Hotly watched WA1 Resources posts 200Mt niobium resource; largest discovery in over 70 years

WA1 Resources (ASX:WA1) has today published an inferred mineral resource estimate (MRE) of 200Mt of ore at 2% niobium.

A subset of the MRE at 53Mt comes in slightly higher at 2.1% niobium. The company clarified on Monday the resource is “constrained to shallow, weathered mineralisation starting from 30m.” The max depth is 190m.

Management put it to punters the MRE reflects the largest niobium find in over 70 years.

“This Mineral Resource estimate confirms Luni as the most significant niobium discovery globally in over 70 years,” CEO Paul Savich said.

“This is a remarkable achievement within two years from discovery in an entirely greenfield belt in the West Arunta.

“Drilling at Luni will continue for the remainder of the year with various objectives including the conversion of a portion of the current resource to the Indicated JORC category, targeting additional high-grade potential both laterally and at depth, and providing sample for ongoing metallurgical variability testwork.”

Savich also pointed to the status of niobium as a listed critical mineral in Australia.

The MRE was overseeen by RSC Global; it covers an area with a boundary of some 3.6km east-west and 1.4km north-south.

Geotechs are confident the company may have a shot at an open-pit mine operation at the project.

WA1 last traded at $19.28; 1Y returns are up 212%.