WC1 - West Cobar Metals

West Cobar Metals Limited (WC1) is a mineral exploration company with its projects located in and around the West Cobar district in New South Wales. It is seeking to fund its exploration for base metals (copper, lead and zinc) and gold located at its projects to define a base metals or gold deposit that can be profitably mined.

Since incorporation, the Company has acquired (via a share sale agreement) Bulla Park Metals Pty Ltd (Bulla Park), a base metals (copper, lead and zinc) and gold exploration entity with projects located in and around the West Cobar district. Bulla Park has identified four distinct projects at various stages of exploration comprising the Bulla Park Project, the Mount Jack Project, the Cawkers Well Project and the Nantilla Project within which:

• the Bulla Park Project contains a new copper (+ silver) discovery with encouraging drill intersections;
• the Mount Jack Project has copper-gold potential with strong geochemical and geophysical indications;
• the Cawkers Well Project contains gold mineralisation in drilling; and
• the Nantilla Project is a geophysical target for gold, copper and base metal mineralisation, (together, the Projects).

Following its IPO, the Company intends to use the funds raised to systematically explore its Projects. The Company has planned a proposed exploration program for the Bulla Park Project and Mount Jack Project and is defining its drill targets at the Cawkers Well Project and the Nantilla Project.

The Company will also implement a growth strategy by continuing to evaluate new project acquisition opportunities to maintain a pipeline of projects which complement the Company’s existing focus.

It is anticipated that WC1 will list on the ASX during October 2021.

WC1 flush with success ... started trading today; opened at 24c and now changing hands for 23c

Dona Ferentes said:

WC1 flush with success

Click to expand...

Such toilet humour... ?

And last few days, .... Buyer put in a bid, eh?

Judging by the recent Ann, the focus has changed. A likely name change if successful in their endeavours? Now a bit soggy at 11c. Quarterly not out yet.

now 8c.

TH , now voluntary suspension pending an announcement regarding an update of the Mineral Resource Estimate for the Salazar Project.

now 3c, $5million MC

exploration update:

Copper exploration in NSW - drilling expected to commence in August 2024
- 400m diamond hole planned to locate potentially higher grade feeder zone related to previously intersected (diamond hole 19CA002) mineralisation with 135m of 0.24% Cu (includes 33m of 0.47% Cu and 0.15% Sb)*
- Drilling 1 x mud rotary / diamond hole to test new gravity & magnetic high prospect 5km to N
▪ Copper, gold and carbonatite exploration in WA – progressing priority targets
- 4 x major geophysical targets in a highly prospective and unexplored terrane, with broadly similar geological setting to major discoveries such as Nova Bollinger and potential for IOCG mineralisation
▪ Excellent results from recent drilling at the Salazar Critical Mineral Project, near Esperance in WA
- 63 aircore holes totalling 2,217 meters drilled that support potential extensions of existing REE, TiO2 and Sc Inferred (JORC 2012) Mineral Resources at the Newmont deposit

WC1 .... flush with cash

... has received firm commitments from professional and sophisticated investors for the placement of 14,583,333 fully paid ordinary shares to raise gross proceeds of $175,000 before costs.

The Placement received strong support from professional and sophisticated investors and will be undertaken at an issue price of $0.012 per Share (a 25% discount to the last 10 trading days VWAP) in a single tranche.

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For the period ending 31 March 2025

Highlights
Copper - Gold Exploration – Fraser Range, WA
• Five high priority Iron Oxide Copper-Gold (IOCG) and Broken Hill Type (BHT) targets identified in the Company’s substantial Fraser Range tenement holdings
• Farm-in option agreement executed with Minrex Resources Limited to fund drilling of WC1’s Fraser Range targets
• EIS funding for this program of drilling to provide a refund of up to $156,000
• Drilling to commence once approvals have been received

Gold Exploration – Mystique Project
• Prime gold exploration ground with potential for saprolite and bedrock hosted gold, acquired from IGO Ltd
• Drill hole planning underway, to test the main gold prospects, Themis South and Torquata Copper-Antimony Deposit and Exploration – Bulla Park, NSW
• Positive initial float and leach test results with a high-grade copper antimony and silver concentrate produced from representative drill core samples
• Strong macroeconomic factors and high prices continue for antimony and copper
• Maiden MRE and Exploration Target being prepared
• Potential for higher grades and shallower mineralization to improve economics

Corporate
. The Company’s consolidated cash at hand was $0.2M as at 31 March 2025 with no debt. On 5 March 2025 the Company announced that it would conduct a placement to professional and sophisticated investors to raise gross proceeds of $450,000 before costs via the issue of 28,125,000 fully paid ordinary shares.

The Placement received strong support from professional and sophisticated investors and will be undertaken at an issue price of $0.016 per Share (a 6% discount to the last closing price on 28 February 2025 and a 13% discount to the 5 day VWAP).
The Placement will be completed in two tranches as follows:
(a) 3,244,125 Placement Shares that were issued on 12 Mar 2025 to raise $51,906 (before costs);
(b) subject to shareholder approval, 24,880,875 Placement Shares will be issued to raise $398,094 (before costs).

no mention of Gallium