About 5.30am on January 1, officers received reports a firearm had been fired multiple times during an argument on Culgoa Street, Bourke.

Police were told a group of people had congregated on the street during the altercation before a man produced the shortened rifle and fired several rounds of ammunition into the air.

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The group fled the scene prior to police arrival.

Officers from Central North Police District established Strike Force Glynburn to investigate the incident.

Shortly before 8am on Thursday, police executed a search warrant at a home on Richard Street in Bourke.

Officers located and seized four firearms, ammunition, slingshots, a dagger and a machete.

Police will allege one of the firearms seized was involved in the public place shooting at Bourke on January 1, however; the man who allegedly fired the firearm has not yet been identified by police.

Following further inquiries, a 17-year-old was arrested at Bourke Police Station about 8.45am on Friday.

The teenager was charged with possess unauthorised firearm, and possess ammunition without holding licence, permit, authority.

The teenager was granted conditional bail to appear before a children's court on May 17.

As investigations continue, police wish to speak with a man who may be able to assist police with inquiries.

The man has been described as of an Aboriginal/Torres Strait Islander appearance, about 20-30 years old, and around160-170cm tall, of a heavy build with medium-length hair.

Anyone with information about this incident, including mobile phone footage from the area at the time of the incident, is urged to contact Bourke Police Station (02) 6870 0899 or Crime Stoppers on 1800 333 000

Information is treated in strict confidence. The public is reminded not to report crime via NSW Police social media pages.