Barry Dawes just released a fairly comprehensive note on WMG....

Barry Dawes just released a fairly comprehensive note on WMG. Will see if I can post the whole thing but here is a snippet.

From: Barry Dawes
16 April 2024

Mulga Tank Ultramafic Complex is major new nickeldiscovery in Yilgarn Craton WA

Large nickel hybrid system with similarities to each ofMt Keith, Perseverance and Kambalda

Mineralisation over 21km of strike

Deep diamond drill hole cumulative nickel mineralisationup to 840m in 1500m holes

Phase 2 RC infill program of 17 holes in higher gradearea completed with assays received for 13 of 17 holes

Results show high nickel grades with encouraging copperand PGMs of Perseverance-style mineralisation

Diamondhole underway to test Expert Geophysics MobileMT important deep target underway

Couldbe a company maker

Exploration target 350m-2,200mt for first resource inJune Qtr 2024

Nickel grade 0.35-0.24%

Contained nickel – 1.2mt -5.3mt (US$22 – 95bnin-ground value)

Thesefigures suggest `unlimited’ share price upside!

Market cap A$25m on 75m shares @ A$0.33

KEY POINTS

• Mulga Tank Ultramafic Complex is a hybrid style nickel discovery of potentially global significance
• Exploration target of 350m-2,200m tonnes
  • Grade range 0.35 -0.24% Ni
  • Metal range 1.2-5.3mt contained nickel
  • Inground value range US$22-95bn
• Deposit incorporates three nickel mineralising styles:-

• `Kambalda’ style basal massive sulphides komatiite channel flows
• `Perseverance’ style basal massive sulphides
• `Mt Keith’ style disseminated sulphide core

• Phase 2 17 hole RC program delivers very encouraging results in assays for first 13 of 17 RC holes received to date in the top ~300m incl:

• Latest three holes

• • MTRC033 Cumulative 185m at 0.27% Ni, 126ppm Co, 82ppm Cu, 18ppb Pt+Pd with S:Ni 0.9
  • MTRC034 Cumulative 240m at 0.30% Ni, 133ppm Co, 133ppm Cu, 36ppb Pt+Pd from 90m with S:Ni 1.0

• • MTRC038 Cumulative 199m at 0.31% Ni, 139ppm Co, 260ppm Cu, 27ppb Pt+Pd from 119m S:Ni 1.3 incl
    • 12m at 0.68% Ni, 270ppm Co, 0.21% Cu, 51ppb Pt+Pd from 132m which inc
      • 4m at 1.09% Ni, 0.16% Co, 0.43% Cu, 71ppb Pt+Pd from 133 which incl
        • 2m @ 1.51%Ni, 0.16% Co, 0.72% Cu, 94ppb Pt+Pd from 135
    • 8m at 0.52% Ni, 212ppm Co, 497ppm Cu, 0.14 Pt+Pd from 164m which inc
      • 2m at 1.00% Ni, 397ppm Co, 0.10% Cu, 0.44ppb Pt+Pd from 169m which incl
        • 1m @ 1.39%Ni, 556ppm Co, 0.15% Cu, 0.52ppb Pt+Pd from 169

• • • 6m at 0.91% Ni, 231ppm Co, 127ppm Cu, 40ppb Pt+Pd from 192m which inc
      • 1m at 3.16% Ni, 231ppm Co, 385ppm Cu, 0.18ppb Pt+Pd from 192

• Phase 2 RC drill program has already shown
  • Highly encouraging elevated Ni (>4.5%) and Sulphur (with Cu and PGEs)
  • High matrix:semi massive sulphide nickel tenor of 23%
  • Encouraging potential for Perseverance style mineralisation
  • Additional potential for higher grade remobilised sulphides

• Deep WA Gov co-funded deep diamond hole (EIS3) has commenced drilling
  • Hole is testing important MobileMT target
    • Expert Geophysics Inc has had good global success with targeting using MobileMT technology

• Success in EIS3 would be a company maker for WMG

• Potential for contained nickel at Mulga Tank is far higher than CHN’s Gonneville Project to date

• Mulga Tank is comparable to Canada Nickel Crawford deposit of 4.25bn tonnes @ 0.23% Ni +0.013% Co with NPV₈ US$$2.5bn