Highlights

  • Western Ridge Resources (ASX:WRX) has received preliminary assay results from its inaugural drilling at the Keystone Project in Northern Nevada, confirming multiple sub-horizontal silver lodes.
  • Broad zones of shallow silver mineralisation have been intersected, with higher-grade intervals identified within larger mineralised envelopes across the first two drillholes.
  • Anomalous tungsten values were also intersected, adding a critical minerals exploration dimension to Keystone's existing silver and gold potential.
  • Assay results from seven of the nine completed drillholes remain pending, with Phase 2 drilling planned for early to mid-2027.

Western Ridge Resources Limited (ASX:WRX), an ASX-listed precious and critical minerals explorer, has announced preliminary assay results from its inaugural drilling campaign at the Keystone Project in Northwestern Nevada, USA. The results, received from ALS Laboratories in Reno, cover two of the nine drillholes completed at the project in September 2026, with assay data awaited for the remaining seven holes.

Latest Development

The two drillholes for which preliminary assays have been received — 26KSTRC003 and 26KSTRC004 — both intersected silver mineralisation at multiple depths, consistent with the company's pre-drill geological model of repeated sub-horizontal lode structures beneath the historic Keystone Mine workings. The results indicate the presence of at least five additional lodes of a similar character to those historically exploited at the mine, which was last commercially operated between 1937 and 1943.

The assay data show broad zones of silver mineralisation across both holes, with higher-grade intervals nested within larger mineralised envelopes. The company noted that the results support both a significant repetition of lode structures at depth and the presence of a wider "halo" of peripheral mineralisation surrounding the higher-grade lodes, suggesting that the overall mineralised system is more extensive than the historical record alone would suggest.

Tungsten Discovery

In addition to silver, 26KSTRC003 returned anomalous tungsten values in two intercepts, one of which was intersected in an area not typically expected to host tungsten mineralisation. Western Ridge noted that Keystone is located approximately 9km north of the historic Springer tungsten mine, currently owned by Blue Moon Metals (TSX.V:MOON), within a comparable geological setting. The identification of anomalous tungsten results at Keystone is considered to highlight additional critical minerals exploration potential in proximity to known tungsten mineralisation.

Geological Context

The Keystone Project is located within the emerging Pershing Trend in Nevada and encompasses historical workings associated with tungsten, silver, and gold mineralisation. The project has not seen meaningful modern exploration for more than 80 years. The mineralisation style is interpreted as hot-spring and epithermal in origin, with silver-bearing laminated quartz veins hosted within volcanic rocks and sedimentary sequences intruded by Cretaceous-age granodiorite stocks.

Previous aeromagnetic surveying has identified up to nine similar geophysical targets associated with historical workings within the immediate Keystone area, many of which remain untested by modern exploration techniques, providing significant scope for further discoveries if the current results are followed up.

Recent Project Expansion

Western Ridge recently expanded its landholding at Keystone by approximately 500%, securing additional historical Mining localities and broadening the company's regional footprint across the district. The expanded tenure encompasses historical workings across the Humboldt and Pershing counties of northern Nevada.

Sector Context

Nevada is one of the world's most established silver and gold producing states, with a long history of mining activity and well-developed infrastructure. The Pershing Trend is an emerging exploration focus area, with several junior explorers active in the region. Silver's role in both precious metals Investment and industrial applications — including electronics and solar panels — continues to support interest in exploration projects with meaningful silver potential.

Growth Drivers

For Western Ridge, the confirmation of multiple lode structures at Keystone, combined with the identification of a broader mineralised halo, provides a materially expanded exploration footprint compared to what was implied by historical records alone. If the remaining seven drillhole assays continue the trend established by the first two results, the company may have a basis for a more systematic resource-definition follow-up program in 2027.

Risks and Challenges

Preliminary assay results cover only two of nine drillholes, and the broader picture at Keystone will only emerge once all results are received. While the initial intercepts are encouraging, the project remains at an early exploration stage with no established mineral resource. Additionally, the small scale of historical mining provides limited context for understanding the tonnage potential of the system.

Investor Considerations

For investors following the junior resources sector, Western Ridge Resources' Keystone results offer an encouraging early-stage data point for a project that had seen limited modern exploration. The confirmation of multiple lode structures is consistent with the company's pre-drill model, and the identification of a broader halo mineralisation envelope suggests that the system may be larger than the historical records implied. The tungsten anomalism adds an additional dimension that could become more relevant as the company develops its understanding of the geological controls. With seven of nine drill holes still pending assay, the information available to the market remains partial, and the most informative results may come from holes designed to test lateral and depth extensions. Investors should approach these results as an encouraging first step rather than definitive evidence of a commercial discovery. The project is at a very early exploration stage, and significant additional work would be required to assess the economic potential of the system.

Key Insights

Western Ridge Resources' initial drilling results from the Keystone Project have confirmed the presence of multiple sub-horizontal silver lodes and a broader peripheral mineralised halo, validating the company's geological model for the system. The additional identification of anomalous tungsten values adds a critical minerals dimension to what was primarily a silver exploration target. With seven assay results still pending and Phase 2 drilling planned for early to mid-2027, Keystone remains a developing story in the company's portfolio.