WIN Metals Completes 7,200m Drilling and $3.6M Placement, Boosting Gold Resources

Drilling Advances at Butchers Creek and Golden Crown

WIN Metals Ltd (ASX: WIN) has delivered a compelling December 2024 quarterly update, highlighting the completion of a 7,200-metre reverse circulation and diamond drilling campaign across its Butchers Creek and Golden Crown gold projects in Western Australia's Kimberley region. The drilling program yielded consistently high-grade gold intersections, reinforcing the company's resource growth thesis.

At the Golden Crown deposit, drilling extended high-grade mineralisation 140 metres below the previously modelled resource depth of 100 metres. All three drillholes at Golden Crown North intersected significant gold grades, including a standout intercept of 6 metres at 10.85 g/t gold from 253 metres depth, with a 3-metre section grading over 21 g/t. These results suggest a meaningful expansion potential beyond the current 38,000-ounce resource.

Butchers Creek Resource Strength and Growth Potential

Meanwhile, at Butchers Creek, infill and resource definition drilling confirmed thick, high-grade mineralisation zones, particularly in the central hinge and eastern limb of the deposit. Notable intercepts include 32 metres at 2.65 g/t gold and 28 metres at 2.90 g/t gold, with several intervals exceeding 3 g/t. The current mineral resource estimate (MRE) of 319,000 ounces at 1.9 g/t gold demonstrates an average ounces per vertical metre (OPVM) of 1,103 between 40 and 300 metres depth, surpassing the industry benchmark for underground mining viability.

These encouraging results underpin WIN Metals’ plans to advance further drilling and mining studies, with assay results from additional drillholes expected in the coming months. The company is also reprocessing historical core samples to refine geological and metallurgical models, aiming for an updated resource estimate in the first half of 2025.

Strategic Acquisition and Financial Position

In a significant corporate milestone, WIN Metals completed the acquisition of the Butchers Creek Gold Project from Meteoric Resources in November 2024. The transaction involved a combination of cash and shares, with deferred payments linked to production milestones. This acquisition adds a historic gold production centre with a global mineral resource of 357,000 ounces to WIN’s portfolio, enhancing its strategic footprint in the Kimberley region.

Financially, the company successfully settled a $3.6 million placement during the quarter, issuing 144 million new shares and accompanying options, providing a solid capital base to fund ongoing exploration and development activities. Additionally, WIN received an $855,000 Research and Development tax incentive refund, bolstering its cash reserves, which stood at $2.876 million at quarter-end.

Outlook and Broader Project Portfolio

While exploration at the Butchers Creek and Golden Crown projects remains the primary focus, WIN Metals also controls the Mt Edwards Nickel Project and the Faraday-Trainline Lithium Project in Western Australia. Activity at Mt Edwards is currently limited to metallurgical testwork exploring downstream processing options, with no exploration reported this quarter. Lithium exploration has been paused due to prevailing market conditions.

Looking ahead, WIN Metals plans to continue regional exploration and follow-up drilling at Butchers Creek in preparation for the 2025 field season, aiming to unlock further value from its high-grade gold assets.