Highlights

  • West Coast Silver shares declined 2.86% on 14 April 2026, despite a positive Drilling Update.
  • Up to 1,500m diamond drilling program commenced at Elizabeth Hill
  • Drilling targets high-grade silver extensions beneath historical mine
  • Focus on Munni Munni Fault, key structural control for mineralisation
  • Previous drilling confirmed silver extends beyond historical workings
  • Program expected to run for 4–6 weeks with results in Q2 2026
  • Exploration activities ongoing across multiple programs through May 2026

West Coast Silver Ltd (ASX:WCE) shares were down 2.86% to AUD 0.17 on 14 April 2026, even as the company released an update outlining the commencement of a new diamond drilling program at its flagship Elizabeth Hill silver project in Western Australia. Despite the modest pullback, the stock remains significantly higher over the past year, having delivered gains of around 240%.

The share price weakness came despite what appears to be a constructive operational update, with the company initiating drilling aimed at testing the potential for high-grade silver extensions beneath and around the historical Elizabeth Hill mine.

Company Overview and Asset Focus

West Coast Silver Ltd is an exploration company focused on advancing high-grade silver assets in Australia, with its primary focus on the Elizabeth Hill project located in the Pilbara region of Western Australia.

The project is recognised for its historical production profile, with past operations delivering exceptionally high-grade silver from relatively low tonnage. The company’s strategy is centred on expanding the known mineralisation footprint and identifying additional deposits within its broader landholding.

Following the consolidation of surrounding tenements into a contiguous 180km² land package, the company now holds a significant portion of the Munni Munni Fault system, which is considered prospective for further silver discoveries.

Drilling Program Targets Depth Extensions

The company has commenced a diamond drilling program of up to 1,500 metres, comprising six planned drill holes. The program is designed to test the down-dip and plunge extensions of high-grade silver mineralisation associated with the historical Elizabeth Hill mine.

This marks the first systematic attempt to evaluate deeper mineralisation along the Munni Munni Fault, which is understood to be the primary structural control on silver distribution within the project area.

The drilling will focus on areas directly beneath and adjacent to the historical underground workings. These locations were selected based on prior drilling results, including work completed in 2025, which confirmed that silver mineralisation extends beyond the original mine and reaches surface in certain areas.

All planned drill holes are designed to intersect the Munni Munni Fault within approximately 200 metres of the surface, targeting zones where mineralisation is expected to occur.

Testing a Structural Model for Resource Growth

A key objective of the current drilling program is to test the company’s structural model, which suggests that high-grade silver mineralisation may repeat at depth along the Munni Munni Fault.

If this model is validated, it could indicate the presence of additional mineralised zones below the historical mine, potentially expanding the overall scale of the Elizabeth Hill system.

The program will also assess continuity, grade distribution, and the extent of previously identified mineralisation. Earlier drilling intersected moderate to high-grade silver zones, providing the basis for this follow-up campaign.

By targeting areas between and around historical drill intercepts, the company aims to build a more comprehensive understanding of the mineral system and its potential extensions.

Timeline and Expected Results

The diamond drilling program is expected to run for approximately four to six weeks, subject to operational and weather conditions.

Assay results from the drilling are anticipated to be received progressively during the second quarter of 2026, providing updates on the success of the program and the characteristics of any mineralisation encountered.

These results will be critical in determining the next phase of exploration and whether further drilling or resource definition work is warranted.

Broader Exploration Activities Underway

In addition to the diamond drilling campaign, West Coast Silver is conducting multiple exploration programs across its tenement package between late March and the end of May 2026.

These activities include reverse circulation drilling, as well as borehole and surface geophysical surveys. The combined approach is intended to generate a range of geological and geophysical data that can inform future exploration decisions.

Over the coming months, the company plans to focus on processing and interpreting incoming results, while dynamically adjusting drill targets based on emerging data. This iterative approach is aimed at maximising the effectiveness of ongoing exploration efforts.

Elizabeth Hill: A High-Grade Historical Producer

The Elizabeth Hill project is notable for its historical production performance, which demonstrated the presence of exceptionally high-grade silver mineralisation.

A total of 1.2 million ounces of silver was produced from just 16,830 tonnes of ore, equating to a head grade of 2,194 grams per tonne (70.5 ounces per tonne). These grades are considered among the higher end of global silver deposits.

Mining operations ceased in 2000, primarily due to low silver prices at the time, which were around US$5 per ounce. Historical processing methods focused on the extraction of native silver using relatively simple gravity separation techniques.

The project remains open both at depth and along strike, indicating potential for further resource expansion. The consolidation of surrounding tenements has also increased the scope for identifying additional deposits with similar characteristics.

Strategic Importance of the Munni Munni Fault

The Munni Munni Fault system is a central feature of the Elizabeth Hill project and is believed to play a key role in controlling the distribution of silver mineralisation.

West Coast Silver’s expanded landholding now covers a substantial portion of this fault system, as well as parallel structures that may host similar mineralisation.

This structural framework provides multiple exploration targets, both near the existing mine and across the broader regional area.

The current drilling program is a critical step in testing the potential of this system, particularly at depth where limited exploration has been conducted to date.

What This Means for Investors?

The latest update highlights ongoing exploration activity at one of West Coast Silver’s key assets, with the commencement of drilling aimed at expanding the known mineralisation footprint.

While the announcement outlines a program designed to test a potentially significant exploration model, it does not yet include new assay results or confirmed discoveries. As a result, the market reaction on 14 April 2026 suggests a degree of caution, with shares declining despite the operational progress.

The focus for investors is likely to remain on upcoming assay results expected in Q2 2026, which will provide clearer insights into the success of the drilling program and the validity of the company’s structural model.

The combination of high historical grades, an expanded land package, and ongoing exploration activity continues to define the project’s potential, but confirmation through drilling results will be a key factor in shaping future sentiment.