Western Mines Group (ASX:WMG) had another rally on the Australian Securities Exchange (ASX) to close today’s trade more than 17% higher at $0.715 per share.
The Perth-based company now has a $36 million market capitalisation.
As previously reported by Mining.com.au, it’s been a common theme for Western Mines Group in recent times. On 5 April alone the company enjoyed an almost 170% surge on the ASX after an ‘extensive’ nickel sulphide discovery at Mulga Tank.
Western Mines Group’s share price has rocketed almost fivefold from $0.15 since the start of January this year. It’s value has tripled over the past 12 months.
Western Mines Group’s share price has risen almost fivefold from $0.15 since the start of January this year
The company recently reported it is expanding its current diamond drilling program, adding a further 8 holes to its flagship Mulga Tank Project in the Goldfields region of Western Australia.
Following a recent capital raise, Western Mines is expanding drilling to systematically test for the extent of shallow disseminated sulphide mineralisation in undrilled areas of the complex, along with following up on remobilised nickel sulphide veining seen in multiple holes along the western margin of the complex.
The company reports additional drillholes will continue to be added to the program with ongoing targeting work that is expected to continue at least through to the end of the year.
Western Mines has a goal to discover ‘high-value’ gold and nickel sulphide deposits across a portfolio of ‘highly prospective’ projects located on major mineral belts of Western Australia.
The company is eyeing a major prize within what is an underexplored yet well-known mining region. Western Mines’ flagship asset is the Mulga Tank Ni-Cu-PGE Project – a major dunite ultramafic complex that has shown significant evidence for a working sulphide mineral system and is considered ‘highly prospective’ for Ni-Cu-PGE mineralisation.
Write to Adam Orlando at Mining.com.au
Images: Western Mines Group Ltd
