Highlights

  • Western Mines Group shares rose 4.26% on 9 February 2026, followed by Phase 5 drilling plans at Mulga Tank project.
  • Phase 5 drilling covers 32 holes and ~10,000m, combining RC and diamond drilling techniques.
  • 25 holes will target the core Mulga Tank Complex, focusing on high-grade and shallow nickel zones.
  • Seven additional holes at the Panhandle are co-funded, supported by AUD 440,000 in EIS grants.
  • Phase 5 drilling is scheduled to begin immediately after completion of remaining Phase 4 holes.

Western Mines Group Ltd (ASX:WMG) shares rose 4.26% to close at AUD 0.24 on 9 February 2026, extending the stock’s gain to about 75% over the past year. Today’s share price move coincided with the company’s announcement of its Phase 5 drilling plans at the Mulga Tank Ni-Cu-Co-PGE Project in Western Australia’s Eastern Goldfields.

Western Mines Group outlined the upcoming Phase 5 drilling program at the Mulga Tank Project, which will see a combination of reverse circulation (RC) and diamond drilling over the coming months. The broader program comprises 32 holes totalling approximately 10,000 metres within tenements E39/2132 and E39/2134.

This next phase of exploration will follow directly from the remaining holes of the Phase 4 program and is intended to continue testing known zones of nickel sulphide mineralisation while exploring areas for new resources.

Focus on High-Grade and Shallow Nickel Zones

Of the 32 planned holes, 25 will target the main body of the Mulga Tank Ultramafic Complex. These include Follow-up drilling around previously identified +1–2% nickel intersections, particularly near hole MTRC046. RC drilling around MTRC066 to assess shallow +0.40% nickel zones for additional resource tonnes.

Testing new areas up-dip from known basal zones that have returned broader nickel mineralisation. Infill drilling within the current Mineral Resource Estimate. A diamond tail hole at MTRC001 to test prospective basal zones along the western margin of the Complex.

Earlier drilling results referenced in the update included multiple nickel intersections, with grades exceeding 1% Ni in several intervals, alongside cobalt, copper and platinum group elements.

Government-Backed Drilling at the Panhandle

The Phase 5 program also includes seven co-funded holes within neighbouring tenement E39/2134, targeting a ~1.5 km long mineralised komatiite body known as the Panhandle.

These holes are supported by EIS grants totalling AUD 440,000, awarded under the WA Government’s Exploration Incentive Scheme. Previous diamond drilling in the area confirmed the geological interpretation of the komatiite system and intersected visible sulphide mineralisation, prompting further follow-up in this phase.

Management Details Phase 5 Execution Plan

Commenting on the plans, Managing Director Dr Caedmon Marriott said the Phase 5 program would continue immediately after the completion of remaining Phase 4 holes and focus on testing higher-grade nickel zones and new exploration targets. He also highlighted the role of EIS grants and recent geophysical work in shaping the next phase of drilling.

Investor Takeaway

The 4.26% share price rise on 9 February followed Western Mines Group’s release of detailed Phase 5 drilling plans at Mulga Tank, outlining near-term exploration and resource infill activity. The stock is now up about 75% over the past year, reflecting continued market attention on drilling progress at the nickel project. Current work is focused on higher-grade nickel zones, shallow resource tonnes, and extending known mineralisation through a combination of RC and diamond drilling. Government-backed EIS funding also supports additional drilling in adjacent tenements.

Frequently Asked Questions (FAQs)

  1. Why did Western Mines Group shares rise on 9 February 2026?

The share price increase followed the company’s announcement of detailed Phase 5 drilling plans at the Mulga Tank Ni-Cu-Co-PGE Project, outlining near-term exploration and resource infill activity.

  1. What does the Phase 5 drilling program involve?

Phase 5 includes 32 RC and diamond drill holes totalling ~10,000m, targeting high-grade nickel zones, shallow mineralisation, new exploration areas, and resource infill within the Mulga Tank Complex.

  1. What role does government funding play in this program?

Seven planned drill holes in the adjacent E39/2134 tenement are supported by AUD 440,000 in Exploration Incentive Scheme grants, reducing drilling costs and enabling further testing of the Panhandle komatiite body.