Westar Resources Streamlines Portfolio Amid Promising Mageye Anomalies
Westar Resources reported strategic tenement adjustments and promising assay results at its Mageye prospect during the September 2025 quarter, while maintaining a cautious cash position and continuing exploration efforts.
- Voluntary surrender of three Gidgee North tenements to reduce costs
- Strong molybdenum, bismuth, and tungsten anomalies at Mageye prospect
- New tenement application lodged in Northern Territory targeting copper
- Ongoing heritage survey negotiations at Mt Finnerty JV with Ramelius Resources
- Cash reserves at $0.95 million with reduced quarterly expenditure
Portfolio Rationalisation at Gidgee North
Westar Resources has taken decisive steps to streamline its tenement holdings in the Murchison region by voluntarily relinquishing three exploration licences that showed limited economic potential. This move, announced in the September 2025 quarterly report, is aimed at cutting unnecessary holding costs and focusing resources on more promising ground. The company retains three key licences over greenstone belts that remain prospective for gold, copper, and zinc mineralisation.
Encouraging Results at Mageye Prospect
Assay results from drilling at the Mageye prospect continue to intrigue, with anomalous concentrations of molybdenum, bismuth, and tungsten detected at levels indicative of a high-temperature magmatic system. These findings suggest potential for a significant mineralised system, prompting Westar to engage external consultants to refine their understanding and plan next steps. The absence of arsenic and antimony anomalies further supports the interpretation of a magmatic rather than hydrothermal origin.
Expanding Footprint with New Tenement Applications
In addition to its Western Australian projects, Westar has lodged a new exploration licence application in the Northern Territory’s Birrindudu Basin, targeting stratiform sedimentary copper deposits. This region has recently gained attention due to geological surveys highlighting its copper prospectivity. Concurrently, the company has applied for a tenement in the underexplored Jerrys Bore area of the NE Goldfields, where preliminary fieldwork has commenced to evaluate gold potential along a major fault zone.
Joint Venture Progress at Mt Finnerty
Westar’s 25% free-carried interest in the Mt Finnerty gold project, operated by Ramelius Resources, remains a key strategic asset. Ramelius has reported multiple high-grade gold intercepts and is advancing heritage surveys with local native title groups to facilitate further drilling. This JV offers Westar exposure to a well-established gold producer’s expertise and resources, potentially accelerating project development.
Financial Discipline Amid Exploration
Westar ended the quarter with just under $1 million in cash, reflecting a 29% reduction in net cash expenditure compared to the previous quarter. This prudent financial management aligns with the company’s ongoing due diligence on potential advanced-stage projects, although none have yet met Westar’s investment criteria. Director payments accounted for $55,000 of the quarter’s outflows, underscoring lean operational costs during this phase.
Bottom Line?
Westar’s focused portfolio pruning and promising geochemical signals at Mageye set the stage for a pivotal exploration phase ahead.
Questions in the middle?
- What specific exploration activities will Westar prioritize at Mageye following the consultant’s review?
- How soon might the Northern Territory tenement application be granted, and what initial work is planned there?
- What are the potential timelines and outcomes for the heritage surveys at Mt Finnerty impacting drilling plans?
