Western Ridge Resources (ASX:WRX) has entered a binding agreement to acquire four gold-antimony tenements in Western Australia’s Murchison region, with drilling approvals secured for a December quarter program.
The company will acquire the portfolio from Odin Capital Group for $700,000 cash consideration plus equity-settled performance shares.
The acquisition includes the Seven Mile Well Gold-Antimony Project, located 7km from the Big Bell Gold deposit within the Big Bell Shear Zone.
Managing Director Matthew Cobb says the Seven Mile Well Project offers exposure to both gold and antimony in an established Western Australian mining region.
“The Seven Mile Well Gold-Antimony Project offers exposure to both highly sought after commodities in an established Western Australian mining region — a combination we see as increasingly valuable for our shareholders,” Cobb notes.
The company has developed a conceptual exploration target over two interpreted mineralised shears of between 2 million tonnes (Mt) and 11Mt @ 1–5 grams per tonne gold (Au) for 130,000–1,000,000 ounces of contained Au.
The eastern shear is assessed as potentially ‘higher grade’ @ 3–5g/t Au, while the western shear is estimated between 1–2g/t Au.
A 2025 auger sampling program delineated several northeast striking zones of anomalous gold across a 2,000m strike length.
Historical drilling has defined antimony and arsenic pathfinder anomalies, which are established indicators for Big Bell-style mineralisation beneath cover.
The portfolio also includes the Lady Alma Gold Project on the Gabanintha Shear Zone and the Jasper Star Gold Project, which carries historical workings with reported grades of approximately 31g/t Au.
Western Ridge has secured firm commitments to raise $1.31 million through the issue of 52.4 million shares at $0.025 each to fund exploration activities.
The company plans to commence a 2,000m aircore drilling program at Lady Alma in November, followed by induced polarisation surveys and reverse circulation drilling at Seven Mile Well in December.
Antimony prices currently trade at approximately US$28,300 ($40,728) per tonne, with the metal listed as critical in both Australia and the US.
Western Ridge Resources is an Australian explorer advancing a portfolio of gold and antimony assets in Western Australia.
Write to JC Villarba at Mining.com.au
Images: Western Ridge Resources
