Western Yilgarn in the exploration fast lane after raising $400,000

Western Yilgarn raises $400,000 to fund exploration at Ida Holmes Junction and Julimar West
Proceeds to fund detailed 3D modelling of recent airborne EM survey at Ida Holmes Junction
At Julimar West, company is currently compiling historical data over known bauxite occurrences

Special Report: Western Yilgarn has raised $400,000 through a placement to advance exploration of its Ida Holmes Junction and Julimar West in WA.

Firm commitments were received from sophisticated and professional investors for the placement of 20 million shares priced at 2c that includes one free attaching option exercisable at 5c and expiring three years from the date of issue for every two shares subscribed.

Shareholder approvals are not required for the shares though approval for the options will be sought at a general meeting to be held in mid-March.

Western Yilgarn (ASX:WYX) intends to use the proceeds to advance exploration at Ida Holmes Junction and Julimar West.

At Ida Holmes Junction, the company will use funds for detailed 3D modelling of recently completed airborne electromagnetic survey to better define reverse circulation drill targets.

These targets will in turn support delineation of nickel mineralisation over the southern greenstone lithology.

At Julimar West, the company is currently compiling historical data, including surface geochemistry, drilling results and metallurgical test work conducted over known bauxite occurrences.

“We are pleased to have received strong support for this placement from sophisticated and professional investors of the company, including several of our largest shareholders,” chairman Peter Lewis said.

“The proceeds of this placement positions Western Yilgarn to finish 2024 on a high note and will enable the company to advance exploration at the Ida Holmes Junction and Julimar West projects.”

The projects at a glance

Ida Holmes consists of 18 exploration tenements covering 1300km2 approximately 50km southwest of Gold Fields’ Agnew gold project.

It is also near the Tier 1 Leinster and Mt Keith nickel projects operated by BHP (ASX:BHP) along with several 2Moz+ gold operations including Agnew, Lawlers and Bellevue.

It’s interpreted to lie along the trend of the Ida Fault, an early steep structure marking the boundary between the Eastern Goldfields Superterrane in the east from the Youanmi Terrane in the west.

Previous drilling has confirmed the presence of ultramafic rocks with moderate MgO levels.

While no nickel sulphides have been encountered to date, the presence of ultramafic rocks offers potential for Mount Alexander-style nickel-copper or komatiitic nickel sulphide deposits.

Julimar West covers 394km2 within the Darling Ranges ~75km north of Perth.

It is adjacent to Chalice Mining’s (ASX:CHN) Julimar nickel-copper-PGE project that contains the world-class Gonneville discovery.

Importantly, the Gonneville intrusion is interpreted to continue at depth into Western Yilgarn’s Julimar West tenement.

This article was developed in collaboration with Western Yilgarn, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.