Phase 3 RC Results Update for Mulga Tank Project

Western Mines Group Ltd (WMG) (ASX:WMG) has announced the receipt of geochemical assay results for the first four Phase 3 reverse circulation (RC) drill holes at the Mulga Tank Project, located on the Minigwal Greenstone Belt in Western Australia's Eastern Goldfields. The results reveal broad zones of nickel sulphide mineralisation, with all holes ending in mineralisation, indicating a potentially significant deposit at the project.

Executive Commentary on Phase 3 RC Results

A great start to assay results from our Phase 3 RC program. The aim of these first four holes was to infill around hole MTRC016 within the core area of the Phase 1 and 2 drilling - looking to increase confidence in this zone. All the holes showed robust intervals of consistent nickel sulphide mineralisation with strong results for sulphur and chalcophile elements. This central zone has now been drilled to approximately 100m X 100m spacing which will aid resource evaluation. A secondary aim of the infill was to look to extend the zone of higher-grade mineralisation seen in hole MTRC016 around 160m depth. This was based on feedback from Dundee Corporation's due diligence work - we are looking to target shallow higher-grade zones around 0.40% Ni that could form areas for starter pits in a mine model. Whilst this zone was modelled conceptually in our JORC Exploration Target implicit modelling, follow-up drilling results have now successfully demonstrate the continuation of this zone, with hole MTRC040 in particular returning 54m at 0.34% Ni from 150m, including 12m at 0.42% Ni from 157m and 10m at 0.46% Ni from 177m. A relatively flat lying zone around this depth can be traced fairly extensively across holes MTRC041, MTCR042, MTRC043, MTD026 (EIS2), MTD029 (EIS3) and even to holes MTRC024 and MTRC032. A regular flow of assay results is expected from the Phase 3 program throughout this month. In addition, the remaining core from diamond hole MTD029 (EIS3) is in the process of being transported to Kalgoorlie for cutting and sampling, and these assay results will follow on from the Phase 3 RC at a future date.

Summary of Phase 3 RC Results and Outlook

The phase 3 RC results at the Mulga Tank Project have revealed significant nickel sulphide mineralisation, with broad zones of mineralisation observed in the first four drill holes. The company's focus on infilling and extending higher-grade mineralisation zones has shown promising results, with the potential for shallow higher-grade zones to form areas for starter pits in a future mine plan. The ongoing drilling program and the upcoming regional drill holes are expected to provide further insights into the project's potential. The company looks forward to updating shareholders on the progress of the drilling program and the assay results as they become available.