The Conversation (0)
West Cobar Metals Limited (ASX:WC1) (“West Cobar”, “WC1” or “Company”) has previously announced3 the conditional 100% acquisition of an exploration licence E28/2513 in the Fraser Range Province of Western Australia, highly prospective for orogenic gold deposits.
Highlights
- Progress towards completion of recent agreement for acquisition of IGO Limited’s 100% interest in tenement E28/2513 (“Mystique Project”)
- Highly prospective for gold in the Fraser Range, Western Australia, with exciting targets emerging
- Exceptional gold intercepts at the nearby Themis Prospect (250m outside of, and north of, the Mystique Project boundary), reported by Rumble Resources Limited, includes intersections of:
- 18AFAC307711 - 25m @ 2.42g/t Au from 42m, including 5m @ 10.85g/t Au from 49m
- 20AFAC113212 - 16m @ 6.69g/t Au from 42m, including 4m @ 22.2g/t Au from 50m
- Immediate targets at Mystique, supported by widespread drill intersected gold anomalism in transported cover and saprolite, are:
- to drill test the saprolite gold mineralisation
- to drill test and define significant gold mineralisation targets in the basement rocks
- Exploration drill programme now planned to follow up key targets on the Mystique Project
- Further acquisition of 70% joint venture interest from IGO Limited in three adjoining tenements (E28/2528, E28/2529 and E28/2595, “Thunderstorm Project”) will not proceed after notification that joint venture partner Rumble Resources Limited will pre-empt the acquisition
Exploration licence E28/2513, known as the Mystique Project covers 35km2 within the Albany-Fraser Province and is located approximately 225km SSE of Kalgoorlie.
While exploring the adjoining tenements for nickel-copper mineralisation, the IGO Limited / Rumble Resources Limited joint venture encountered outstanding gold intercepts in saprolite and bedrock, in particular at the Themis prospect, just outside of, and north of, the E28/2513 tenement boundary.1,2
West Cobar Metals’ Managing Director, Matt Szwedzicki, commented: “We are excited to progress the acquisition of the Mystique Project, which is highly prospective for gold.
The tenement comprises a key land area with exceptional and immediate potential for both shallow saprolite hosted and large-scale basement hosted gold deposits. We have identified two high priority targets which warrant immediate attention.
Themis South, on E28/2513, has the potential of being a large mineralised system, with thick, high-grade gold zones intercepted just outside the tenement boundary.
In addition, the Torquata prospect is a very large calcrete gold anomaly which contains a number of areas that require testing.
We look forward to completing this acquisition and to begin exploring.”
Figure 1: Location of Mystique Project and West Cobar’s Salazar Project in the Fraser Range
Exploration to Date
The Mystique Project remains relatively unexplored as most of the area is covered by 30m or more of transported Eocene sediments and there is little surface expression of geology or mineralisation.
Exploration work by IGO included gravity surveying, MLEM (Moving Loop EM – ground survey along lines 400m apart) and air core drilling (nine holes for 630m). Prior to IGO’s involvement, the licence area E28/2513 had been explored for mineral sands and for gold, notably by Iluka Resources Ltd, Homestake Gold of Australia Ltd, SIPA Resources NL and Blackfire Resources Ltd who drilled 165 air core, seven RC and three diamond holes. The result is a data set which includes geophysics and a drill database, that enables West Cobar to concentrate initially on well-defined high priority gold prospects. The historical exploration covering EL28/2513 has been reported previously in the West Cobar release to the ASX of 5 March 2025.3
Figure 2: Themis South and Torquata Prospects – possible extension of gold mineralisation intersected in air core drilling, just to north of tenement boundary along structural corridor interpreted from aeromagnetics (intersections outside of E28/2513, see references 1 and 2)
Click here for the full ASX Release
This article includes content from West Cobar Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Cash Payment Received from Loreto, Chile Option and Joint Venture Agreement
Transaction Terms
Pursuant to the Agreement, Teck Chile has been granted options, to earn up to a 75% interest in Loreto by making US$600,000 in staged cash payments and spending US$17m on exploration.
