Western Mines Group (ASX: $WMG) RC drilling program at Mulga Tank Project

Western Mines Group Ltd (WMG) (ASX: $WMG) has reported geochemical assay results for three reverse circulation (RC) drill holes MTRC006 to MTRC008 at the Mulga Tank Ni-Cu-Co-PGE Project, on the Minigwal Greenstone Belt, in Western Australia's Eastern Goldfields. The results confirm the drilling was successful in targeting shallow mineralisation with cumulatively around ~50% of the samples from 19 of the holes showing mineralisation with elevated Ni and S, in combination with highly anomalous Cu and PGE.

Executive Commentary on RC Assay Results

Some great assay results to start the new year with three more holes taking our RC 'hit rate' to 19 out of 20 holes received to date showing broad zones of nickel sulphide mineralisation. This latest batch returned a couple of intersections over 1% Ni in holes MTRC006 and MTRC007. These holes were located on the southern boundary of the central-eastern area tested by the drilling - demonstrating the mineralisation be open in this direction. Infilling and extending this zone will likely be a focus of our drilling programs planned for this year. With nearly all the assay results now received the team has begun some preliminary modelling of the results. A significant, large, low-grade, shallow mineralised body can be defined within the main part of the Complex by WMG's drilling to date. This modelled body totals some 647,000,000 cubic metres above 0.15% Ni and 0.1% S cut-offs, with a higher grade core in the central-eastern area of 420,000,000 cubic metres above 0.20% Ni and 0.5 S:Ni cut-off. Follow-up RC drilling is planned to extend and better delineate this body, along with further modelling of the results to yield an initial JORC Exploration Target, as the first step towards generating an initial resource.

Summary of RC Assay Results and Outlook

The RC drilling program at the Mulga Tank Project has demonstrated significant evidence for an extensive working nickel sulphide mineral system. The results show broad intersections of visible disseminated nickel sulphide mineralisation, with around 40-70% of the samples from 19 of the 20 holes received to date showing the geochemical signature of nickel sulphide mineralisation with elevated Ni and S, in combination with highly anomalous chalcophile elements Cu and PGE. The Company believes the central area of the main body of the Mulga Tank Complex could host globally significant quantities of disseminated Mt Keith-style nickel sulphide mineralisation which could be amenable to large scale, open-pit mining operation. Preliminary modelling work has defined a significant mineralised target volume within the main dunite body of the Mulga Tank Ultramafic Complex. The Company is currently finalising plans for the initial 2024 drilling programs and looks forward to updating shareholders in the near future.