Western Mines Group has secured $1.287 million through a premium-priced placement to support continued exploration at its flagship Mulga Tank Nickel-Cobalt-Copper-PGE Project.
Placement Details
| Parameter | Detail | Structure |
|---|---|---|
| Amount Raised | $1.287M | Before costs |
| Share Price | $0.20 | 5% premium to VWAP |
| New Shares | 6,435,000 | Fully paid ordinary |
| Options | 6,435,000 | $0.30 exercise price |
| Escrow Period | 6 months | Voluntary |
| Completion Date | June 3, 2025 | Anticipated |
Use of Funds
| Program | Application | Purpose |
|---|---|---|
| RC/Diamond Drilling | High-impact exploration | Resource expansion |
| Geochemical Assays | Sample analysis | Data collection |
| Metallurgical Testing | Ongoing work | Process optimization |
| Gold Exploration | Belt-wide program | Target development |
| Geophysical Surveys | E39/2299 | Ground investigation |
ASX Announcement
Mulga Tank
- WMG’s flagship project – discovery of an extensive magmatic nickel sulphide mineral system with an initial Mineral Resource (March 2025) of over 5.3Mt of contained nickel – making it the largest nickel sulphide deposit in Australia and likely top 10 in the world
- “Belt scale” opportunity – frontier exploration under cover with a strategically assembled 425km2 position on the significantly under-explored Minigwal Greenstone Belt
- Project contains the entire Mulga Tank Ultramafic Complex (WMG 100%) – a major ultramafic dunite intrusion analogous to complexes hosting the world class Mt Keith and Perseverance nickel deposits
- WMG diamond holes show extensive intersections of Type 2 Mt Keith-style disseminated nickel sulphide mineralisation:
- MTD023 cumulative 693.5m at 0.28% Ni, 128ppm Co, 61ppm Cu, 27ppb Pt+Pd with S:Ni 1.1
- MTD026 cumulative 840m at 0.28% Ni, 140ppm Co, 103ppm Cu, 24ppb Pt+Pd with S:Ni 1.6
- MTD027 cumulative 694m at 0.31% Ni, 141ppm Co, 68ppm Cu, 30ppb Pt+Pd with S:Ni 1.0
- MTD028 cumulative 466m at 0.35% Ni, 139ppm Co, 63ppm Cu, 43ppb Pt+Pd with S:Ni 1.0
- MTD029 cumulative 1,247m at 0.28% Ni, 134ppm Co, 76ppm Cu, 24ppb Pt+Pd with S:Ni 1.0
- Recent 58 hole 18,571m RC drilling has proven extensive disseminated sulphide mineralisation in the top ~300m amenable to a large-scale open-pit – 55 of 58 holes mineralised with 23 intersections >1% Ni, including:
- MTRC015 2m at 1.71% Ni, 836ppm Co, 0.10% Cu, 0.4g/t Pt+Pd from 229m
- MTRC018 1m at 1.84% Ni, 0.10% Co, 4.88% Cu, 26ppb Pt+Pd from 293m
- MTRC024 3m at 2.19% Ni, 777ppm Co, 597ppm Cu, 9ppb Pt+Pd from 253m inc. 1m at 4.51% Ni, 0.16% Co, 0.14% Cu, 16ppb Pt+Pd from 253m
- MTRC032 6m at 1.01% Ni, 443ppm Co, 0.32% Cu, 0.12g/t Pt+Pd from 254m
- MTRC038 1m at 3.16% Ni, 662ppm Co, 385ppm Cu, 0.18g/t Pt+Pd from 192m
- MTRC046 4m at 1.14% Ni, 501ppm Co, 803ppm Cu, 0.14g/t Pt+Pd from 224m and 5m at 1.92% Ni, 711ppm Co, 0.21% Cu, 0.18g/t Pt+Pd from 283m
- MTRC055 4m at 1.16% Ni, 345ppm Co, 0.13% Cu, 6ppb Pt+Pd from 182m inc. 1m at 2.46% Ni, 641ppm Co, 0.43% Cu 18ppb Pt+Pd and 183m
- Globally significant JORC Mineral Resource Estimate of 1,968Mt at 0.27% Ni, 131ppm Co, 82ppm Cu, 17ppb Pt+Pd with S:Ni 0.9
- Intersections of high-grade remobilised massive sulphide and immiscible sulphide globules indicate a likely Type 1/2 hybrid system more like Perservance with potential for basal massive sulphide accumulations
- Further 15km trend of interpreted komatiite channel flows completely unexplored for Ni-Co-Cu-PGE
Located in One of the World’s Major Nickel Provinces
The Mulga Tank Project comprises exploration licences E39/2132, E39/2134, E39/2223 and exploration licence application E39/2299, covering an area of 425km2. The project is located 190km east-northeast of Kalgoorlie in the Duketon Domain of the Burtville Terrane, in the Eastern Goldfields Province of the Yilgarn Craton, Western Australia. The eastern Yilgarn contains world-class examples of komatiite-hosted nickel deposits including Kambalda (35Mt at 3.1% Ni), Perseverance (50Mt at 2.3% Ni) and Mt Keith (643.7Mt at 0.58% Ni).
The project covers the majority of the significantly under-explored Minigwal Greenstone Belt. This is a “frontier” exploration opportunity for major komatiite-hosted Ni-Cu-PGE deposits, exploring under shallow sand cover, in this overlooked area of the eastern Yilgarn Craton.
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