Western Yilgarn ramps up joint venture at Ida Holmes multi-commodity project

WYX reports new farm-in and joint venture deal with Peregrine Exploration
Deal covers key tenements near Ida Holmes multi-commodity project
Three new targets have been identified with the same age, source and characteristics for a potential Nebo-Babel or Windamurra-style layered intrusive.
Once granted, the company plans to start surface geochemistry program at its new Mt Ida South prospect

Special Report: Western Yilgarn has executed a farm-in and joint venture agreement with Peregrine Exploration over the Ida Holmes project in WA.

The project consists of 18 exploration tenements, with a total area of 1300km², and is around 50km from Gold Fields’ Agnew gold project.

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

The project is also ~60km from Delta Lithium’s (ASX:DLI) Mt Ida lithium project (12.7Mt at 1.2% Li2O) and ~90km from Liontown Resources’ (ASX:LTI) Kathleen Valley lithium project (156Mt at 1.4% Li2O).

The deal with Peregrine secures access to E57/1219, a key tenement located on the Mt Holmes Dyke, with the company able to earn a 90% interest in the tenement during a three-year period by paying $5,000 as a costs re-imbursement and sole funding $60,000 of expenditure.

The company has also submitted applications for E57/1452 and E36/1106, which completes coverage of the Mt Holmes Dyke across the Ida Holmes project area.

A separate application for E29/1279 (Ida Holmes South) is a new prospect, where a historical hole was drilled by BHP but did not reach the ultramafic basal contact.

Multi-commodity targets on the radar

Western Yilgarn (ASX:WYX) says the joint venture and license applications – together with the recent Bellpark Joint Venture – means the greater Ida Holmes Project now represents a large-scale project portfolio with three new untested copper-nickel-platinum-group-elements / vanadium-titanium-iron targets.

“The joint venture with Peregrine Exploration and the successful applications for the E57/1452and E36/1106, as well as the new Ida Holmes South prospect (E29/1279), will strengthen Western Yilgarn’s presence at the Ida Holmes project and in the broader region,” chairman Peter Lewis said.

“With a modern and systematic approach to exploration, the joint venture with Peregrine Exploration and the new licences will, in addition to our existing Ida Holmes project area, offer Western Yilgarn significant upside and an opportunity for a significant discovery.”

Pic: New WYX tenement applications (green) and new Peregrine JV tenement (red). Source: WYX.

Mt Ida South

Tenement E29/1279 in particular, represents a new magmatic copper-nickel +/- gold prospect, previously drilled by BHP, which identified ultramafic host lithologies, associated with a discrete magnetic anomaly, but did not reach the basal contact.

Once E29/1279 is granted, WYX’s initial focus will be on a surface geochemistry program to build a comprehensive litho-geochemical framework.

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.