Exploration Advance at Butchers Creek Raises Questions on Resource Expansion Risks

Exploration Breakthrough at Ruby Queen North

WIN Metals Ltd (ASX – WIN) has reported promising results from its July 2025 regional field reconnaissance program at the Butchers Creek Gold Project in Western Australia's Kimberley region. The company has identified a gold mineralisation trend extending over 500 metres at the Ruby Queen North prospect, with rock chip samples returning grades as high as 5.16 grams per tonne (g/t) gold. This discovery builds on the existing 359,000-ounce gold resource and marks a significant step forward in WIN’s exploration campaign.

Managing Director Steve Norregaard highlighted that the recent field program has transformed Ruby Queen North from a conceptual target into a drill-ready prospect. The gold mineralisation corridor hosts multiple prospects, including Union, West and Left, Goliath, and Rising Sun, with ongoing work aiming to extend the trend northwards to Sunny Corner, potentially increasing the prospective gold corridor to over 900 metres.

Historic Context and Geological Insights

The Ruby Queen North area is strategically located approximately 12 kilometres south of the Butchers Creek open pit mine and just 2 kilometres southwest of the Emjay prospect, where recent sampling yielded gold grades up to 23.5 g/t. The mineralisation aligns with historic gold workings at Ruby Queen and Rising Sun, which produced notable quantities of high-grade gold between 1897 and 1940, underscoring the prospect’s potential.

Geologically, the gold mineralisation at Ruby Queen North is hosted within a shear zone characterized by quartz veining and sulphide mineralisation in sedimentary rocks. The reconnaissance program systematically recorded historical workings and collected 117 rock chip samples across eight prospects, with Ruby Queen North emerging as the highest priority target based on assay results.

Expanding the Exploration Pipeline

This latest fieldwork complements WIN’s broader exploration strategy, which recently saw success at the Emjay prospect and ongoing progress at other targets within the Butchers Creek tenure. The company’s portfolio includes multiple granted mining leases and exploration licences, with some tenements pending grant, positioning WIN well for advancing its resource base.

WIN Metals also holds significant nickel and lithium resources in Western Australia, including the Mt Edwards Nickel Project and Faraday-Trainline Lithium Project, but the current focus remains on expanding gold resources at Butchers Creek. The company plans to integrate the new data into drill planning, aiming to confirm mineralisation continuity and advance towards resource definition.

Looking Ahead

With the identification of a substantial gold trend at Ruby Queen North and a growing pipeline of drill-ready targets, WIN Metals is poised to accelerate its exploration activities in the Kimberley region. The company’s methodical approach, combining historic data with modern sampling and analysis, continues to unlock value for shareholders and local stakeholders alike.