| Announcement Date: | 2022-01-31 |
|---|---|
| Announcement Type: | Drilling Results |
| Announcement Code: | JORC |
| Company name: | Westar Resources Ltd. |
| Project name: | Mt Finnerty |
| Location: | Australia |
| Commodities: | Gold |
| Highlight: | Drilling results incl. 5m @ 66.7g/t Au from 175m |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Westar Resources Limited (ASX: WSR) (Westar or the Company) is pleased to announce assay results from the maiden RC drilling campaign at the Mt Finnerty farm-in/JV project with Ramelius Resources Ltd (ASX: RMS) (Ramelius). All assays have been returned for a total of 3,027m of RC drilling in 16 drill holes at Mt Finnerty, testing a 3km strike extent of the granite-greenstone contact, with assays from a further 2,442m of regional, first pass aircore in 42 holes yet to be received. The Mt Finnerty and Parker Dome Projects (Figure 1) are subject to a Farm-in and Joint Venture Agreement between Ramelius and Rouge Resources (a wholly owned subsidiary of Westar Resources Ltd) (Farm-in Agreement). Under the terms of the Farm-in Agreement Ramelius may earn up to a 75% interest by spending $2M over a three-year period. Westar will hold a free carried 25% until a decision to mine is made, at which point Westar can either contribute to ongoing expenditure or dilute its interest in the project. A full summary of the Farm-in Agreement is set out in section 10.1(a) of the company’s IPO Prospectus. (See WSR ASX Announcement, 6 December 2020, “Prospectus”). Mt Finnerty is located approximately 200km northeast of Edna May, Parker Dome is situated approximately 150km southeast of Edna May |
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