West Cobar Metals (ASX:WC1) expects to launch a diamond drilling program within the next 4 weeks at the wholly owned Bulla Park Copper Project in the Cobar Basin, New South Wales.
The $7.28 million market capitalisation company says a revised model suggests that the widespread copper mineralisation identified at Bulla Park to date could reflect a ‘halo’ around a ‘higher grade’ pipe or stockwork system, similar to other deposits in the Cobar Basin.
Interpretation of detailed low-level aeromagnetics commissioned by West Cobar recently, defined specific targets that could relate to these ‘higher grade’ copper mineralised zones and a diamond hole will be drilled as soon as a rig is available.
a revised model suggests that the widespread copper mineralisation identified at Bulla Park to date could reflect a ‘halo’ around a ‘higher grade’ pipe or stockwork system
Meanwhile at the Nantilla Project, also located in New South Wales, West Cobar has engaged in negotiations to secure an access agreement with landholders.
The company has also pursued a mediation-arbitration process with landholders as set out in the arbitration framework within the Mining Act 1992.
Following appointment of an arbitrator, the first mediation meeting was held and engagement to date suggests that the ongoing process will be drawn out and expensive. West Cobar’s Board has evaluated its options going forward and decided a better use of its funds is to allocate them to ‘higher priority’ projects.
The company has since withdrawn from the mediation arbitration process and the majority of the Cawkers Well tenement areas will be surrendered.
West Cobar Metals is a minerals explorer and developer, focused on rare earths and battery minerals within Australia and the US. As of 30 June 2023, the company had $2.327 million cash and cash equivalents at hand, according to its quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: West Cobar Metals