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.