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Western Mines Group Ltd ( (AU:WMG) ) has provided an announcement.
Western Mines Group reported a strong quarter marked by completion of Phase 4 drilling and the start of Phase 5 at its Mulga Tank Ni-Co-Cu-PGE Project, delivering standout nickel sulphide intercepts including grades up to 4.35% nickel in new mineralised zones. Despite logistical challenges, the company advanced multiple RC and diamond holes, received promising assay results that enhance the project’s prospectivity, and secured a A$250,000 government grant for an active seismic survey to refine its geological model.
Strategically, Western Mines rationalised its portfolio by surrendering the Pinyalling project and selling Melita, while acquiring two large nickel-copper exploration projects in the Fraser Range and Mt Narryer to broaden its growth pipeline. The company also signed an MoU with Magnium Australia to assess magnesite supply from Mulga Tank, which could add a new revenue stream and significantly enhance the project’s value proposition for shareholders and potential partners.
More about Western Mines Group Ltd
Western Mines Group Ltd is an Australian mineral exploration company focused on nickel, copper, cobalt and platinum group elements, with its flagship asset being the Mulga Tank ultramafic complex in Western Australia. The company is expanding its portfolio through new nickel-copper exploration projects in the Fraser Range and Mt Narryer regions, targeting large-scale base metal discoveries.
Average Trading Volume: 160,018
Technical Sentiment Signal: Sell
Current Market Cap: A$22.75M
For an in-depth examination of WMG stock, go to TipRanks’ Overview page.