Mt Finnerty

Mt Finnerty

Ramelius Resources Farm-in/JV (WSR 25% Free Carry to Decision to Mine)

The Mt Finnerty Project  is subject to a Farm-in and Joint Venture Agreement with Ramelius Resources. Westar will hold a free carried 25% interest until a decision to mine is made, at which point Westar can either contribute to ongoing expenditure or dilute its interest in the project.  A full summary of the Farm-in Agreement is set out in section 10.1(a) of the company’s IPO Prospectus.

Background

Mt Finnerty is located approximately 430km east-northeast of Perth and 200km northeast of the Ramelius Resources Edna May mine and mill (under care-and-maintenance as of April 2025), within the Archaean Marda–Diemals greenstone belt. Historical exploration across the Mount Finnerty Project in the 1990s defined the Flinders and Tasman Prospects with significant assays including;

  • 9m @ 98.2 g/t Au from 62m (MF023), including
    4m @ 215.8 g/t Au from 62m.
  • 1m @ 236.3 g/t Au from 126m (MFRC029).
  • 24m @ 3.68 g/t Au from 45m (MF038), including
    4m @ 12.6 g/tAu from 46m.
  • 9m @ 9.95 g/t Au from 51m (MF8880/1376).
  • 6m @ 14 g/t Au from 39m (MF8580/1414).
  • 8m @ 3.2 g/t Au from 48m (MRFB040).
  • 3m @ 6.4 g/t Au from 54m (MF034).
  • 4m @ 3.4 g/t Au from 57m (MF044).

Gold Potential

Ramelius Resources has completed RC drilling over several campaigns, and one round of diamond drilling in 20231, returning exceptional intersections including;

Flinders Prospect

  • 5m at 66.7g/t Au from 175m in FLRC002, including
    • 1m at 52.4g/t Au from 176m and also including
    • 1m at 274g/t Au from 177m
  • 4m at 14.1g/t Au from 136m in FLRC003, including
    • 1m at 43.4g/t Au from 137m
  • 1m at 35.0g/t Au from 125m in FLRC004
    • 1m at 11.8 g/t Au from 139m in FLRC0017
    • 7m at 3.44 g/t Au from 166m in FLRC0020
    • 2m at 10.5 g/t Au from 224m in FLRC0021
    • 5m at 1.32 g/t Au from 99m in FLRC00022, and
  • 9m at01 g/t Au from 114m, and
  • 3m at 3.20 g/t Au from 126m

Tasman Prospect

  • 13m at 4.37g/t Au from 182m in FLRC015
  • 5m at 2.63g/t Au from 146min FLRC0013
  • 8m at 4.70 g/t Au from 142m in FLRC0028
  • 5m at 3.01 g/t Au from 142m in FLRC0030

Figure 1 – Mt Finnerty JV Project with historical drilling as well as recent and previous RMS drilling campaigns

Figure 2 – Flinders Prospect Plan – Drilling Results

Figure 3 – Flinders Prospect – Cross Section

Figure 4 – Tasman Prospect – Cross Section

  1. 27 April 2023, WSR:ASX Announcement, “Mt Finnerty JV – Initial Diamond Drilling Results