference materials and in-house blanks were used in
addition to laboratory internal QA/QC procedures.
Quality of assay data
and laboratory tests		 •
Samples were submitted to ALS for analysis using 4-acid digest
(ME) and ICP-MS analysis.
•
CRM standards were submitted.
•
ALS reported internal standards and duplicates.
Verification of sampling
and assaying		 •
Results reviewed by WA1’s Exploration Manager.
•
Results were received in various formats and are stored in a
central database.
•
No adjustments or calibrations were made to the results.
Location of data points •
The MGA94 UTM Zone 52 co-ordinate system was used for all data
with estimated accuracy of +/-5m.
Data spacing and
distribution		 •
Samples were taken at random and subject to bias.
Orientation of data in
relation to geological
structure		 •
Sampling was reconnaissance in nature with no known
relationship to geological structure.
Sample security •
Samples were transported by contractors with sample security not
considered a significant risk.
Audits or reviews •
No audits or reviews were conducted.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria Commentary
Mineral tenement and
land tenure status		 •
The West Arunta Project comprises one granted Exploration
Licence (E80/5173) and four Exploration Licence Applications.
•
All work completed and reported in this ASX Announcement was

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Criteria Commentary
completed on E80/5173 which is 100% owned by WA1 Resources
Ltd.
Exploration done by
other parties		 •
The West Arunta Project has had limited historic work completed
within the Project area with the broader area having exploration
focused on gold, base metals, diamonds and potash.
•
Significant previous explorers of the Project area include Beadell
Resources and Meteoric Resources. Only one drill hole (RDD01)
has been completed within the tenement area by Meteoric in
2009, and more recently a second hole proximate to the Project by
Encounter Resources Ltd in 2020.
•
Most of the historic work was focused on the Urmia and Sambhar
Prospects with historic exploration (other than RDD01) being
limited to geophysical surveys and surface sampling.
•
Historical exploration reports are referenced within the WA1
Resources Ltd Prospectus dated 29 November 2021 which was
released by ASX on 4 February 2022.
Geology •
The West Arunta Project is located within the West Arunta
Orogen, representing the western-most part of the Arunta Orogen
which straddles the Western Australia-Northern Territory border.
•
Outcrop in the area is generally poor, with bedrock largely covered
by Tertiary sand dunes and spinifex country of the Gibson Desert.
As a result, geological studies in the area have been limited, and a
broader understanding of the geological setting is interpreted
from early mapping as presented on the MacDonald (Wells, 1968)
and Webb (Blake, 1977 (First Edition) and Spaggiari et al., 2016
(Second Edition)) 1:250k scale geological map sheets.
•
The West Arunta Orogen is considered to be the portion of the
Arunta Orogen commencing at, and west of, the Western
Australia-Northern Territory border. It is characterised by the
dominant west-north-west trending Central Australian Suture,
which defines the boundary between the Aileron Province to the
north and the Warumpi Province to the south.
•
The broader Arunta Orogen itself includes both basement and
overlying basin sequences, with a complex stratigraphic, structural
and metamorphic history extending from the Paleoproterozoic to
the Paleozoic (Joly et al., 2013).
Drill hole Information •
Not applicable.
Data aggregation
methods		 •
No cuts or averaging was applied to the results.
Relationship between
mineralisation widths
and intercept lengths		 •
Not applicable.
Diagrams •
Refer to Figure 4 provided within this ASX Announcement.
Balanced reporting •
Refer to Table 1 – Rock Chip Sampling Locations and Assay Results.
Other substantive
exploration data		 •
Not applicable.
Further work •
Reverse circulation drilling is planned to be completed as
discussed within this ASX release.

