Western Yilgarn looking to expand Bulga footprint via potential JV with Fleet Street

Western Yilgarn has entered into a binding JV term sheet with Fleet Street Holdings for rights to access four tenements
The four tenements provide the potential to add an additional ~207km2
Fleet Street’s tenement package includes titles over targets on the Mount Holmes Gabbro, an underexplored mafic/ultramafic prospective for magmatic nickel copper sulphide mineralisation

Special Report: Western Yilgarn has executed a binding term sheet with Fleet Street Holdings to secure rights to a joint venture over four tenements in the highly prospective Holmes Dyke and Mt Ida Fault region of WA.

Western Yilgarn’s (ASX:WYX) Bulga project, ~50km to the southwest of Gold Fields’ Agnew mine, is centred on the intersection of the Holmes Dyke and Mt Ida Fault, which has become an attractive region for critical minerals exploration.

Down the road from Bulga are two world-class nickel mines – Leinster and Mt Keith, both operated by BHP (ASX:BHP) – along with several 2Moz gold deposits including Agnew, Lawlers and the newly restarted Bellevue operations.

Bulga is also ~60km north of Delta Lithium’s (ASX:DLI) 12.7Mt Mt Ida project and 90km south of Liontown Resources’ (ASX:LTR) 156Mt Kathleen Valley lithium project.

Rights to access four tenements

Since WYX first carried out exploration on its initial ~153km of leases at Bulga in early 2023, evidence of prospectivity has been ongoing and sufficient to support the addition of more tenements.

This added another 324km2 for a total of 477km2 – a 310% increase.

The execution of a binding JV term sheet with Fleet Street Holdings secures WYX the rights to access four tenements – E36/1020, E57/1235, E36/1081 and E36/1046 – providing the potential to add an additional 207km2 to the existing ground.

Fleet Street’s tenement package also includes title over targets on the Mount Holes Gabbro, an underexplored mafic/ultramafic dyke complex that is prospective for magmatic nickel copper sulphide mineralisation.

The term sheet is binding subject to conditions precedent, which include the completion of due diligence and the execution of a formal JV agreement by March 1.

Under the JV agreement, WYX will have the right to acquire up to 80% of the tenements held by Fleet Street by 28 February 2026 through spending up to $500,000 in exploration in two phases over two years.

WYX may withdraw from the JV on 30 days written notice, provided it has incurred expenditure of $100,000 across the tenements, and subject to meeting the minimum expenditure of the tenements.

‘Excellent setting for next generation discoveries’

WYX chairman Peter Lewis says the proposed JV could not have happened at a better time.

“The Bulga project’s already strong footprint with proven prospectivity is considerably enhanced by this strategic JV,” Lewis says.

“This opportunity to extend Bulga by an additional 207km2 provides Western Yilgarn with an excellent setting for next generation discoveries to meet the demands of an increasingly hungry market.”

New neighbours

WYX has welcomed an array of new neighbours since setting foot in the region from Rio Tinto (ASX:RIO) to TechGen Metals (ASX:TG1), Cobalt Prospecting and most importantly, Fleet Street.

The explorer believes the Fleet Street JV stable is complimentary to WYX’s Bulga, with the combined area of all leases being ~684km2 and every lease applied for based on evaluation by like-minded and well credentialed geologists.

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.