After completing due diligence activities, Westar Resources (ASX:WSR) has decided to not exercise its options to acquire the Uley North Graphite Project in South Australia.
Since entering an option agreement in April 2024, Westar completed a field trip and due diligence activities, including extensive land access reviews led by South Australian experts with detailed local knowledge and experience in exploration approval procedure.
The company is now focusing on advancing its gold and base metal exploration targets on the Mindoolah and Gidgee North projects.
Westar also plans to continue searching for advanced gold and copper-focused projects in supportive jurisdictions nationally and internationally, with the aim to become a developer.
CEO Jason Boladeras says the extensive due diligence on the project confirmed numerous graphite targets.
“However, possible land access hurdles are likely to take considerable time to investigate further,” Boladeras says.
“With a renewed focus on gold and copper including the hunt for advanced projects in that space, the board resolved that it is in the best interest of shareholders that we do not pursue the Uley North Graphite Project further.”
Westar Resources is a Perth-based mineral explorer focused on discovering and developing gold and critical minerals. The company’s assets lie in the “highly prospective” Pilbara, Murchison, and Yilgarn regions.
Write to Aaliyah Rogan at Mining.com.au
Images: Westar Resources
