Western Yilgarn (ASX:WYX) has developed a staged exploration program following the grant of tenement ELA70/5111 at the Julimar West Project in Western Australia.
Exploration is expected to include a surface geochemistry program that will comprise additional soil or auger work on a regional 400m by 100m first pass, as well as geophysics surveys.
Additionally, Western Yilgarn plans to conduct a drilling program to follow targets defined by the geochemistry and geophysics work.
Western Yilgarn’s share price has increased 32.91% to $0.10 as of 12.26pm AEST.
This announcement comes after the company’s desktop review identified several ‘exciting’ targets, as well as ‘successful’ exploration efforts reported by neighbour Chalice Mining (ASX:CHN), which confirmed the major northern extension of the Gonneville intrusion.
The Gonneville intrusion is located less than 2.5km east of the Julimar West Project tenement border, with the Chalice interpreted fault running into the project area.
Western Yilgarn notes it has identified possible repetitions of layered intrusions similar to Gonneville in the company’s ground, alongside mineralised pegmatites uncovered in the field.
A review of public data by Western Yilgarn has defined 2 grab samples taken by the Geological Survey of Western Australia (GSWA). These samples returned ‘significant’ tin, niobium, and tantalum results along with anomalous lithium.
Commenting on this discovery, Western Yilgarn Chairman Peter Lewis says: “Julimar West targets probably the most exciting new battery metals discovery zone in the world, namely the 3MT NiEQ Chalice Mining Gonneville Discovery.
“The grant of our application will enable Western Yilgarn to immediately commence a staged exploration program…”
Despite the long delay in DMIRS processing our application, we are expecting the grant of our EL70/5111 application to be completed soon after the removal of an FNA from our application area, by the end of June 2023.
The grant of our application will enable Western Yilgarn to immediately commence a staged exploration program targeting several exciting opportunities in a world-class mineralised zone recently established by Chalice Mining.”
Western Yilgarn is an ASX-listed company with 5 exploration projects covering a total area of 1,527km-square located across Western Australia. These projects include the Julimar West, Bulga, Boodanoo, Sylvania, and Melbourne projects, which are prospective for nickel-copper-cobalt-platinum group elements, gold, and lithium.
Western Yilgarn had $2.78 million in cash and cash equivalents as of the end of the March 2023 quarter, according to its latest quarterly cashflow report.
Images: Western Yilgarn NL
