- Western Mines Group (WMG) shares rise again following a fresh update on its Mulga Tank project in Western Australia
- The company’s shares have exploded and gained nearly 600 per cent since April 4 following the discovery of a significant nickel system at Mulga Tank
- WMG says a recent drill hole, still in progress, shows mineralisation similar to previous holes and appears to extend the mineralisation footprint across the majority of the 3.2-kilometre Mulga Tank Complex
- Western Mines is planning to expand the drill program to 14 holes to continue exploring the area
- WMG shares are up 10.6 per cent, trading at 78 cents at 1:11 pm AEST
Western Mines Group (WMG) shares have once again risen after the company updated investors on the progress of a six-hole diamond drilling program at its Mulga Tank project in WA’s Eastern Goldfields.
Today’s climb came off the back of news that the drill program at the nickel, copper, and platinum group elements (PGE) project had made some promising intersections.
The fifth hole in the program, MTD026, now sits at 402 metres deep and has shown mineralisation similar to previous holes. WMG said this appeared to extend the mineralisation footprint across the majority of the 3.2-kilometre Mulga Tank Complex.
The company’s shares have gained almost 600 per cent since April 4, when WMG announced the discovery of a significant nickel system at Mulga Tank.
At 10:20 this morning, WMG shares peaked at 86 cents.
“After a short break over Easter, the team is back out on site drilling MTD026, and we’ve already intersected the familiar zone of shallow disseminated sulphides commencing around 117 metres depth down-hole,” WMG Managing Director Caedmon Marriott said.
“Similar to that seen in numerous other holes this appears to extend the mineralisation
footprint across the complex from the Western Margin to MTD020 — some ~3.2 kilometres.
“Of further interest were multiple shallow intersections of remobilised massive sulphide blebs and veining.
“Generally, these have only been seen on the Western Margin, but this observation reiterates the entire Complex is prospective for deposits of type-one perseverance-style basal massive sulphide,” Dr Marriott said.
Western Mines Group is now planning to expand the drill program to 14 holes to continue exploring the complex.
WMG shares were up 10.6 per cent and trading at 78 cents at 1:11 pm AEST.