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West Coast Silver Limited (WCE) has revealed its inaugural Mineral Resource Estimate for the Elizabeth Hill Silver Project in Western Australia's Pilbara region, alongside high-grade diamond drilling results that validate a newly discovered mineralised zone beneath historic mine workings. The company announced a resource of 141,000 tonnes at 617 g/t silver, totaling 2.795 million ounces of contained silver above a 20 g/t cut-off, laying a solid groundwork for resource expansion and phased development. Further exploration has broadened the known mineralisation envelope, establishing the project as a prime candidate for near-term resource growth.
Key Points
- West Coast Silver Limited (ASX:WCE) holds a 70% stake in the Elizabeth Hill Silver Project situated in the Pilbara region of Western Australia
- Announced inaugural Mineral Resource Estimate of 141,000 tonnes at 617 g/t silver, equating to 2.795 million ounces of contained silver above a 20 g/t cut-off, compliant with JORC Code (2012)
- High-grade diamond drilling yielded 3 m at 524 g/t silver from 183 m and 1.5 m at 1,039 g/t silver from 184.5 m, confirming a new high-grade silver zone beneath historic workings
- Completed a 32-hole RC drilling program totaling 2,710 m at Elizabeth Hill North in May 2026, extending broad near-surface mineralisation beyond the current resource envelope
- Specialist geological review identified parallels to global 5-element silver systems, supporting extensive district-scale exploration across the company's approximately 180 km² project area
- Received a $114,312 grant from the WA Government Exploration Incentive Scheme covering 50% of the proposed geophysical survey over the Munni Munni Fault Zone
- Held a cash balance of $3 million as of 30 June 2026, with exploration spending focused on drilling, assaying, geological modelling, and resource estimation
First Mineral Resource Estimate Establishes High-Grade Base at Elizabeth Hill
On 22 April 2026, West Coast Silver announced its inaugural Mineral Resource Estimate for the Elizabeth Hill Silver Project, marking a pivotal advancement from early exploration to development evaluation. Reported under the JORC Code (2012), the estimate comprises 141,000 tonnes at 617 g/t silver, totaling 2.795 million ounces of contained silver above a 20 g/t cut-off. Derived from 2026 quarter drilling programs, this estimate provides a quantifiable foundation for assessing the project's economic viability. The 617 g/t silver grade highlights the premium quality of mineralisation at Elizabeth Hill, positioning it among notable precious metal exploration projects in Western Australia.
This inaugural resource estimate signifies a critical milestone for West Coast Silver. Management described it as a "high-grade foundation for growth," indicating the current resource is a launchpad for further expansion via ongoing exploration. The estimate was developed through systematic drilling targeting mineralised zones surrounding historical mine workings. It establishes a baseline for future exploration results and underpins the company's Growth & Development Plan focused on resource expansion, upgrading inferred resources to indicated status, metallurgical testing, and phased economic assessments.
Diamond Drilling Confirms New High-Grade Zone Beneath Historical Workings
Post-quarter, West Coast Silver reported significant diamond drilling results enhancing the understanding of the Elizabeth Hill mineral system. Drill hole 26WCDD029 intersected 3 m at 524 g/t silver from 183 m, including a high-grade 1.5 m interval at 1,039 g/t silver from 184.5 m. These findings confirm a new high-grade silver zone beneath and south of historic mine workings, extending mineralisation to greater depths and identifying an "important priority follow-up target at depth." The narrow, high-grade intersections suggest discrete zones of concentrated silver mineralisation, potentially indicating primary mineralised structures at depth.
Geological interpretation identified a roughly 50 m long, north-south, sub-horizontal mineralised trend beneath and south of the historic workings, termed the "Elizabeth Hill Deeps" zone. Additionally, massive sulphides in hole 26WCDD029 returned 0.45 m at 2.73% nickel, 0.93% copper, and 0.7 g/t palladium from 154.87 m, suggesting a potential nickel-copper-palladium mineralisation style. This polymetallic enrichment points to a more complex mineralising system, potentially adding value if economic recovery methods are feasible.
RC Drilling Expands Mineralisation North and West of Resource Boundary
In May 2026, West Coast Silver completed a 32-hole reverse circulation drilling program totaling 2,710 m at Elizabeth Hill North. Final assays confirmed broad near-surface silver mineralisation extending north and west beyond the April 2026 resource estimate, with multiple holes ending in mineralisation. Notable intersections included 60 m at 25 g/t silver from surface in hole 26WCRC004, 28 m at 29 g/t silver from 2 m in 26WCRC002, and 9 m at 33 g/t silver from 6 m in 26WCRC003. Additional high-grade hits in holes 26WCRC012 and 26WCRC011, the latter with 1 m at 157 g/t silver from surface, indicate accessible high-grade mineralisation near surface in parts of the project.
The extensive near-surface mineralisation discovered suggests the Elizabeth Hill system exceeds the current resource estimate. Assays also extended mineralisation beyond the resource envelope, including 44 m at 26 g/t silver from surface in 26WCRC020 and 41 m at 23 g/t silver from 1 m in 26WCRC019. Holes 26WCRC019 and 26WCRC025 both ended in mineralisation, implying the system’s full extent remains undefined. These results support further resource expansion through targeted follow-up drilling.
Diamond Drilling Focuses on Infill and Down-Plunge Extensions
Diamond drilling initiated during the quarter was near completion by quarter-end, targeting down-dip and down-plunge extensions beneath historic mines, infill within the resource block model, and follow-up of RC holes ending in mineralisation. This staged approach reflects a systematic transition from broad exploration to defined resource development, aiming to elucidate the mineralised system’s 3D geometry and assess if historic workings sit atop a deeper, larger body.
