Western Mines Group Secures EIS Grants for Further Drilling at Mulga Tank

Highlights:

• Western Mines Group secures two Exploration Incentive Scheme grants totaling $440,000 for drilling at Mulga Tank Project.

• Funding to be used for a deep exploration hole and two diamond drillholes within the Mulga Tank Complex.

• The grants will support exploration of a nickel-cobalt-copper-platinum group elements system in Western Australia.

Western Mines Group (ASX:WMG) operates within the mining sector, focusing on the exploration of mineral resources. The company is engaged in projects that are strategically located in Western Australia's major mineral belts, where it aims to identify significant mineral systems. Western Mines recently made headlines with the successful receipt of two grants under the Exploration Incentive Scheme, a government initiative designed to support exploration activities in the region.

Details of the Exploration Incentive Scheme Grants

The Western Australian Government's Exploration Incentive Scheme (EIS) has awarded Western Mines Group two separate grants amounting for continued exploration at the Mulga Tank Project. These grants will provide co-funding towards drilling activities, supporting the company's exploration efforts in Western Australia.

The first grant, will be used for the drilling of a deep exploration hole within the main body of the Mulga Tank Complex. This hole will aim to examine the mobile magnetotelluric target situated at the base of the complex. The second grant, will facilitate the drilling of two diamond drillholes targeting a komatiite body within a specific tenement area.

Exploration Plans at Mulga Tank

Western Mines Group has outlined its plans for using the EIS funding. The company intends to drill a deep, more than 1,500-meter diamond hole as a continuation of the previous drilling program, which included hole MTD029 drilled in the previous year. This drilling will focus on the Mulga Tank Ultramafic Complex, where the company has already identified areas of interest.

Chairman Rex Turkington explained that the first grant would be directed toward the exploration of the magnetotelluric target at the base of the Mulga Tank Complex. The second grant will be used to extend exploration further up the belt, specifically focusing on the komatiite channels in the region. These efforts aim to capture the system's stratigraphy and investigate the basal contact of the komatiite body.

The Mulga Tank Project's Geological Significance

The Mulga Tank Project is located within the Minigwal Greenstone Belt, an underexplored region that has been identified as having significant geological potential. Western Mines has recognized the area as containing an extensive magmatic nickel sulphide mineral system. The project area is prospective for a variety of minerals, including nickel, cobalt, copper, and platinum group elements. These minerals are key resources in the global mining industry, used in a wide range of industrial applications, including battery production and electronics manufacturing.

Western Mines Group’s Position in the Market

Western Mines Group currently holds a market capitalization, positioning it as a company engaged in the exploration of mineral resources in Western Australia. The company’s work at Mulga Tank adds to its portfolio of projects within major mineral belts in the region, demonstrating its commitment to furthering its exploration efforts and advancing its understanding of the geological systems it is investigating.

The EIS grants will allow Western Mines Group to continue its exploration activities in the region, and the funding will support its drilling efforts through the next exploration phase. The company plans to begin drilling the EIS-funded holes after June 2025, integrating these activities into its broader 2025 exploration plans.