WIN Metals Bolsters Portfolio with High-Grade Gold Project Acquisition in Western Australia

Key Highlights:

• WIN Metals acquires the Butchers Creek Gold Project, adding 357,000 ounces of gold to its resource base.
• Significant upside with over 60 gold occurrences and high-grade drill targets.
• Enhances portfolio amidst global economic uncertainty, adding gold to its existing nickel and lithium assets.
• Drilling to commence within 4-6 weeks, with a capital raising planned to support development.

WIN Metals (ASX: WIN), an Australian mineral exploration company, has strategically expanded its asset base by acquiring the Butchers Creek Gold Project, a high-grade gold project in the Kimberley region of Western Australia. This acquisition marks a significant shift for the company, traditionally focused on critical metals like nickel and lithium, as it diversifies into the gold sector.

On August 28, 2024, WIN Metals announced the acquisition from Meteoric Resources NL (ASX: MEI), securing an established mineral resource estimate of 5.6 million tonnes at 2.0g/t Au for 357,000 ounces of gold. This acquisition includes a production history of 52,000 ounces of gold, mined between 1995 and 1997, which provides a strong foundation for further exploration and development.

The Butchers Creek Gold Project is not just a historically significant site but also a region with immense exploration potential. The project area features over 60 known gold occurrences, with several high-grade drill targets identified. Historic drilling results are highly promising, with notable intercepts such as 69m @ 4.38g/t Au and 45m @ 2.25g/t Au, and the mineralization remains open to the south of the current drilling, indicating a strong potential for resource expansion.

This move into the gold market is particularly strategic for WIN Metals. With gold often seen as a safe-haven asset during periods of economic uncertainty, this acquisition could not have come at a more opportune time. As the global economic landscape remains volatile, the inclusion of a high-grade gold project provides a balanced and diversified portfolio for WIN Metals, aligning with investor interests in stability and long-term growth.

WIN Metals has already laid out an aggressive plan to capitalize on this acquisition. The company is set to begin drilling within the next 4-6 weeks, targeting the extension of known mineralization and exploring high-priority targets. In addition, a capital raising is planned to fund the exploration and development activities at Butchers Creek, underlining WIN’s commitment to advancing the project swiftly.

Steve Norregaard, the Managing Director and CEO of WIN Metals, shared his thoughts on this strategic acquisition:

“Firstly, we welcome Meteoric Resources to the WIN share register as our new major shareholder.

This pivotal acquisition for WIN heralds the end of a challenging period for the company searching for a new strategic direction to unlock value for our shareholders and attract new investor interest. We believe we have made a great choice in securing a quality gold asset with ample growth upside and a proven production history in what we regard as a very much forgotten gold province.

Our existing nickel and lithium resource base remains firmly part of the portfolio to complement this new commodity and new project area. The sleeves are rolled up and we are raring to get going.”

( Source: WIN ASX Announcement )

Meteoric Resources Executive Chairman, