Wiluna Mining starts drilling campaign at Wiluna Northwest
Key points
- Wiluna Mining initiated a reverse circulation drilling campaign across the Wiluna Northwest mining zone, targeting 20 near-surface oxide and transitional targets.
- Following the announcement, the company's stock dipped slightly, with shares last changing hands around $0.50.
- The exploration programme represents the first phase of a broader surface drilling campaign aimed at defining near-mine free milling gold mineralisation.
Wiluna Mining (ASX:WMC) launched the first stage of its surface exploration programme at the Wiluna Northwest mining area to expand shallow gold resources.
The active drilling programme builds on historical exploration across the northern Yilgarn Craton, where existing mineral resources stand at 91.7 million tonnes grading 2.41 grammes per tonne gold for 7.1 million ounces.
"The aim of our surface drilling is to better define and grow near surface resources, with a strong emphasis on targets with potential to host free milling gold mineralisation," said Wiluna Mining Managing Director Victor Rajasooriar.
The project covers approximately 1,629km2 of tenure, testing open pit and near-mine potential situated close to current processing infrastructure.
Following the announcement, the Wiluna Mining share price was down at $0.50.
The mining company recently completed a re-listing on the Australian Securities Exchange after raising $180 million through an initial public offering.
The company stated that the ongoing exploration forms part of a planned 140,000-metre surface drill programme outlined in its listing prospectus.
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