Western Mines Group Ltd · ASX:WMG
Western Mines — Non-Deal Roadshow (February 2024)
20 slides from Western Mines's roadshow presentation, Feb 5, 2024
Slide 1: A Major Nickel Sulphide Discovery Under Cover
For personal use only WESTERN MINES GROUP A MAJOR NICKEL SULPHIDE DISCOVERY UNDER COVER EAST COAST ROADSHOW PRESENTATION @westernmines BRISBANE - SYDNEY - MELBOURNE - ADELAIDE 5-9 FEBRUARY 2024 westernmines Western Mines Group ASX: WMG www.westernmines.com.au
Slide 2: Disclaimer
DISCLAIMER For personal use only 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
Slide 3: Western Mines Group Company Overview
A NICKEL EXPLORATION COMPANY For personal use only WESTERN MINES GROUP COMPANY OVERVIEW 10x • Exceptional flagship project – discovery of a major komatiite “An exploration driven company hosted nickel sulphide mineral system under cover in WA looking to create value through discovery” • “Globally si
Slide 4: Directors
DIRECTORS For personal use only 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 se
Slide 5: Significant Months for the Company: Discovery at Mulga Tank
A SIGNIFICANT 12 MONTHS FOR THE COMPANY For personal use only DISCOVERY OF AN EXTENSIVE NICKEL SULPHIDE MINERAL SYSTEM AT MULGA TANK • Sustained exploration drilling at Mulga Tank over the last 2 years – WMG 11,712.8m diamond and 7,035.5m RC • MTD023 (EIS1) “Discovery hole” (April 2023) further diam
Slide 6: Frontier Exploration in a World Class Nickel Province
FRONTIER EXPLORATION IN A WORLD CLASS NICKEL PROVINCE For personal use only 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%
Slide 7: Emerging Discovery and Belt Scale Opportunity
EMERGING DISCOVERY AND BELT SCALE OPPORTUNITY For personal use only MAJOR KOMATIITE NICKEL SYSTEM UNDER COVER • Large adcumulate dunite body (~15km2) with interpreted komatiite channel flows extending NW over >12km • Limited drilling has penetrated ultramafic system through cover - 23 out of 29 hole
Slide 8: Main Dunite Body: Mt Keith-Style Mineral System
MAIN DUNITE BODY: MT KEITH-STYLE MINERAL SYSTEM For personal use only 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:
Slide 9: Multiple Broad Zones of Disseminated Mineralisation
MULTIPLE BROAD ZONES OF DISSEMINATED MINERALISATION For personal use only CROSS SECTION W-E ACROSS MAIN BODY OF COMPLEX ASX:WMG Western Mines Group Company Presentation, February 2024 9
Slide 10: Main Dunite Body: Initial Hole RC Program
MAIN DUNITE BODY: INITIAL 22 HOLE RC PROGRAM For personal use only LARGE-SCALE OPEN-PIT POTENTIAL • Initial 22 hole, 7,035m RC program completed in ~6 weeks RECENT 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% N
Slide 11: Shallow High-Grade Results in RC Drilling
SHALLOW HIGH-GRADE RESULTS IN RC DRILLING For personal use only SEMI-MASSIVE NICKEL-COPPER SULPHIDE IN RC • Higher grade results in the central-eastern area of the Complex • MTD015: 8m at 1.20% Ni, 565ppm Co, 82ppm Cu, 57ppb Pt+Pd from 58m and 3m at 0.79% Ni, 326ppm Co, 0.19% Cu, 46ppb Pt+Pd from 17
Slide 12: Globally Significant Nickel Sulphide System
GLOBALLY SIGNIFICANT NICKEL SULPHIDE SYSTEM For personal use only 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 E Large lower-grade Dunite shell ASX:WMG Western Mines Group Company Presentation, February 2024 12
Slide 13: Expanding the Higher-Grade Core
EXPANDING THE HIGHER-GRADE CORE For personal use only PHASE 2 RC DRILLING COMMENCED END OF JANUARY • Further 37 RC holes planned to infill and expand current mineralisation • February 17 holes predominantly targeting around higher-grade core identified by the initial grade modelling • RC followed by
Slide 14: Targeting a First Mineral Resource
TARGETING A FIRST MINERAL RESOURCE For personal use only INFILL AROUND THE HIGHER-GRADE CORE ASX:WMG Western Mines Group Company Presentation, February 2024 14
Slide 15: Evidence for Perseverance-Style Hybrid System
EVIDENCE FOR PERSEVERANCE-STYLE HYBRID SYSTEM For personal use only 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:
Slide 16: Perseverance-Style Cloud Sulphide at Depth?
PERSEVERANCE-STYLE CLOUD SULPHIDE AT DEPTH? For personal use only SECOND $220,000 EIS AWARD TO TEST IT • Further deep diamond drilling EIS3 co-funded by WA grant • Intersections of “cloud” sulphide potentially vectoring towards sulphide enriched keel and/or feeder vent: • MTD023: 88m at 0.44% Ni, 15
Slide 17: EIS3 Compelling MobileMT Target
EIS3 COMPELLING MOBILEMT TARGET For personal use only MT D CONDUCTIVE ANOMALY GRAZED BY MTD027 E 027 EIS3 400mRL W -1000mRL MTD027 96m at 0.40% Ni from 1208m inc. 38m at 0.56% Ni from 1262m inc. 8m at 1.11% Ni from 1270m Dunite shell ASX:WMG Western Mines Group Company Presentation, February 2024 17
Slide 18: First Quartile: Economies of Scale Are King
FIRST QUARTILE: ECONOMIES OF SCALE ARE KING For personal use only CANADA NICKEL RECENT CRAWFORD BFS LEADS THE WAY FOR LARGE LOW-GRADE NICKEL • M,I&I Resource of 4.25 Bnt at 0.23% Ni, 0.013% Co SAMSUNG SDI US$ 18.5M FOR 8.7% • Serpentinised altered dunite – secondary mineralisation with mostly fine g
Slide 19: Multiple Drivers to Company Success Over 6-12 Months
MULTIPLE DRIVERS TO COMPANY SUCCESS OVER 6-12 MONTHS For personal use only PATHWAYS TO SHAREHOLDER VALUE 1 MT KEITH-STYLE Systematic RC drill program EXTENDING DISSEMINATED Confirm lateral extent of disseminated mineralisation RESOURCE DRILL OUT SULPHIDE MINERALISATION Criteria: >1,000,000t [Ni], >0
Slide 20: Exciting Discovery Opportunity
EXCITING DISCOVERY OPPORTUNITY For personal use only EXPLORATION PHILOSOPHY • We believe multiple significant nickel deposits could 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 diluti
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