Western Mines Group Expands Nickel-Copper Portfolio with Fraser Range and Mt Narryer Acquisitions

Strategic Portfolio Rationalisation Frees Resources

Western Mines Group Ltd (ASX:WMG) has taken decisive steps to sharpen its exploration focus by selling its Melita tenement (E40/379) and surrendering the Pinyalling tenement (E59/2486). The Melita sale, completed this week to an unrelated private company, marks the end of almost eight years of holding the asset, with rising annual costs prompting the move. The company reports a small profit on the original acquisition price, reflecting a tidy exit that will free up near-term capital and management bandwidth.

New Greenfield Projects Target Cratonic Margins

In a clear pivot towards growth, WMG has applied for two new exploration tenements totalling around 400 square kilometres, positioned along the prospective margins of the Yilgarn Craton. The Fraser Range tenement application E28/3570 covers about 165 square kilometres and includes the mineralised Octagonal Intrusive Complex. This area was previously held by Legend Mining (ASX:LEG), which conducted extensive exploration including drilling and geophysical surveys between 2019 and 2024, identifying nickel sulphide mineralisation consistent with a Nova-Bollinger style target. WMG’s acquisition of this ground leverages existing data and positions the company to potentially unlock value in a well-recognised magmatic nickel-copper sulphide setting.

Meanwhile, the Mt Narryer application E09/3048 spans roughly 235 square kilometres on the northwestern margin of the Yilgarn Craton. This earlier-stage greenfield opportunity was formerly held by Platina Resources (ASX:PGM) and briefly farmed out to Chalice Mining (ASX:CHN), which completed some geophysical and geochemical work. While detailed results remain undisclosed, historical geochemical anomalies suggest potential for magmatic Ni-Cu-Co-PGE sulphides. WMG’s technical director Dr Ben Grguric, a specialist in nickel sulphides, will likely play a key role in advancing exploration here.

Mulga Tank Remains Core Focus Amid Expansion

Despite the portfolio reshuffle, WMG’s flagship Mulga Tank Ni-Co-Cu-PGE Project retains centre stage. Located on the under-explored Minigwal Greenstone Belt, Mulga Tank hosts Australia’s largest nickel sulphide deposit, with a Mineral Resource Estimate of 1,968 million tonnes at 0.27% nickel, containing over 5.3 million tonnes of nickel. The company is currently progressing a Phase 5 drilling program targeting higher-grade zones, following promising assays including a standout 4.35% nickel intercept reported earlier this month. This ongoing work underscores Mulga Tank’s potential to underpin WMG’s growth trajectory while the new tenements move through the grant process.

The strategic realignment reflects a pragmatic approach to resource allocation, freeing capital from mature, non-core assets to fund exploration in frontier areas with significant upside. The Fraser Range and Mt Narryer projects represent a material upgrade to the company’s portfolio, offering fresh targets in geologically prospective settings. However, as WMG notes, no new exploration results are presented for these new tenements, and the company’s reliance on historical data from previous holders introduces inherent uncertainty. The timing of tenement grants and subsequent exploration outcomes will be critical to watch.

This update builds on WMG’s recent high-grade nickel sulphide assays that have kept investor attention on Mulga Tank’s resource potential, even as the company strategically reshapes its asset base to balance near-term cash management with longer-term discovery ambitions.