West Cobar Metals (ASX:WC1) has completed the acquisition of the Mystique Gold Project in Western Australia, from IGO (ASX:IGO).
The Mystique Project, covering 35km2 is considered prospective for orogenic gold deposits and lies within the Albany-Fraser Province.
In March 2025, West Cobar entered into a binding conditional agreement to acquire the project for 5 million unlisted options exercisable at $0.08 with a three year expiry date.
West Cobar is now preparing a drilling program to follow up on key targets uncovered. The company says there are immediate targets at Mystique, supported by widespread drill intersected gold anomalism in transported cover and saprolite.
The planned program will drill test the paleochannel and bedrock gold mineralisation that is likely to extend southward into West Cobar’s ground, as well as test and define significant gold mineralisation targets in the saprolite and basement rocks at the Torquata prospect.
Managing Director Matt Szwedzicki says the project comprises a key land area with immediate potential for shallow saprolite hosted and large-scale basement hosted gold deposits.
“We have identified two high-priority targets which justify immediate exploration drilling,” Szwedzicki says.
On the back of this news, West Cobar’s share price increased 60% to $0.024 as of 3.30pm AEST on 6 June.
The company notes the Mystique Project remains relatively unexplored as most of the area is covered by 30m or more of transported Eocene sediments and there is little surface expression of geology or mineralisation.
West Cobar Metals is an explorer and developer focused on progressing its Bulla Park Copper Antimony Project in New South Wales and the Salazar Critical Mineral Project in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: West Cobar Metals
