West Cobar Metals (ASX:WC1) completes RC drilling at Fraser Range ahead of assays due in August

West Cobar Metals (ASX:WC1) has completed a reverse circulation (RC) drilling campaign at its 100 percent owned Fraser Range Project in southern Western Australia.

The program tested five high priority copper, gold and base metal targets across a prospective greenfields zone, with drilling fully funded by Minrex Resources under a farmout agreement.

Managing Director Matt Szwedzicki outlines the objectives behind the campaign, the targets tested, and the strategic implications of the results due in early August.

The Q&A also covers how the funding structure benefits shareholders and what the company plans to do next.

What was the purpose of this drilling campaign at Fraser Range?

This RC drilling program was designed to test five targets we consider highly prospective for copper, gold and base metals.

These included three Iron Oxide Copper Gold (IOCG) style targets and two Broken Hill Type (BHT) prospects. The targets were identified through a detailed review and reprocessing of geophysical data, which pointed to favourable structural features within the Biranup Zone.

This zone is a structural extension of the Fraser Zone, home to the Nova Bollinger nickel and copper deposit.

The drilling allows us to validate these target areas and assess whether they show the geochemical signatures associated with mineralised systems.

“We have successfully carried out an RC drill program testing major greenfields targets from modelled geophysical data in outstanding structural settings, under a funding deal with Minrex Resources Limited.”

Can you provide more detail on where you drilled and how much work was done?

We completed nine RC drill holes across five prospects, totalling 1,958 metres, the specific areas drilled were Talisker, Glenmorangie, Oban, Benriach and Glendronach.

These targets were chosen based on their geophysical responses and interpreted structural features and all are located within the broader Albany Fraser Mobile Belt, which is known for its complex geology and potential for large scale deposits.

This was the first pass drill test for these targets, designed to identify any encouraging alteration or geochemical trends.

When should we expect the assay results and what will they tell you?

We anticipate receiving assay results in early August, once we have the data, we will combine it with the geological observations from the drill program to determine which targets may warrant follow up.

The geochemical results are critical to identifying whether we are seeing pathfinder elements or mineralisation that aligns with the models we have developed.

From there, we can design the next phase of exploration, which could include additional RC or air core drilling to refine or extend these targets.

“We look forward to receiving assay results over the next few weeks, which will enable us to fully evaluate the potential of the project and to plan the next stage of exploration.”

How was the program funded and what does that mean for shareholders?

The entire program was funded by Minrex Resources under a farmout agreement signed in March 2025.

That agreement allowed Minrex to cover the costs of the drilling campaign, which means we were able to progress exploration without using West Cobar’s capital.

This has allowed us to preserve our balance sheet and focus resources on our other priority assets, including Bulla Park, Salazar and Mystique.

For shareholders, this approach helps us advance multiple projects simultaneously without raising additional capital or issuing new shares.

“This campaign allows us to evaluate large scale potential across an underexplored belt. The support from Minrex gives us the opportunity to stay aggressive in our exploration without dilution to our shareholders.”

What are the next steps following this phase of drilling?

Our immediate focus is to assess the results as soon as assays are received, this will involve a detailed geochemical interpretation that takes into account the geological data captured during drilling.

If the results are positive, we will look at designing a follow up program, potentially with additional RC and air core drilling.

Our goal is to build a clearer geological picture of each target and understand whether there is a continuous mineralised system worth pursuing further.

“We are targeting highly prospective structural settings and look forward to validating their potential when assay results arrive. This is an efficient step forward in advancing the project.”

Looking Ahead

West Cobar’s recent work at Fraser Range has laid the foundation for a deeper understanding of the project’s mineral potential.

By targeting high quality structural and geophysical anomalies and executing a funded drill campaign, the company has achieved an efficient first phase of exploration in a region with proven geological significance.

With assays on the horizon, West Cobar is preparing to take the next step in unlocking value from this underexplored corridor.

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