West Cobar Metals (ASX:WC1) eyes untapped gold potential at mystique

West Cobar Metals (AXS:WC1) is expanding its exploration footprint in Western Australia with the acquisition of the Mystique Gold Project, strategically located in the Fraser Range near the high grade Themis Prospect.

The project offers a compelling opportunity to test unexposed mineralisation in a proven gold district and adds another strong pillar to West Cobar’s growing portfolio of critical minerals and gold assets.

Managing Director Matt Szwedzicki says the project’s location was key to the company’s decision.

“Mystique is located adjacent to the Themis Prospect, where prior drilling by IGO and Rumble Resources intersected grades up to 22.2 grams per tonne gold,” he says. “Despite this proximity, Mystique remains largely untested due to transported cover, which conceals potential mineralisation.”

The tenement spans 35 square kilometres and sits within a geologically favourable part of the Fraser Range, an area seeing increasing gold discovery activity.

Szwedzicki notes that this acquisition is aligned with West Cobar’s strategy of targeting early-stage, high-impact projects in proven jurisdictions.

He explains that extensive neighbouring data has reduced the technical risk and increased the likelihood of discovery: “The data from neighbouring discoveries has significantly derisked our exploration approach.”

Two key targets have already been identified within the Mystique tenement: Themis South and Torquata.

Themis South lies just 250 metres south of the original Themis mineralisation and is interpreted to host a southern continuation of that zone.

Torquata is seen as a structurally controlled, basement-hosted target, supported by aeromagnetic data and previous geological work.

“Both targets are underpinned by gold anomalism in transported cover and saprolite intersected in previous work,” Szwedzicki says. “These areas are ready for drill testing, and we believe the mineral systems present offer potential for both near-surface and deeper mineralisation.”

The company is now advancing preparations for its first drilling program at Mystique, with permitting, logistics and target finalisation well underway.

“We are aiming for a rapid transition from acquisition to on-ground work,” Szwedzicki says. “Investors can expect updates on drilling progress in the near term.”

The acquisition comes at a time when investor interest in Western Australia’s gold sector is building, particularly in underexplored regions with existing discovery pedigree.

Although the high-grade intercepts from Themis lie just north of the Mystique boundary and are not part of West Cobar’s ground, the company believes there is a strong case for structural and mineralogical continuity.

“Our immediate goal is to confirm whether these structures and associated mineralisation extend into Themis South,” says Szwedzicki. “The proximity of those results gives us a unique starting advantage, as our exploration can leverage extensive nearby data to accelerate discovery.”

Mystique adds a gold-focused opportunity to West Cobar Metals existing portfolio, which includes the Salazar Critical Minerals Project in WA and the Bulla Park copper-antimony project in New South Wales.

For West Cobar, the move reflects a deliberate strategy to maintain both commodity diversification and regional focus.

“Mystique adds a strong gold component to our exploration portfolio,” Szwedzicki explains. “We believe maintaining a diversified but focused portfolio allows us to manage commodity cycles while creating multiple value levers.”

The company’s view is that value creation lies not only in commodity diversity, but in project quality and execution readiness.

With defined targets, existing regional datasets, and a fast-moving approach to approvals and logistics, West Cobar believes it is well positioned to generate meaningful results quickly.

“Because our targets are already defined and prioritised, we expect to mobilise shortly after approvals are secured,” Szwedzicki says.

The company will continue to provide updates as drilling at Themis South and Torquata progresses, with initial focus on confirming the presence and orientation of potential mineralised structures.

In summary, the Mystique Gold Project offers West Cobar a rare blend of proximity to high-grade discoveries, drill-ready targets, and geological data support.

It fits squarely within the company’s broader strategy and offers investors a near-term gold exploration opportunity in one of Australia’s most prospective belts.

As the company turns its attention to the drill bit, investors will be watching closely to see whether Mystique delivers on its early promise.