Enegex Prepares for 2025 Drilling After Securing New West Yilgarn License

Exploration Momentum Builds in West Yilgarn

Enegex Limited (ASX: ENX) has delivered a comprehensive update on its December 2024 quarter activities, underscoring its commitment to advancing gold and copper exploration in Western Australia's West Yilgarn region. The company’s focus remains on its 100% owned tenure, particularly the Rocky Ridge gold prospect within the Perenjori Project and the adjacent Three Springs Project, both situated in under-explored meta-greenstone terranes known for their mineral potential.

Rocky Ridge continues to impress with a 6.5-kilometre corridor of surface gold anomalism reaching up to 520 parts per billion (ppb) gold. Historical shallow drilling has returned encouraging intercepts, including 7 metres at 2.52 grams per tonne (g/t) gold to end of hole, suggesting the presence of commercially viable mineralisation. These results have set the stage for an aircore drilling program scheduled to commence in early 2025, targeting untested portions of this anomalous corridor to better define bedrock mineralisation.

Heritage Clearance and Land Access Secured

Importantly, Enegex has secured heritage clearance for drilling activities at Rocky Ridge following a survey conducted with the Yamatji Southern Regional Corporation, representing the Traditional Owners of the Yamatji Nation. This clearance clears a 7.9-kilometre strike length of the most prospective part of the gold corridor, allowing the company to proceed with exploration while respecting cultural heritage obligations.

Additionally, the company has applied for a new 96 square kilometre exploration licence (E70/6678) located 25 kilometres northeast of Morawa, covering unexplored greenstone lithologies along strike from Chalice Mining’s Recherche West gold target. Early access agreements with landowners have been secured, enabling planned first-pass soil sampling upon grant of the licence.

Broader Project Activity and Strategic Focus

Beyond Rocky Ridge and the new Gutha licence application, Enegex’s Three Springs Project has yielded anomalous gold results from reconnaissance soil sampling, with follow-up infill sampling planned for 2025. The company continues to evaluate its Goomalling tenure for copper potential, particularly at the Gladius Prospect, where weakly elevated copper in soils coincides with magnetic and gravity anomalies.

In line with its strategic approach, Enegex has relinquished less prospective tenements such as Miamoon and Walebing, focusing resources on higher-potential targets. The company’s exploration methodology leverages refined geochemical thresholds and structural understanding to efficiently assess and prioritise targets under widespread soil cover.

Financial Position and Outlook

At the end of December 2024, Enegex held $1.52 million in cash, a slight decrease from $1.64 million in the previous quarter, reflecting ongoing exploration expenditure. The company’s cash runway is estimated at over 13 quarters based on current spending levels, providing a solid financial foundation for its upcoming programs.

With crop harvesting recently completed, Enegex is poised to ramp up field activities in early 2025, including aircore drilling and further surface sampling across its West Yilgarn projects. The pending environmental application for Rocky Ridge drilling represents the final regulatory hurdle before operations commence.

Overall, Enegex’s quarterly report signals a methodical and cost-effective exploration campaign aimed at unlocking the gold and copper potential of its strategically located tenements. The company’s proactive land access negotiations, heritage engagement, and targeted exploration techniques position it well to advance its projects through the next phase of discovery.