Western Mines Group Ltd · ASX:WMG
Western Mines — Diggers and Dealers 2024
22 slides from Western Mines's conference presentation, August 2024
Slide 1: The Mulga Tank Nickel Sulphide Discovery
WESTERN MINES GROUP THE MULGA TANK NICKEL SULPHIDE DISCOVERY DIGGERS AND DEALERS @westernmines 5-7 AUGUST 2024 westernmines Western Mines Group ASX: WMG www.westernmines.com.au
Slide 2: Disclaimer
DISCLAIMER NATURE OF THIS DOCUMENT This presentation has been prepared by Western Mines Group Ltd ACN 640 738 834 (Company). The information is based on publicly available information, internally developed data and other sources. By receiving this presentation, you acknowledge and represent to the C
Slide 3: A Nickel Exploration Company
A NICKEL EXPLORATION COMPANY WESTERN MINES GROUP COMPANY OVERVIEW 10x • Exceptional flagship project – discovery of a major komatiite hosted nickel “An exploration driven company sulphide mineral system under cover in WA looking to create value through • “Globally significant” – JORC Exploration Tar
Slide 4: Directors
DIRECTORS Rex Turkington Non-Executive Chairman Capital Markets | Corporate Management Rex is a highly experienced corporate advisor and economist who has worked extensively in the Australian financial services and stockbroking industry, specialising in the natural resources sector and participating
Slide 5: Share price and news flow timeline
5 $30,000 $25,000 $20,000 $15,000 JULY 2024 Continuous Mineralisation in Upper Part of MTD029 1/07 /2 4 (EIS3) MAY 2024 High-Grade Sulphide Segregations at Depth in MTD029 1/06 /2 4 (EIS3) All Phase 2 RC Holes Show Broad Sulphide Mineralisation APRIL 2024 1/05 /2 4 MTD029 (EIS3) Diamond Drilling Upd
Slide 6: Frontier Exploration in a World Class Nickel Province
FRONTIER EXPLORATION IN A WORLD CLASS NICKEL PROVINCE YILGARN CRATON WESTERN AUSTRALIA • One of the world’s major nickel provinces • World-class examples of komatiite-hosted nickel deposits – Kambalda (35Mt @ 3.1% Ni), Perseverance (50Mt @ 2.3% Ni) and Mt Keith (643.7Mt @ 0.58% Ni) MULGA TANK Ni-Cu-
Slide 7: Belt Scale Opportunity WMG Own 100%
BELT SCALE OPPORTUNITY WMG OWN 100% MAJOR KOMATIITE NICKEL SYSTEM UNDER COVER • Large adcumulate dunite body (~15km2) with interpreted komatiite channel flows extending NW over >12km • Drilling beneath sand cover - 60 out of 69 holes show nickel sulphide mineralisation • ALL THREE MINERALISATION STY
Slide 8: Exploration Strategy Based on Mineralisation Style
EXPLORATION STRATEGY BASED ON MINERALISATION STYLE PATHWAYS TO SHAREHOLDER VALUE Systematic RC - confirm lateral extent 1 MT KEITH-STYLE of disseminated mineralisation EXTENDING DISSEMINATED Initial Exploration Target estimate RESOURCE DRILL OUT SULPHIDE MINERALISATION Criteria: >1,000,000t [Ni], >0
Slide 9: Discovery of Extensive Mt Keith-Style Magmatic Sulphide
DISCOVERY OF EXTENSIVE MT KEITH-STYLE MAGMATIC SULPHIDE DISSEMINATED SULPHIDES OVER >500M INTERVALS • Deep EIS holes MTD023 and MTD026 intersected extensive disseminated magmatic sulphides • MTD023: Cumulative 693.5m at 0.28% Ni, 128ppm Co, 61ppm Cu, 27ppb Pt+Pd with S:Ni 1.1 • MTD026: Cumulative 84
Slide 10: Multiple Broad Zones of Disseminated Mineralisation
MULTIPLE BROAD ZONES OF DISSEMINATED MINERALISATION BRAVE LITTLE COMPANY DRILLING 1,500M DIAMOND HOLES ASX:WMG Western Mines Group Company Presentation, August 2024 10
Slide 11: Initial RC Program Confirmed Shallow Mineralisation
INITIAL RC PROGRAM CONFIRMED SHALLOW MINERALISATION LARGE-SCALE OPEN-PIT POTENTIAL • Initial 22 hole, 7,035m RC program – 19 out of 22 holes mineralised PHASE 1 RC RESULTS: • MTRC001: Cumulative 253m at 0.24% Ni, 128ppm Co, 76ppm Cu, 27ppb Pt+Pd with S:Ni 1.4 • MTRC002: Cumulative 111m at 0.31% Ni,
