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Errawarra Resources (ASX:ERW) will soon be rebranding to “West Coast Silver” and will be using the ticker “WCE” in the weeks ahead as it picks up the Elizabeth Hill Silver Project (EHSP) in Western Australia’s Pilbara.
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While the Pilbara is better known for gold over silver, the ancient geology of the landscape has seen the region home to a range of minerals, both golden and otherwise.
Since the project was acquired, the company has been busy on-site with 37 samples already collected with pXRF readings showing grades up to 920g/t silver.
While much further data is needed to confirm the existence of a ‘silver deposit,’ grades nearing 1,000g/t are hard to overlook.
Further, samples were collected to the north and southern extremes of an existing known mineralisation parcel on-site, prompting early-stage hopes that the company may be able to uncover what miners of the past could not.
Pivoting to become a “silver explorer and developer” – no plans for production yet – the company has also finalised a $3M cap raise to underpin the acquisition and move forward, led by CPS Capital.
Worth noting, perhaps, is Errawarra – soon West Coast Silver – has a $6M market cap against only 123.7M shares on issue. While nobody likes a CR, potentially the impact won’t be the same as it could be if the company had a billion shares on issue.
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The company also suffers from low liquidity, so shareholders should note that at this time, the price is volatile by way of distortion.
At any rate, let’s dive into project specifics. The EHSP:
- Is comprised of 180sq.km of tenements in Western Australia
- Errwarra describes it as “one of Australia’s most prospective mineral exploration regions”
- An existing Elizabeth Hill mine is located on-site, known among geotechs for its strong historical production
- Historical assets often pose the potential upside of what modern drilling technology may or may not better exploit
- Within the landholding are areas “prospective [and] underexplored for silver mineralisation.”
ERW last traded at 5cps heading into morning trade.
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