How Western Ridge Resources (ASX:WRX) Is Advancing Its First-Ever Drill Program at Lady Alma While Awaiting Keystone Assay Results

Sonal Goyal

03 November 2026 11:57 PM AEDT

How Western Ridge Resources (ASX:WRX) Is Advancing Its First-Ever Drill Program at Lady Alma While Awaiting Keystone Assay Results

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key Highlights

Field preparation for the inaugural 24-hole Reverse Circulation Drilling program at Lady Alma is complete, with Bartlett Drilling engaged to commence in the second half of November 2026
Stage 1 targets two north-northeast trending structures interpreted from aeromagnetics, with fence lines designed to test the interpreted bedrock source of an extensive eluvial gold nugget field
In Nevada, all samples from the maiden Keystone drilling program have been received by ALS laboratory, with results from the first of four batches expected within two weeks following an expedite request
The Murchison project Acquisition — including Lady Alma, Seven Mile Well and Jasper Star — is structured with non-contingent consideration of A$700,000 and equity-settled milestones, keeping the Capital Structure lean

Western Ridge Resources Limited (ASX:WRX) has advised that field preparation for the inaugural reverse circulation drilling program at the Lady Alma Gold Project in Western Australia is complete, with drilling scheduled to commence in the second half of November 2026. The preparatory work was carried out by Odin Capital Group, the vendor of the Murchison projects, ahead of the formal completion of the acquisition, a decision that brings forward Lady Alma's first drilling program by several weeks.

The project sits within the Gabanintha Shear Zone near Meekatharra in Western Australia. The tenement, P51/3159, is the first modern drill testing of the Lady Alma prospect, which has historically been held by prospectors. Field observations have mapped an extensive eluvial gold nugget field spatially associated with two north-northeast trending structures, and the Stage 1 program is designed to test the potential primary bedrock sources of that surface gold.

The Geology Behind the Program

Drill fence lines were located using GPS and access tracks were cleared along each line using a track-mounted dozer to allow drill rig and support vehicle access. Licensed water bores on the tenement are available to support drilling and a field camp.

The Stage 1 program will test two structures interpreted from aeromagnetic data that trend north-northeast across the tenement, cross-cutting a steeply dipping, doubly plunging anticline within the Norie Group, which comprises amphibolite schists and felsic volcaniclastic rocks. Field observations indicate these structures dip steeply to the east, and drill traverses have been designed to test this geometry. An extensive eluvial gold nugget field is spatially associated with these structures, coincident with gold-in-soil anomalism over the approximate location of the anticlinal fold axis.

The 24-hole program across six fence lines will drill to a nominal depth of approximately 80 metres each, making this a relatively modest maiden program in terms of total metres but one targeted specifically at the interpreted primary source of the surface gold. The eluvial field itself provides one of the stronger geological rationales available for a maiden program — visible gold at surface in the right structural context.

Western Ridge's Broader Murchison Strategy

Lady Alma forms part of a three-project Murchison portfolio being acquired from Odin, alongside Seven Mile Well and Jasper Star. Managing Director Dr Matthew Cobb has described the portfolio's structure as one in which each project stands on its own geology, targets and timetable, meaning no single project is dependent on the others. This separation is deliberate, providing the company with multiple discrete news catalysts through the coming field season.

The acquisition carries non-contingent consideration of A$700,000, with all other consideration equity-settled and contingent on share price, drilling or resource milestones. Programmes of Work for RC drilling have been approved on three of the four tenements, and a granted Mining Lease with an Aboriginal heritage agreement is in place at Jasper Star, meaning there is no permitting lead time holding up any of the projects.

Following Lady Alma drilling, the company plans a Gradient Array Induced Polarisation survey at Seven Mile Well and RC drilling under the approved Programme of Work there in December 2026, testing chargeability targets beneath a pathfinder geochemical anomaly.

Keystone Update: Nevada Assays Expected Imminently

Concurrent with the Australian programs, Western Ridge has been awaiting assay results from the maiden drilling program at its Keystone Project in Nevada, USA. All samples have been received by ALS laboratory, but the company has been notified of significant processing delays. The first of four batches of samples, delivered on 21 September 2026, has been subject to an expedite request, and the company expects results within two weeks of the 27 October announcement. The Keystone project has been described as the company's flagship asset, and the first batch of assays will provide the initial read on whether the Nevada program has intersected mineralisation.

Sector Context

Gold exploration in Western Australia's Murchison district has historically delivered significant finds, with the region hosting the Big Bell, Meekatharra and Gabanintha gold systems. Interest in smaller explorers with Murchison exposure has grown in line with sustained gold prices, which have supported increased drilling activity across the state. Western Ridge's multi-project structure, spanning a tier-one Australian Jurisdiction and a Nevada property, is unusual for a company of its size, but the capital-efficient acquisition structure mitigates the financial exposure typically associated with that geographic spread.

Risks

Lady Alma is undergoing its first modern drilling program, and eluvial gold fields can have complex and discontinuous bedrock sources that do not always respond to initial drill programs. The acquisition of the Murchison projects is not yet formally complete, meaning execution remains subject to completion conditions. At Keystone, laboratory processing delays have extended the period of uncertainty for shareholders, and there is no guarantee that the first batch of assays will confirm mineralisation of commercial interest. Western Ridge is a small explorer with limited resources and managing simultaneous programs in two jurisdictions introduces operational and financial risk.

What to Watch Next

The November commencement of RC drilling at Lady Alma and the imminent release of first-batch Keystone assay results represent two near-term catalysts operating on separate timetables. Management has noted that this separation is intentional, with results analysis and Stage 2 planning at Keystone intended to occupy the December-January period while Murchison fieldwork is underway. The Seven Mile Well IP survey and RC drilling in December will add a third data stream for investors to track before the end of calendar 2026.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.