Results, particularly from hole 26WCDD029, validate this strategy and highlight the Elizabeth Hill Deeps as a priority follow-up target. The high-grade deep intersections and identified 50 m mineralised trend confirm an important extension warranting further drilling. The company’s combined focus on infill and new deep extensions demonstrates a methodical approach to resource estimate enhancement.
5-Element Silver System Model Supports District-Scale Exploration
A specialist geological review by structural geologist David Lewis identified geological parallels between Elizabeth Hill and global 5-element silver systems, a mineralisation style involving silver with five key elements in specific geological settings. This reinterpretation significantly impacts the company’s exploration strategy, endorsing district-scale exploration across West Coast Silver’s approximately 180 km² Pilbara project area.
This model suggests the Elizabeth Hill deposit is part of a broader mineralising system along the Munni Munni Fault Zone corridor, potentially hosting multiple mineralisation expressions. Consequently, the company plans an extensive induced polarisation and controlled-source audio-magnetotelluric (IP and CSAMT) geophysical survey over about 4 km of the fault zone. The WA Government Exploration Incentive Scheme granted $114,312 to cover 50% of this survey’s cost, aimed at identifying additional mineralised zones within the project.
Elizabeth Hill South Exploration Targets High-Grade Historical Intercepts
Planning and budgeting are complete for potential second-half 2026 drilling at Elizabeth Hill South, targeting follow-up of multiple silver intercepts. The 2025 aircore program intersected 2 m at 39 g/t silver from 12 m in hole 25WCAC071, indicating silver mineralisation in the area. Historical hole AMEHRC012 recorded an exceptional 2 m at 1,550 g/t silver from 108 m, representing a significant exploration target warranting modern drilling techniques.
Elizabeth Hill South offers a distinct opportunity within the project, with historical high-grade intercepts suggesting significant mineralisation in underexplored areas. The planned drilling contingent on budgeting reflects management’s confidence. Combining recent aircore results with historic data provides strong technical rationale for exploration, with successful drilling potentially expanding the mineral resource base substantially.
Growth & Development Plan Sets Phased Path to Economic Evaluation
West Coast Silver’s Growth & Development Plan outlines a phased approach to advancing Elizabeth Hill from exploration to development evaluation. The plan includes resource growth through continued drilling, converting inferred to indicated resources via systematic drilling, metallurgical testwork to assess ore processing, and staged economic assessments. This structured progression moves from exploration to technical evaluations necessary for development potential assessment.
The plan signals management’s intent to advance methodically rather than aggressively, emphasizing resource expansion and technical milestones. Metallurgical testing acknowledges the importance of processing characteristics for economic viability. Staged economic evaluations aim to deliver preliminary assessments enabling investor evaluation before committing to full feasibility studies.
Strong Cash Position Supports Near-Term Exploration and Evaluation
As of 30 June 2026, West Coast Silver held $3 million in cash, allocating most exploration expenditure to drilling, assaying, geological modelling, geophysics, resource estimation, and development studies at Elizabeth Hill. This focus prioritizes the core asset amid operational constraints and strategic direction. Funding is aligned with advancing resource growth and upgrading resource classifications.
The $3 million cash balance supports ongoing exploration without immediate capital raises, assuming consistent burn rates. The company’s emphasis on drilling and modelling lays the groundwork for resource expansion. Receipt of the $114,312 WA Government grant for geophysical surveys effectively extends the exploration budget, reducing direct cash outlays for the planned IP and CSAMT program.
Falcon Metals JV Set for Maiden Drilling at Olsen Well Gold Target
West Coast Silver holds a joint venture interest in exploration permit E09/2457 with Falcon Metals Limited (ASX:FAL). Falcon Metals plans maiden RC drilling in Q3 2026 at the Olsen Well gold anomaly, pending completion of a heritage survey. The Olsen Well target features a 5.8 km soil anomaly indicating gold mineralisation potential. This first systematic drilling will test the anomaly’s prospectivity, with the heritage survey underscoring commitment to responsible exploration in the Pilbara.
The Olsen Well anomaly represents an exploration opportunity within West Coast Silver’s portfolio but remains secondary to Elizabeth Hill’s silver focus. Falcon Metals’ planned drilling will clarify gold mineralisation tenor and extent. The 5.8 km anomaly length suggests potential for significant mineralisation if high-grade zones are intersected. The Q3 2026 drilling timeline provides a near-term milestone for this JV asset.
Board and Management Stability Maintained During Quarter
No changes occurred to West Coast Silver’s board or management during the quarter ending 30 June 2026, ensuring leadership continuity amid significant project progress. Executive Chairman Bruce Garlick commented that the quarter "marked an important transition for West Coast Silver, with the inaugural Elizabeth Hill Mineral Resource Estimate establishing a high-grade foundation for growth and first RC results demonstrating the mineralised system extends beyond the current resource envelope." This highlights management’s recognition of the resource estimate’s strategic importance and mineralisation expansion.
Stable leadership during this critical phase supports effective execution of the company’s strategic plan. Garlick’s remarks reflect confidence in the project’s direction. Although the announcement did not specify board or management size, personnel continuity is a positive signal for investors during substantial technical advancement.
Portfolio Focus Restricts Activity at Non-Elizabeth Hill Assets
Due to prioritizing Elizabeth Hill drilling, no field activities occurred at other projects during the quarter ending 30 June 2026. This strategic focus aims to maximize near-term development potential of the core asset. While the Falcon Metals JV at Olsen Well did not see West Coast Silver-led fieldwork, it remains positioned for maiden drilling in Q3 2026.
This portfolio management approach is typical for junior explorers concentrating resources on key assets during pivotal development stages. Maintaining other project holdings preserves future optionality while focusing cash and management on Elizabeth Hill. This strategy provides investors clarity on capital allocation and company priorities during the current development cycle.
