The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • West Cobar (WC1) reports more “high-grade” results from its 283-hole maiden aircore drilling program at the Newmont and O’Connor prospects in WA
  • The latest batch of assays from 68 holes at the Newmont deposit returned results of up to 2626 parts per million total rare earth oxides from 18 metres deep
  • WC1 says all Newmont results received so far lie outside of the existing inferred resource in the area, showing mineralisation extends to the north and south
  • The company is still awaiting assays for another 175 holes completed in the area, which it expects to receive in March
  • WC1 shares are trading at 15.5 cents at 1:40 pm AEDT

West Cobar metals (WC1) has reported more “high-grade” results from its 283-hole maiden aircore drilling program at the Newmont and O’Connor prospects within its Salazar clay project in WA.

The latest batch of assays came from 68 holes at the Newmont deposit and returned results such as seven metres at 2626 parts per million (ppm) total rare earth oxides (TREO) from 18 metres deep

Other results include 15 metres at 1028 ppm TREO from 17 metres and 11 metres at 1415 ppm TREO from eight metres.

“We continue to be highly encouraged by the assay results coming from the Salazar project, which still represent less than 35 per cent of the total number of drill holes completed,” West Cobar Non-Executive Chairman Rob Klug said.

“We are seeing significant thicknesses and REE grades extending outside the existing inferred resource at Newmont which may be included in the resource upgrade to be undertaken once all the remaining assays are received.”

The recent drilling was designed to extend and infill an inferred resource of 43.5 million tonnes of rare earth elements (REE) at 1192 ppm TREO in the Newmont area.

West Cobar is still awaiting assays for another 175 holes completed in the area, which it expects to receive in March alongside the results from 27 holes completed in the O’Connor area.

WC1 shares were trading at 15.5 cents at 1:40 pm AEDT.

Phase one also explored part of the O’Connor license area within the Salazar project

WC1 by the numbers
More From The Market Online
The Market Online Video

Market Close: ASX has a red sector day on reports of Israeli strikes on Iran

The ASX200 has seen red, closing down 0.98% as reports of Israel launching retaliatory attacks on Iran ripped through global markets on …

Week 15 Wrap: USA uncertain, ECB shrugs at the Fed & gold, gold, gold

Depending on what interests you more, there were two big stories this week for the international…

Week 16 wrap: VIX jumps; IMF eyes US debt; Oz CPI & Mag7 reports next week

Uncertainty reigns, and not just because Israel has reportedly attacked Iran. The VIX hitting a six…

Strike pins hopes on seismic show to brighten Perth Basin prospects

Strike Energy has started two rounds of seismic exploration in the Perth Basin, with the first…