Yilgarn Projects
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, within the Archaean Marda-Diemals greenstone belt Historical exploration across the Mount Finnerty Project in the 1990’s defined the Flinders and Tasman Prospects with significant assays including;
- 9 m @ 98.2 g/t Au from62m (MF023); including
- 4m @ 215.8 g/t Aufrom 62m.
- 1m @ 236.3 g/t Aufrom 126m (MFRC029).
- 24m @ 3.68 g/t Aufrom 45m (MF038); including
- 4m @ 12.6 g/tAu from 46m.
- 9m @ 9.95 g/t Aufrom 51m (MF8880/1376).
- 6m @ 14 g/t Aufrom 39m (MF8580/1414).
- 8m @ 3.2 g/t Aufrom 48m (MRFB040).
- 3m @ 6.4 g/t Aufrom 54m (MF034).
- 4m @ 3.4 g/t Aufrom 57m (MF044).
Gold Potential
Ramelius Resources has completed RC drilling over several campaigns, 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 – Locality map of the Mt Finnerty Project under Farm-in Agreement with Ramelius Resources and additionally, the WSR Olga Rocks Project
Figure 2 – Mt Finnerty JV Project with historical drilling as well as recent and previous RMS drilling campaigns
Figure 3 – Flinders Prospect Plan – Drilling Results
Figure 4 – Flinders Prospect – Cross Section
Figure 5 – Tasman Prospect – Cross Section