First Option
Asara has granted Teck Chile an option to acquire a 55% interest in Loreto (the First Option). Teck Chile may exercise the First Option by incurring an aggregate of US$5,000,000 in expenditures on Loreto and by making US$600,000 in cash payments to Asara as set out in the schedule below. The dates for remaining payments, are tied to the Permit Date.
Second Option
If Teck Chile exercises the First Option, Teck Chile shall have a further option to acquire an additional 20% interest in Loreto, by incurring an additional US$12,000,000 in expenditures over the ensuing four-year period (the Second Option).
Loreto Project Litigation
As announced on 8 May 2025, Asara successfully concluded legal proceedings brought against the Company as outlined in its ASX Announcement dated 15 November 2023. As part of the settlement, Asara was required to sell 25.26% of its interest in the Loreto Project to Costa Rica Dos SpA (Costa Rica Dos) for approximately A$87,122 with payment to be made through future profits generated in the context of the Agreement with Teck Chile. Accordingly, Asara is not required to remit the requisite portion of the recent payment to Costa Rica Dos.
Click here for the full ASX Release
This article includes content from Asara Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Australian Critical Minerals to acquire significant gold and copper portfolio in mineral rich Peru
Highlights
- ACM has entered into a binding Share Purchase Agreement to acquire 100% of the issued capital of Circuit Resources Pty Ltd which owns several potentially transformational gold and copper projects in highly prospective locations in Peru.
- Targeting gold and copper, with high grade silver and base metals a secondary focus.
- Blanca Gold Project is a low-sulphidation epithermal quartz vein with substantial previous drilling and trenching identifying high grade gold.
- Drill results include:
- Bonanza drill grades to 52.8g/t Au over 1.5 metres within 9.5m @ 11.27 g/t Au
- 4m @ 3.97 g/t Au, including 1.75m @ 7.5 g/t Au
- 1.5m @ 22.68 g/t Au within 5m @ 7.04 g/t Au
- 1.2m @ 8.13 g/t Au within 7.37m @ 2.44 g/t Au
- 6m @ 2.31 g/t Au (refer to Figure 4 and Appendices 3 and 4 for full results of the drill and trench sampling program). (1,2,3)
- Only partially drilled - 2km of the 3km strike remains to be drilled
- Drill results include:
- The Riqueza Copper-Silver Project is a district-scale, intermediate-sulphidation vein system extending over a 10 km strike length, which has undergone substantial exploration by previous operators.
- Copper grades from 1% to 8.7% and silver assays to 2,238 g/t in historic surface rock chip samples
- The Flint Gold Project hosts a 6 sq km high-sulphidation system with strong geophysics and geochemistry,
- directly bordering Peñoles’ San Juan copper deposit—highlighting shallow gold potential.
- Cerro Rayas hosts eight high-grade zinc-lead-silver workings along 8 km, with rock chips grading over 40% Pb+Zn—showcasing standout exploration potential (refer to Figure 15 and Appendix 6 for further details).
- Completion of oversubscribed $1m placement to support exploration across new and existing projects.
Australian Critical Minerals Managing Director, Dean de Largie commented, “The acquisition of Circuit Resources is a significant opportunity for ACM, delivering a pipeline of high-impact exploration projects across gold, copper, silver, zinc, and lithium in Peru. The scale and quality of these assets—spanning over 25,000 hectares— give us immediate drill-ready targets and exceptional scope for new discoveries.
Projects like Riqueza, with high-grade copper-silver veins over several kilometres and proximity to majors like Anglo American, offer Tier-1 potential. Blanca has already demonstrated strong gold mineralisation, while Cerro Rayas and the Salar projects provide exposure to critical metals with potentially strong demand tailwinds.
This acquisition significantly strengthens our portfolio, and we’re excited to begin unlocking value with aggressive exploration in the near term.”
Figure 1 – Location of Circuit Resources Projects
Circuit Resources Project Overview
Circuit Resources owns or has the right to acquire 100% of six projects comprising 37 mining concessions covering 25,600 Ha in Peru. Refer to Appendix 5 for a summary of the mining concessions to be obtained through the acquisition of Circuit.
Click here for the full ASX Release
This article includes content from Australian Critical Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