Slide 12: Globally Significant Nickel Sulphide System
GLOBALLY SIGNIFICANT NICKEL SULPHIDE SYSTEM JORC EXPLORATION TARGET 350Mt to 2,200Mt at 0.24% to 0.35% Ni, 120ppm to 150ppm Co, S:Ni 1.1 to 1.3 Higher-grade core W (2,800ppm Ni, 1,000ppm S cut-off) E Large lower-grade (1,500ppm Ni, 1,000ppm S cut-off) Dunite shell Cautionary Statement on JORC Explor
Slide 13: Phase 2 RC Focused on the Higher-Grade Core
PHASE 2 RC FOCUSED ON THE HIGHER-GRADE CORE INFILL DRILLING TARGETING FIRST RESOURCE • Further 17 hole 5,534m RC completed February-March 2024 • PROGRESSIVELY DE-RISK, IMPROVE CONFIDENCE AND AID RESOURCE EVALUATION PHASE 2 RC RESULTS: • MTRC023: Cumulative 115m at 0.28% Ni, 133ppm Co, 51ppm Cu, 27pp
Slide 14: Multiple 200m Intersections of Mineralisation
MULTIPLE 200M INTERSECTIONS OF MINERALISATION DRILLING AROUND THE HIGHER-GRADE CORE ASX:WMG Western Mines Group Company Presentation, August 2024 14
Slide 15: Phase 3 RC to Further Infill and Extend
PHASE 3 RC TO FURTHER INFILL AND EXTEND ADDITIONAL 7,000M RC DRILLING PROGRAM • Infill around MTRC016 200m at 0.3% Ni and MTRC034 240m at 0.30% Ni • Follow-up on shallow high-grade results in MTRC032 and MTRC038 • Extend mineralisation to south ASX:WMG Western Mines Group Company Presentation, Augus
Slide 16: Evidence for Perseverance-Style Hybrid System
EVIDENCE FOR PERSEVERANCE-STYLE HYBRID SYSTEM HIGH-GRADE COMPONENT TO MINERALISATION • Multiple zones of remobilised massive nickel sulphide veinlets and in-situ immiscible globules seen across the Complex • MTD012: 0.5m at 1.49% Ni, 0.04% Cu and 0.04% Co from 385.8m • MTD013: 1.6m at 0.83% Ni and 0
Slide 17: Shallow High-Grade Results in RC Drilling
SHALLOW HIGH-GRADE RESULTS IN RC DRILLING SEMI-MASSIVE NICKEL-COPPER SULPHIDE IN RC • Higher grade results in the central-eastern area of the Complex • MTD015: 1m at 1.11% Ni, 516ppm Co, 0.45% Cu, 62ppb Pt+Pd from 172m 3m at 1.32% Ni, 56ppm Co, 0.10% Cu, 34ppb Pt+Pd from 184m 2m at 1.71% Ni, 836ppm
Slide 18: Perseverance-Style Cloud Sulphide at Depth?
PERSEVERANCE-STYLE CLOUD SULPHIDE AT DEPTH? COMPELLING CONDUCTIVE MOBILEMT TARGET • MobileMT survey – deep resistivity mapping highlights conductive target within overall resistive dunite body • Further deep diamond drilling EIS3 co-funded by WA grant • Intersections of “cloud” sulphide potentially
Slide 19: MTD029 EIS3 MobileMT Target
MTD029 EIS3 MOBILEMT TARGET (EIS3) CONDUCTIVE ANOMALY GRAZED BY MTD027 MTD MTD029 E 027 400mRL W -1000mRL MTD027 96m at 0.40% Ni from 1208m inc. 38m at 0.56% Ni from 1262m inc. 8m at 1.11% Ni from 1270m Dunite shell ASX:WMG Western Mines Group Company Presentation, August 2024 19
Slide 20: Prospective Unexplored Komatiite Channels
PROSPECTIVE UNEXPLORED KOMATIITE CHANNELS FERTILE KOMATIITE CHANNELS EXTEND 15KM • Komatiite sequence with A-B zones logged in the Panhandle • Evidence of prospective high-grade mineralisation: • MTD006: 0.25m at 3.8% Ni, 0.7% Cu and 0.7g/t PGE from 221.6m • MTD016: 0.3m at 1.57% Ni, 0.13% Cu and 0.
Slide 21: Phase 3 RC First Belt-Wide Drilling
PHASE 3 RC FIRST BELT-WIDE DRILLING FIRST RC HOLES TO CONFIRM KOMATIITES • Four EIS holes looking to test interpretated komatiite channel geology • First drilling to test satellite bodies emanating from the main Mulga Tank Complex ASX:WMG Western Mines Group Company Presentation, August 2024 21
Slide 22: Exciting Discovery Opportunity
EXCITING DISCOVERY OPPORTUNITY EXPLORATION PHILOSOPHY • We believe multiple significant nickel deposits will be found at Mulga Tank • We strive to do high-quality technical exploration work • We are frugal with overheads to maximise exploration spend and minimise equity dilution • We want to change