West Cobar Metals has completed its acquisition of the Mystique Project in Western Australia’s Fraser Range, unlocking immediate drilling targets supported by exceptional nearby gold intercepts.
- Acquisition of 100% interest in Mystique Project from IGO Limited completed
- Project covers 35km in the Albany-Fraser Province, a highly prospective gold region
- Nearby Themis Prospect reports high-grade gold intercepts up to 22.2g/t
- Immediate drilling planned to test saprolite and bedrock gold mineralisation
- Exploration targets include Themis South and Torquata prospects within the tenement
Strategic Acquisition in a Promising Gold Province
West Cobar Metals Limited (ASX – WC1) has officially completed the acquisition of the Mystique Project, a significant tenement (E28/2513) located in the Fraser Range region of Western Australia. This move follows the satisfaction of all conditions precedent in the deal with IGO Limited, granting West Cobar 100% ownership of a 35-kilometre land package within the Albany-Fraser Province, a region known for its orogenic gold potential.
The Mystique Project’s location approximately 225 kilometres south-southeast of Kalgoorlie places it in a highly prospective geological setting, albeit one that remains relatively underexplored due to thick transported cover obscuring surface geology. This acquisition aligns with West Cobar’s strategic focus on expanding its gold exploration footprint in Western Australia.
Encouraging Nearby Gold Intercepts Spark Interest
Adding to the project’s appeal are exceptional gold intercepts recently reported just north of the Mystique boundary at the Themis Prospect, operated by Rumble Resources Limited in joint venture with IGO. These include standout drill results such as 25 metres at 2.42 grams per tonne gold, including a high-grade 5-metre section at 10.85 grams per tonne, and another intercept of 16 metres at 6.69 grams per tonne with a 4-metre segment grading 22.2 grams per tonne.
These results suggest the potential for significant gold mineralisation extending southwards into West Cobar’s newly acquired ground, providing a compelling rationale for immediate exploration activity.
Immediate Exploration Targets and Planned Drilling
West Cobar has identified two priority targets within the Mystique Project – the Themis South Prospect and the Torquata Prospect. Both targets show promise for hosting gold mineralisation in saprolite and basement rocks. The company plans to initiate a drilling program designed to test palaeochannel and saprolite-hosted gold, as well as deeper bedrock mineralisation, aiming to delineate the extent and grade of gold deposits.
Managing Director Matt Szwedzicki expressed optimism about the acquisition, highlighting the “exceptional and immediate potential” of the tenement for both shallow and large-scale gold deposits. The upcoming drill program will be a critical step in validating this potential and advancing the project towards resource definition.
Challenges and Outlook
Despite the promising geological setting, exploration at Mystique faces challenges due to the thick transported Eocene sediments that mask direct surface indications of mineralisation. This necessitates reliance on geophysical data and strategic drilling to uncover hidden deposits.
Nevertheless, the combination of high-grade nearby intercepts and West Cobar’s focused exploration approach positions the company well to unlock value from this acquisition. The Fraser Range continues to attract attention as a fertile ground for gold discoveries, and West Cobar’s entry with the Mystique Project marks a significant step in its growth strategy.
Bottom Line?
West Cobar’s next drilling results at Mystique will be pivotal in confirming the project’s potential to deliver significant gold resources.
Questions in the middle?
- What will the initial drilling results reveal about the extent and grade of gold mineralisation at Mystique?
- How might the thick transported cover impact the efficiency and cost of exploration activities?
- Could the Mystique Project become a cornerstone asset for West Cobar’s portfolio if high-grade deposits are confirmed?