Westar Resources Ltd (ASX:WSR) has welcomed bonanza-grade gold hits from the Mt Finnerty farm-in/joint venture project in the Edna May region, part of the broader Southern Cross district in WA.
The latest assays come from joint venture partner Ramelius Resources Ltd’s maiden reverse circulation (RC) drill campaign, which covered 16 holes and slightly more than 3,000 metres.
Some of the best results came from exploration at the Flinders and Tasman prospects, where Ramelius hit:
Flinders
- 5 metres at 66.7 g/t gold from 175 metres, including 1-metre at 52.4 g/t from 176 metres and 1-metre at 274 g/t from 177 metres;
- 4 metres at 14.1 g/t from 136 metres, including 1-metre at 43.4 g/t from 137 metres; and
- 1-metre at 35 g/t from 125 metres.
Tasman
- 13 metres at 4.37 g/t from 182 metres; and
- 5 metres at 2.63 g/t from 146 metres.
There’s further gold to come from the JV project, with results from 2,442 metres of regional, first-pass aircore in 42 holes yet to be received.
“Starting to reap rewards”
Speaking to the findings, Westar managing director Karl Jupp said: “The exceptional results at Flinders clearly speak for themselves and demonstrate the high-grade potential of deeper, primary hosted mineralisation.
“The significant intercept at the Tasman prospect, roughly 3 kilometres south and along strike from Flinders, substantially increases the zone of significant mineralisation.
“Westar’s strategy of partnering appropriate projects with established and reputable companies is starting to reap rewards for shareholders.”
The joint venture
The Mt Finnerty and Parker Dome projects are subject to a farm-in and joint venture agreement between Ramelius and Rouge Resources — Westar’s wholly-owned subsidiary.
Under the deal, Ramelius may earn up to 75% interest by spending $2 million over a three-year period.
Westar will hold a free carried 25% until a decision to mine is made, at which point Westar can either contribute to ongoing expenditure or dilute its interest in the project.
Mt Finnerty is roughly 200 kilometres northeast of Edna May, while Parker Dome is around 150 kilometres to the southeast.
