The Cawkers Well Project lies 60km south-west of Wilcannia, and is an early stage sediment hosted, structurally controlled gold exploration prospect.
Drilling has resulted in intersections of 18m (0.22g/t Au) from 135m in CW009 and 8m (0.84g/t Au) from 170m in CW003 from limited drilling.
Over 100m of brecciation, silica and sericite alteration in DDCW01 indicates major mineralised system potential.
The gold mineralisation at surface (old workings and BLEG sampling) and in drilling is closely associated with NW trending magnetic structures within West Cobar’s tenements. Outcrop is very poor. Detailed low level aeromagnetic and/or ground magnetic surveys ground magnetics are planned to accurately define these structures ahead of drill targeting.
Capital Raising Offer - Now Closed
West Cobar Metals Board is pleased to report that the “Capital Raising Offer” as defined in the “Prospectus” has been oversubscribed and therefore has raised the $5,500,000 sought by the “Offer”, and accordingly the “Offer” is now closed.
The company thanks the investors who have taken part in the offer and looks forward to approval by the ASX to commence trading on the ASX.