Westar Reports $193K Exploration Spend and $1.85M Cash at June Quarter End

Northern Territory Grant Boosts Bunda Creek Exploration

Westar Resources (ASX:WSR) secured Northern Territory Government funding under the Geophysics and Drilling Collaborations Program to co-fund a 569 square kilometre airborne magnetic survey over its Bunda Creek Project in the Birrindudu Basin. This frontier basin has attracted recent geological interest due to evidence of copper mineralisation sourced from basement rocks, highlighted in studies by NTGS, CSIRO, and Geoscience Australia.

The airborne survey, scheduled for completion in the September quarter, aims to provide high-resolution magnetic data to refine targeting across EL34118 and the adjoining application EL34358. Reprocessed aeromagnetic data already revealed multiple steep, north-northwest trending magnetic gradients, some unmapped, underscoring the basin’s prospectivity for sediment-hosted copper deposits.

Jerrys Bore Soil Sampling Program Completes

In Western Australia’s northeastern Goldfields, Westar completed a 1,218-sample ultrafine soil sampling program at its Jerrys Bore project (E38/4032), located along the structurally complex De La Poer Fault. The area is largely covered by aeolian sands and has seen limited prior drilling, with only some shallow RAB and AC holes in the north.

Assays from the soil samples, currently at LabWest, are expected in the coming quarter. The program follows a recent structural interpretation of aeromagnetic data by Southern Geoscience Consultants and a regolith-landform model developed using TanDEM satellite elevation data. These datasets will help assess the project’s potential to host significant mineralisation.

Heritage Negotiations and Reconnaissance at Other Projects

Westar conducted a reconnaissance visit to its Mount Strawbridge tenement application in the northeast Goldfields, focusing on access and regolith conditions to inform future soil sampling. Meanwhile, at the Gidgee North Project in WA’s Murchison region, negotiations continue for a Heritage Protection Agreement with the Tarlka Matuwa Piarku Aboriginal Corporation. This agreement is critical to enable planned air core drilling at the Mageye anomaly, where previous drilling returned strong molybdenum, bismuth, and tungsten anomalies but no gold mineralisation to date.

Corporate and Financial Position

Westar ended the quarter with $1.847 million in cash following a $1.49 million capital raise completed across two tranches earlier in the year. Exploration and evaluation expenditure for the quarter totalled approximately $193,000, split between operating and capitalised costs. Payments to directors amounted to $112,000.

The company also announced the appointment of David Palumbo as Non-Executive Director and Company Secretary, replacing Ben Donovan. Westar continues to hold a 25% free-carried interest in the Mt Finnerty gold project JV with Ramelius Resources, which is pending acquisition by Forrestania Resources, subject to conditions expected to conclude in Q3 2026.

Search for Transformative Projects Remains Ongoing

Despite assessing numerous gold and copper projects in Australia, Canada, and the USA, Westar did not identify any new advanced projects meeting its key criteria for acquisition during the quarter. The company remains focused on advancing its existing portfolio and securing the right opportunity to shift from explorer to developer.