West Cobar Acquires Mystique Gold Project

Company News

by Finance News Network

West Cobar Metals (ASX:WC1) has finalized its acquisition of the Mystique Gold Project from IGO (ASX:IGO) in Western Australia. The Mystique Project, spanning 35km2 within the Albany-Fraser Province, is deemed highly prospective for orogenic gold deposits. The acquisition agreement, finalized in March 2025, involved 5 million unlisted options exercisable at $0.08, expiring in three years. Following the announcement, West Cobar’s share price surged 60% to $0.024 as of 3.30pm AEST on June 6.

West Cobar is now planning a drilling program to investigate key targets. These targets are supported by widespread drill intersections showing gold anomalism in transported cover and saprolite. The program aims to test paleochannel and bedrock gold mineralization potentially extending southward into West Cobar’s ground, and to define significant gold mineralization targets within the saprolite and basement rocks at the Torquata prospect. Managing Director Matt Szwedzicki highlighted the immediate potential for shallow saprolite hosted and large-scale basement hosted gold deposits within the project area. He noted the identification of two high-priority targets justifying immediate exploration drilling.

The company acknowledges that the Mystique Project has seen limited exploration due to extensive cover by 30m or more of transported Eocene sediments, resulting in minimal surface expression of geology or mineralization. West Cobar Metals focuses on advancing its Bulla Park Copper Antimony Project in New South Wales and the Salazar Critical Mineral Project in Western Australia.


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