SUBIACO: West Cobar Metals Limited (ASX: WC1) has announced the conditional acquisition of a highly prospective gold exploration tenement in the Fraser Range of Western Australia, marking a significant step in the company’s expansion into the region’s gold exploration sector.
The company has entered into a binding agreement with IGO Limited to acquire a 100% interest in the Mystique Project, located approximately 225 kilometers south-southeast of Kalgoorlie. The project covers 35 square kilometers and is considered highly prospective for orogenic gold deposits. The acquisition is subject to several conditions, including shareholder approval and consent from royalty holders.
The Mystique Project has already seen extensive exploration work, including gravity surveys, moving loop electromagnetic (MLEM) surveys, and air core drilling, with approximately $380,000 invested in the tenement to date. The project is expected to complement West Cobar’s existing copper-gold exploration projects in the Fraser Range.
“We are delighted to have signed an agreement to acquire this strategic project at a time when WA gold exploration assets are in strong demand,” said Matt Szwedzicki, Managing Director of West Cobar Metals. “The Mystique Project comprises a key land area with exceptional and immediate potential for both shallow and large-scale gold deposits.”
In addition to the Mystique Project, West Cobar has also signed a conditional agreement to acquire a 70% interest in three contiguous tenements, known as the Thunderstorm Project, from IGO Limited. The remaining 30% interest in these tenements is held by Rumble Resources Limited, which has the right to pre-empt the acquisition. The transaction is subject to shareholder approval and the waiver of pre-emption rights by Rumble.
The Thunderstorm Project covers an additional 200 square kilometers and is located north of the Mystique Project. West Cobar plans to issue 10 million shares and 5 million unlisted options to IGO as part of the consideration for the acquisition.
West Cobar’s exploration strategy for the Mystique Project includes follow-up drilling to test key targets, establish saprolite resources, and define bedrock targets with reverse circulation (RC) drilling. The company aims to build on the encouraging results from previous exploration work, which has identified significant gold anomalies in the area.
The Mystique Project lies within the Albany-Fraser Province, a region known for its gold potential, and is part of West Cobar’s broader portfolio of projects in the area, including the Salazar Project, which hosts significant rare earth element (REE), titanium dioxide (TiO2), and scandium resources.
The completion of the Mystique Project acquisition is expected by August 28, 2025, with shareholder approval sought at a meeting scheduled for mid-April 2025. The Thunderstorm Project acquisition is expected to be completed by May 30, 2025.
West Cobar Metals Limited is an Australian exploration company focused on discovering and developing critical minerals and gold deposits in Western Australia and New South Wales. The company’s portfolio includes projects targeting copper, gold, antimony, rare earth elements, and other critical minerals.