Westar Resources Unveils High-Grade Gold Assays Ahead of February Drilling

Strong Assay Results Highlight Mindoolah Potential

Westar Resources Limited (ASX: WSR) has delivered a promising update in its December 2024 Quarterly Activities Report, revealing outstanding gold and silver rock chip assay results from the Mindoolah Mining Centre in Western Australia's Murchison region. Notably, assays include a remarkable 40.2 grams per tonne (g/t) gold and 280 g/t silver, underscoring the project's potential for high-grade mineralisation.

The assays were derived from a systematic field mapping program that collected 145 samples predominantly from quartz veins, the primary hosts for gold mineralisation. These results not only confirm the presence of significant gold and silver but also define numerous new drill targets beneath and around existing open pits and historical workings.

Drilling Plans and Heritage Survey Progress

Westar has completed a heritage survey in collaboration with the Wajarri Yamatji Aboriginal Corporation, involving Traditional Owners and consultants, covering the proposed drill areas. The survey results are imminent, and pending approvals, the company aims to commence reverse circulation (RC) drilling at Mindoolah in February 2025.

Exploration Manager Steve has rapidly advanced drill planning following two field trips, with a focus on targeting high-priority gold zones identified through historical data and recent sampling. This marks a critical step as Westar transitions from exploration to active drilling.

Mageye Prospect Emerges as a Compelling Target

At the Gidgee North Project, also in the Murchison region, Westar has identified the Mageye Prospect as a highly prospective target. Geophysical data reveal a distinct 'bullseye' magnetic and gravity anomaly, which may indicate hydrothermal magnetite and sulphide alteration, signatures often associated with copper, molybdenum, silver, and gold mineralisation.

Following a field trip to assess geology and infrastructure, Westar has secured key regulatory approvals and plans to initiate drilling at Mageye immediately after the Mindoolah program, subject to final regulatory clearances.

Financial Position and Strategic Focus

Westar ended the quarter with $1.85 million in cash, a solid foundation to fund its upcoming exploration activities. The company’s net cash expenditure increased by 24% to $449,000, reflecting intensified exploration efforts and due diligence on potential advanced projects.

In line with its strategic focus, Westar divested the non-core Opaline Well project in the Pilbara to concentrate resources on its core gold and copper-zinc assets in the Murchison and Yilgarn regions. The company continues to seek advanced projects in supportive jurisdictions, aiming to evolve from explorer to developer.

Corporate and Governance Updates

The Annual General Meeting held in November 2024 saw all resolutions passed with strong shareholder support. Executive Director Jason Boladeras increased his shareholding by purchasing 1.25 million shares on-market, signaling confidence in the company’s prospects.

Westar also holds a 25% free-carried interest in the Mt Finnerty Project JV with Ramelius Resources, awaiting heritage surveys before further drilling can proceed.