Western Yilgarn raises $1.15m to advance its Ida Holmes Junction and Julimar West prospects
Exploration will include EM surveys and geochemical analysis
RC drilling to follow
Special Report: Critical minerals explorer Western Yilgarn has rattled the tin for $1.15 million to advance exploration work across its flagship Ida Holmes Junction and Julimar West projects in WA.
Western Yilgarn’s (ASX:WYX) 684km2 Ida Holmes Junction project is in a fast-developing exploration region for critical minerals and is just 50km from Gold Fields’ Agnew gold operation and down the road from BHP’s (ASX:BHP) Leinster and Mt Keith world-class nickel mines.
It’s also 60km north of prolific lithium deposits such as Delta Lithium’s (ASX:DLI) 12.7Mt Mt Ida project and 90km south of Liontown Resources’ (ASX:LTR) 156Mt Kathleen Valley.
Closer to Perth, WYX is seeking to prove up Julimar West with the belief it could contain Gonneville-type mineralisation which is less than 2.5km away from its landholdings in the region, as well as investigating whether historical tantalum and tin grab samples point to a potential Greenbushes-type occurrence.
Funding secured and targets galore
WYX has received firm commitments to raise $1.15 million at 8c/share with one free attaching option for every two shares subscribed for via a share placement, which is backed by institutional investors and substantial shareholders, including non-executive director John Traicos, Oceanic Capital and St Barnabas Investments.
Funds will be used to dig into 24 identified targets that show early prospectivity for copper-nickel-PGE and LCT pegmatites at the Ida Holmes Junction prospect, by way of auger geochemistry on newly granted leases and airborne EM surveys with a focus on copper and nickel sulphides.
These exploration tools which will be used to direct potential follow-up RC drilling.
They’ll also be used for an airborne EM survey at Julimar West to test for extensions and repetition of the world-class 3Mt nickel equivalent Gonneville mineralisation discovered by Chalice Mining (ASX:CHN).
Western Yilgarn’s WA projects. Pic: Supplied (WYX)
Validation in ‘a challenging investment environment’
“We’re delighted to receive such strong support for the company and its exploration strategy at the Ida Holmes Junction and Julimar West projects,” WYX chair Peter Lewis says.
“Our projects and operating mantra have been validated by investor support in a challenging investment environment.
“The funds raised will be used to advance exploration at the Ida Holmes Junction project and commence work at Julimar West.
“Both projects warrant further investigation and we are excited at the opportunity this raising provides to unlock their potential.”
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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