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Highlights

  • West Cobar completes 100% acquisition of the Mystique Project in Western Australia's Fraser Range Province.

  • Significant gold intercepts reported at the nearby Themis Prospect suggest high prospectivity in adjacent areas.

  • Shares surged 86.7% to 2.8 cents on 6 June following the update.

West Cobar Metals Limited (ASX:WC1) has finalised the acquisition of a highly prospective gold exploration licence in the Fraser Range Province of Western Australia, triggering a sharp rise in its share price. On the morning of 6 June, the company’s stock surged 86.7% to 2.8 cents per share following the announcement.

The acquisition of exploration licence E28/2513, known as the Mystique Project, marks a significant milestone for the company. Covering an area of 35 square kilometres, the project lies approximately 225 kilometres south-southeast of Kalgoorlie, within the Albany–Fraser Province — a region known for its potential to host orogenic gold systems.

The completion of the transaction follows the satisfaction of all conditions precedent outlined in West Cobar’s earlier announcement regarding the 100% acquisition of the tenement. The project area remains largely underexplored due to extensive cover by transported Eocene sediments, which reach depths of more than 30 metres in some areas. As a result, there has been little surface indication of mineralisation, underscoring the need for targeted exploration drilling.

Adding further excitement to the region’s exploration potential are recent drilling results announced by Rumble Resources Limited, in joint venture with IGO Limited, at the nearby Themis Prospect. The prospect lies just 250 metres north of the Mystique Project boundary and has delivered standout gold intercepts in both saprolite and bedrock.

Notable intersections from Themis include:

  • 25m @ 2.42g/t Au from 42m, including 5m @ 10.85g/t Au from 49m (hole 18AFAC307711), and

  • 16m @ 6.69g/t Au from 42m, including 4m @ 22.2g/t Au from 50m (hole 20AFAC113212).

These exceptional results have heightened interest in the surrounding area .

The company has identified several priority drill targets. At the Themis South Prospect, it aims to test extensions of the gold mineralisation intersected at Themis, particularly in palaeochannel, saprolite, and bedrock settings expected to extend into its tenement. In addition, exploration at the Torquata Prospect will focus on defining gold mineralisation in saprolite and basement rocks.

A drill programme is currently being prepared to follow up on these key targets, with the company aiming to leverage the promising indicators seen nearby.