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West Cobar Metals Ltd. ( (AU:WC1) ) has issued an update.
West Cobar Metals Ltd. is advancing its acquisition of the Mystique Project in the Fraser Range, Western Australia, which is highly prospective for gold. The company plans to conduct exploration drilling to test and define significant gold mineralization targets in the area. This move follows the discovery of exceptional gold intercepts at the nearby Themis Prospect, indicating promising potential for both shallow saprolite and large-scale basement-hosted gold deposits. However, the company will not proceed with acquiring a 70% joint venture interest in the adjoining Thunderstorm Project, as Rumble Resources Limited will pre-empt the acquisition.
More about West Cobar Metals Ltd.
West Cobar Metals Ltd. operates in the mining industry, focusing on the exploration and development of mineral resources, particularly gold deposits. The company is engaged in acquiring and exploring tenements in the Fraser Range Province of Western Australia, a region known for its potential in orogenic gold deposits.
YTD Price Performance: -18.75%
Average Trading Volume: 991,048
Technical Sentiment Signal: Strong Buy
Learn more about WC1 stock on TipRanks’ Stock Analysis page.