A tier 1 West Musgrave style project?

Western Yilgarn’s enlarged Bulga project renamed to the Ida Holmes Junction project
Move reflects joint venture agreement with Fleet Street Holdings for four additional tenements
Expanded projects covers the intersection of the Holmes Dyke and Mt Ida Fault

Special Report: Western Yilgarn has renamed its Bulga project to the Ida Holmes Junction project to reflect the significantly enlarged footprint which results from its joint venture with Fleet Street Holdings.

The ~477km2 Bulga project is 50km southwest of Gold Fields’ (JSE:GFI) Agnew mine and is within an attractive region for critical minerals exploration.

It is also close to the world class Leinster and Mt Keith nickel mines that are operated by BHP (ASX:BHP), several 2Moz gold deposits such as Agnew, Lawlers and the newly restarted Bellevue operations, and is ~60km north of Delta Lithium’s (ASX:DLI) 12.7Mt Mt Ida project.

Exploration carried out by Western Yilgarn (ASX:WYX) has highlighted the rich potential of the project to host both nickel-copper-PGE and lithium-caesium-tantalum mineralisation.

This provided the company with the incentive to sign in January 2024 a binding terms sheet with Fleet Street Holdings to access four additional tenements that takes the total area covered up by a further 207km2.

Under the JV agreement, WYX will have the right to acquire up to 80% of the tenements held by Fleet Street by 28 February 2026 through spending up to $500,000 in exploration in two phases over two years.

The Ida Holmes Junction project. Pic supplied (WYX)

Control over the Ida Holmes Junction

The expanded and renamed Ida Holmes Junction project covers the intersection of the Holmes Dyke and Mt Ida Fault, which grants the company the opportunity to explore the significant potential of the junction of the Ida Fault and the Holmes Dyke.

This is interpreted to be a fundamental, early steep structure effectively marking the boundary between the Eastern Goldfields Super Terrane in the east and the Youanmi Terrane to the west.

Notably, the underexplored Holmes Dyke Gabbro is the same rock type and age as BHP’s Tier 1 West Musgrave project that hosts a resource of 390Mt @ 0.31% nickel and 0.33% copper.

“It’s very rewarding to see the continued evolution of this exciting project both in name and area. Our recently announced JV with Fleet Street adds an extra 207km2 to our project,” chairman Peter Lewis said.

“The Holmes Dyke is the predominant feature contained in the Fleet Street tenements which adds a significant new dimension to unlocking the excellent prospectivity appearing to reside in our tenements.”

 

This article was developed in collaboration with Western Yilgarn, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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