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| West Cobar Metals |
New drilling targets identified in saprolite and basement rocks
Strategic land acquisition expands gold footprint in Albany-Fraser Province
West Cobar Metals (ASX:WC1) has finalized the acquisition of the Mystique Gold Project from IGO Ltd (ASX:IGO), adding a prospective orogenic gold asset to its portfolio in Western Australia. The 35km² project lies within the Albany-Fraser Province and is considered underexplored due to deep sedimentary cover.
Under the March 2025 agreement, West Cobar acquired the project in exchange for 5 million unlisted options, exercisable at AU$0.08 over three years. The company has now begun planning for a drilling program to test immediate targets. These include paleochannel-hosted and saprolite gold anomalies, as well as basement-hosted mineralisation at the Torquata prospect.
Managing Director Matt Szwedzicki stated that the acquisition aligns with the company’s focus on shallow and large-scale gold systems. “We have identified two high-priority targets that justify immediate drilling,” he said. Initial programs aim to define extensions of known gold zones that may continue southward into West Cobar’s tenure.
The Mystique project remains largely unexplored due to over 30 meters of transported Eocene sediments, which obscure surface geology and hinder traditional exploration techniques. This presents a unique opportunity to apply modern geophysics and geochemistry to identify hidden deposits.
West Cobar's share price surged 60% to AU$0.024 on June 6 following the announcement. The company continues to advance its Bulla Park Copper-Antimony Project in New South Wales and the Salazar Critical Mineral Project in Western Australia.
ScrapInsight Commentary:
West Cobar’s pivot to underexplored gold terrain could yield strong near-term news flow, especially if shallow saprolite mineralisation proves extensive. For recyclers and processors, a potential uptick in regional exploration and development often leads to increased demand for mobile crushing, drilling, and scrap-based construction materials in remote project zones.
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