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Rock Chip Sampling – Detailed Results Table 1: Rock Chip Sampling Locations (GDA94 Zone 52) and Assay Results (ppm)

Sample ID Northing Easting Ce Cu Dy Er Eu Gd Ho La Lu Nd Ni Pr Sc Sm Tb Tm Y Yb
WAP22_1J
399222
7547627
24
4
0.7
0.4
0.1
1.0
0.1 11.3 0.0
9.4
1
2.5
0.8
1.6
0.1
0.0
2.6
0.2
WAP22_2J
401609
7547134
6
9
0.2
0.1
0.1
0.3
0.0
3.3
0.0
2.3
1
0.6
1.5
0.4
0.0
0.0
0.7
0.1
WAP22_3J
399777
7547141
47
34
2.5
1.4
0.4
2.6
0.5 31.0 0.2 18.3 24
5.1 12.8 3.5
0.4
0.2 15.2 1.1
WAP22_4J
399779
7547150
17
24
1.4
0.7
0.3
1.2
0.2 10.4 0.1
7.5
17
2.0
6.4
1.4
0.2
0.1
6.4
0.6
WAP22_5J
399779
7547158
67
13
1.5
0.6
0.4
2.7
0.3 35.3 0.1 28.7 29
7.7
7.2
4.7
0.3
0.1
7.0
0.4
WAP22_6J
399769
7547154
66
14
1.5
0.6
0.6
2.3
0.2 24.3 0.1 22.3 25
5.9
2.5
3.8
0.3
0.1
6.4
0.4
WAP22_7J
400065
7547396
9
22
0.6
0.4
0.1
0.6
0.1
6.5
0.1
4.1
9
1.2 10.5 0.8
0.1
0.1
2.7
0.4
WAP22_8J
400074
7547400
52
8
1.3
0.6
0.8
2.1
0.2 26.4 0.1 22.8 10
5.8 21.8 3.9
0.3
0.1
5.1
0.6
WAP22_9J
400120
7547453
27
7
0.5
0.3
0.1
0.6
0.1 18.4 0.0
6.2
6
2.0
5.1
0.9
0.1
0.0
2.0
0.2
WAP22_10J
400174
7547454
65
16
1.5
0.8
0.3
1.6
0.3 45.7 0.1 13.3 12
4.6
8.9
2.1
0.3
0.1
5.2
0.7
WAP22_11J
400150
7547394
22
22
0.8
0.5
0.2
1.0
0.2 12.3 0.1
6.3
13
1.9
8.9
1.2
0.1
0.1
3.8
0.5
WAP22_12J
400098
7547356
9
16
0.4
0.2
0.1
0.5
0.1
5.0
0.0
3.8
27
1.1
7.1
0.7
0.1
0.0
1.9
0.3
WAP22_13J
400111
7547418
36
59
0.8
0.5
0.2
0.8
0.2 15.3 0.1
6.1
21
1.9
9.5
1.1
0.1
0.1
5.0
0.4
WAP22_14J
400017
7547272
21
33
0.8
0.5
0.1
0.8
0.2 10.0 0.1
4.8
8
1.5
9.3
0.9
0.1
0.1
3.9
0.5
WAP22_15J
399364
7546391 105
34
3.2
1.4
1.1
4.1
0.6 32.3 0.2 31.7 49
7.9 18.6 6.0
0.6
0.2 15.8 1.2
WAP22_16J
398943
7546724
21
14
1.8
1.1
0.4
1.7
0.4 15.7 0.1 10.6 11
2.9 10.9 2.0
0.3
0.2
7.5
1.1
WAP22_17J
399008
7546820
40
8
1.9
1.0
0.6
2.3
0.4 28.2 0.1 16.9 18
4.6
8.7
3.0
0.3
0.1
9.7
0.7
WAP22_18J
399048
7546852
70
6
3.1
1.4
1.2
4.5
0.6 48.1 0.1 39.9 84 11.5 4.9
6.7
0.6
0.2 15.6 0.9
WAP22_19J
398932
7546884
31
28
4.3
2.1
1.0
3.6
0.7 14.2 0.2 17.4 28
4.2
4.4
4.3
0.6
0.3 15.8 1.6
WAP22_20J
398893
7546798
88
505 1.4
0.8
0.4
1.5
0.3 45.7 0.1 18.3 10
6.5 11.2 2.2
0.2
0.1
6.4
0.8
WAP22_21J
398845
7546748
44
15
2.0
1.1
0.6
2.5
0.4 28.5 0.1 17.6 18
4.7 28.4 3.2
0.4
0.1 14.1 0.7
WAP22_22J
398912
7546721
62
32
2.1
1.1
0.6
2.2
0.4 27.8 0.1 20.2 11
5.7 12.1 3.5
0.4
0.2
8.9
1.0
WAP22_23J
397940
7546310
76
17
2.8
1.4
1.0
3.5
0.5 48.9 0.1 33.2 16
9.3
4.1
5.1
0.5
0.2 16.1 1.1
WAP22_24J
397867
7546316
47
43
1.6
0.8
0.6
2.3
0.3 33.3 0.1 25.8 11
6.8
7.1
3.9
0.3
0.1
6.9
0.7
WAP22_25J
397731
7546217 111
41
1.6
0.4
0.9
3.7
0.2 54.9 0.0 43.0
9
12.3 33.3 7.3
0.4
0.0
6.2
0.2
WAP22_26J
397712
7546224
49
28
2.2
1.1
0.9
2.9
0.4 30.2 0.1 22.2 10
5.7
7.8
3.9
0.4
0.2 11.2 0.8
WAP22_27J
397519
7546184 181
22
1.2
0.7
0.4
1.4
0.2 50.3 0.1 22.4
8
7.5 10.0 2.6
0.2
0.1
5.8
0.6
WAP22_28J
397490
7546255 201
16
2.6
1.5
1.0
3.3
0.5 70.7 0.2 46.8 47 15.0 6.1
6.6
0.5
0.2 13.2 1.2
WAP22_29J
397373
7546188
97
12
1.3
0.7
0.8
2.2
0.2 67.4 0.1 50.9
7
16.3 4.1
5.6
0.3
0.1
5.4
0.5
WAP22_30J
400496
7545294
11
5
0.3
0.1
0.1
0.5
0.1
5.3
0.0
4.2
2
1.2
2.0
0.8
0.1
0.0
1.1
0.1
WAP22_31J
401153
7545346
63
92
2.4
1.7
0.5
1.9
0.5 27.4 0.3 17.4 59
5.6 114 2.7
0.4
0.3
8.4
1.9
WAP22_32J
401202
7545362
55
173 4.9
3.1
1.4
4.3
1.0 32.3 0.5 20.7 133 5.4 74.0 4.7
0.7
0.4 22.0 3.2
WAP22_33J
401286
7545365
37
10
0.6
0.3
0.2
0.9
0.1 19.0 0.0 10.2 5.7
3.2
2.4
1.4
0.1
0.0
2.2
0.2
WAP22_34J
401405
7545572
57
31
0.5
0.2
0.3
0.8
0.1 23.6 0.0 11.5 10
3.7
2.5
1.5
0.1
0.0
1.7
0.2
WAP22_35J
400960
7545828
49 1075 1.7
1.2
0.4
1.5
0.4 24.2 0.2 11.4 120 3.8 35.2 1.8
0.3
0.2 11.4 1.2
WAP22_36J
401015
7545841 159 564 2.7
1.4
0.9
3.2
0.5 103 0.2 42.3 228 15.0 17.0 5.4
0.5
0.2 14.8 1.3
WAP22_37J
401023
7545852 139 276 2.1
1.5
0.7
2.4
0.5 73.1 0.2 44.0 194 15.0 20.9 4.8
0.4
0.2 16.3 1.3
WAP22_38J
401036
7545871
18
328 1.3
0.6
0.6
1.9
0.2
6.6
0.1 10.2 67
2.2 58.5 2.6
0.3
0.1
5.8
0.6
WAP22_39J
401022
7545856
63
363 2.6
1.3
1.0
3.1
0.5 37.2 0.2 26.1 39
7.0 46.1 4.5
0.5
0.2 10.2 1.2
WAP22_40J
401359
7545941
32
24
1.5
0.8
0.5
1.6
0.3 19.3 0.1 13.0 32
3.6
6.1
2.2
0.2
0.1
9.2
0.8
WAP22_41J
402572
7546445
21
8
0.6
0.3
0.2
0.7
0.1 12.7 0.0
6.2
4
1.8
1.9
1.0
0.1
0.0
2.6
0.2
WAP22_42J
411730
7547637
12
11
1.2
0.8
0.2
0.8
0.3
8.8
0.2
4.9
9
1.3
8.0
0.9
0.2
0.1
6.7
0.9
WAP22_43J
400159
7548130
41
26
1.6
1.0
0.4
1.5
0.3 24.6 0.2 13.9 10
4.2
9.4
2.1
0.3
0.2
8.2
1.0
WAP22_44J
400124
7548305
17
23
1.3
0.9
0.3
1.1
0.3
9.9
0.2
6.7
11
1.8 12.6 1.3
0.2
0.2
7.2
1.0

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