Westgold Resources reports significant growth in mineral resource and ore reserves

Westgold Resources Limited (ASX:WGX) has announced its updated Mineral Resource Estimate and Ore Reserve Statement as of 30 June 2024. The company has reported a 60% increase in Group Mineral Resource Estimate from FY23, now totaling 13.2Moz post-merger and mining depletion. Additionally, there has been a 69% increase in Group Ore Reserve Estimate from FY23, now totaling 3.3Moz post-merger and mining depletion. The company's investment in Murchison exploration in FY23 and FY24 has delivered the first increase in Ore Reserves post depletion since FY17.

Executive Commentary on Growth Strategy and Exploration Focus

Westgold Managing Director Wayne Bramwell highlighted the company's growth strategy, stating, 'Westgold is growing our business both organically and inorganically. Drilling investment over FY23 and FY24 has delivered the first increase in Murchison Ore Reserves since 2017. On an inorganic basis, the integration of the Southern Goldfields assets has lifted our Mineral Resource base to 13.2Moz and Ore Reserves to 3.3Moz. Resource conversion across the portfolio is our focus and opportunities are abundant. The Starlight mine continues to grow in stature, the Bluebird-South Junction complex continues to grow in scale, and through drilling, the emerging Fletcher Zone at Beta Hunt will reveal its true potential. On an exploration front, the Higginsville area has seen limited attention for over a decade and is wide open for exploration success. Westgold today has 19 drill rigs operating across our portfolio, and this investment will continue to unlock value from our 3,200km2 of tenure across two of Western Australia's most productive goldfields.'

Summary of Mineral Resource Estimate and Ore Reserves

Westgold Resources has reported a significant increase in both Mineral Resource Estimate and Ore Reserves, driven by drilling investment and the integration of the Southern Goldfields assets. The company's focus on resource conversion and exploration opportunities, particularly in the Starlight mine, Bluebird-South Junction complex, and the emerging Fletcher Zone at Beta Hunt, reflects its commitment to unlocking further value. With 19 drill rigs operating across its portfolio, Westgold remains poised to capitalize on its extensive tenure across Western Australia's productive goldfields. The company's outlook includes a planned $50M investment towards exploration and resource definition drilling in FY25, with a specific focus on converting Mineral Resources into Ore Reserves.