Exploration results overview

WAT Resources Ltd (ASX: $WAI) has announced the extension of high-grade mineralisation to the east at Luni within the West Arunta Project in Western Australia. The recent drilling results indicate the potential for a significant envelope of mineralisation to continue in the eastern and southeastern areas of Luni. The company's Managing Director, Paul Savich, highlighted the significance of these results and the opportunity they present for extending Luni's mineralised footprint in 2024. The ongoing drilling activities are focused on collecting samples for metallurgical testwork and defining the bounds of the open mineralisation.

Executive commentary

Today's results are the final 2023 extensional drilling intersections and they suggest a meaningful envelope of mineralisation may continue in the eastern and southeastern area of Luni. This also provides an opportunity to extend Luni's mineralised footprint during 2024. The results from LURC23-093 further demonstrate potential for other commodities at Luni, with this hole returning significant high-grade rare earth mineralisation in the southeast of the currently interpreted area of the Luni carbonatite. This single intersection will require follow-up to better understand the potential for a meaningful extent to this tenor of mineralisation, and is a reminder of how much we are yet to learn about Luni. There are limited remaining assays to be reported from 100m infill drilling completed during 2023, followed by the estimation of an initial Mineral Resource for Luni. Ongoing drilling is currently focused on collecting samples for metallurgical testwork and broad 200m-spaced grid drilling to help define and extend the bounds of the mineralisation that remains open.

Exploration summary and outlook

The recent drilling results at the West Arunta Project have unveiled the potential for an extended mineralisation footprint at Luni, indicating the continuation of a significant envelope of mineralisation to the east and southeast. The discovery of high-grade rare earth mineralisation further underscores the multi-commodity potential at Luni. With ongoing drilling activities and the estimation of an initial Mineral Resource for Luni on schedule, WAT Resources Ltd remains focused on defining and extending the bounds of the open mineralisation. The company's exploration efforts aim to uncover the full extent of the mineralisation and capitalize on the potential for other commodities at Luni. As the drilling progresses, the company anticipates further insights into the mineralisation, which will contribute to shaping its corporate strategy and future exploration endeavors.