BRISBANE: White Energy Company Limited (ASX: WEC) announced Monday it has secured a 51% majority interest in the Specimen Hill Project, a copper and gold exploration site near Biloela in Queensland, after meeting the first-stage funding commitment under its Farm-In Agreement with Signature Gold Pty Ltd.
The company spent over $1 million on exploration within 12 months, exceeding the initial three-year timeline. Work included aerial magnetic surveys, soil and rock sampling, and mapping, which identified potential porphyry-style mineralization with rock samples yielding up to 3.01% copper and 3.8 grams per ton of gold.
“The project has demonstrated significant potential, and we’re advancing toward drill-ready status,” said CEO Greg Sheahan. The next phase requires an additional $1 million investment to raise White Energy’s stake to 76%.
The Specimen Hill Project lies in a geologically active zone of Queensland’s New England Orogen, near the Briggs Copper Project, which hosts a 415-million-ton inferred resource. White Energy emphasized that Specimen Hill remains early-stage, with no confirmed mineral reserves yet.
The company also holds exploration licenses in South Australia and the Northern Territory and licenses coal-upgrading technology for power generation.