Westar Resources reports on activities for the quarter ending 30 June 2024

Westar Resources Limited (ASX: $WSR) is pleased to report on its activities for the three month period to 30 June 2024. The company's cash in bank as of 28 July 2024 was $2.6M, with an additional $1.4M received post end of quarter from tranche 2 Placement monies. The company completed a Placement and Entitlement Offer, raising $2.13M. Exploration Manager Jason Boladeras was appointed as Chief Executive Officer, and Company Secretary Ben Donovan as Non-Executive Director.

Executive Commentary

The excellent gold assay results from stockpile grab samples around shallow open pits at Mindoolah demonstrate the significant potential of this historic high-grade gold mining centre. We are looking forward to discovering what's beneath. At Uley North, due diligence was nearly completed during the June Quarter, which will determine next steps for the option agreement. We also continue to hunt for an advanced project in the gold-copper space, to take Westar to the next level.

Summary

Westar Resources reported outstanding gold and silver assay results from the Mindoolah Project, with significant geochemical and geophysical anomalies identified at the Gidgee North Project. The company also entered a 3-month Option Agreement with a private vendor on a project with graphite upside at Uley North. The cash in bank as of 28 July 2024 was $2.6M, with an additional $1.4M received post end of quarter from tranche 2 Placement monies. Westar aims to demonstrate the viability of carrying out an open pit cutback and continue mining the quartz-hosted gold mineralisation at Mindoolah, and is assessing logistics and approvals required for planning a RC and/or diamond drill program at the Mageye Prospect in Gidgee North. The findings of the due diligence reports will determine if Westar proceeds with exercising the Option Agreement and acquire the Uley North Graphite Project.