West Cobar Metals Advances WA Gold and NSW Copper-Antimony Projects with New Resource and Drilling Progress

Mystique Gold Project Acquisition and Exploration Plans

West Cobar Metals Limited (ASX – WC1) has successfully completed the acquisition of the Mystique Gold Project from IGO Ltd, marking a significant expansion of its exploration portfolio in Western Australia. The project covers a substantial 35km area within the Albany-Fraser Province, approximately 225km south-southeast of Kalgoorlie. Despite being relatively underexplored due to thick transported sediments, the area shows promising signs of gold mineralisation, particularly near the Themis prospect just north of the tenement boundary.

West Cobar has already refined drill targets focusing on saprolite and bedrock-hosted gold mineralisation and is advancing heritage surveys and Program of Work applications to enable an initial air core drilling campaign planned for the third quarter of 2025. This strategic move positions the company to potentially extend known gold mineralisation southwards into its newly acquired ground.

Fraser Range Drilling Completes with Assays Pending

In parallel, West Cobar has completed a reverse circulation drilling program comprising nine holes totaling nearly 2,000 meters at its Fraser Range Project, targeting five high-priority Iron Oxide Copper-Gold (IOCG) and Broken Hill Type (BHT) deposits. These targets lie within the geologically prospective Biranup Zone, a structural extension of the Fraser Zone known for hosting significant nickel-copper and IOCG mineralisation.

The company awaits assay results expected in early August 2025, which will be critical in determining the next steps for exploration in this highly prospective but underexplored region. The drilling was partly funded through a farm-in option agreement with Minrex Resources Limited and co-funded by a government Exploration Incentive Scheme grant, reflecting confidence in the project's potential.

Bulla Park Copper-Antimony Deposit Shows Maiden Resource and Encouraging Metallurgy

West Cobar’s Bulla Park project in New South Wales has delivered a maiden inferred mineral resource estimate of 20 million tonnes grading 0.30% copper, 0.10% antimony, and 4.7 grams per tonne silver at a 0.21% copper cut-off. This polymetallic deposit remains only partially tested, suggesting significant upside potential.

Metallurgical testwork has yielded promising results, with recoveries of over 94% for copper, 82% for antimony, and 84% for silver through flotation and selective leaching processes. Notably, the company successfully precipitated a high-grade antimony sulphide product from leach liquor, demonstrating a potentially simple and effective metallurgical pathway for separating valuable metals.

Financial Position and Corporate Developments

West Cobar continues to operate with a lean cost structure, conserving cash while advancing its exploration programs. As of 30 June 2025, the company held $0.3 million in cash with no debt. Recent capital raising activities, including placements and the issuance of options, have bolstered funding, although the company acknowledges ongoing negative operating cash flows typical of exploration entities.

In a strategic decision, West Cobar relinquished the Cawkers Well project due to access challenges that would have required protracted legal action, underscoring a disciplined approach to project selection. Meanwhile, the company is actively evaluating other gold, copper, and antimony projects both domestically and internationally to complement its existing portfolio.

Looking Ahead

With drilling results from Fraser Range imminent and exploration activities ramping up at Mystique, West Cobar Metals is positioning itself for a potentially transformative phase. The combination of a newly acquired gold project, a maiden copper-antimony resource, and ongoing exploration in a highly prospective region offers multiple avenues for growth. However, the company’s modest cash reserves highlight the importance of successful assay outcomes and further capital raising to sustain momentum.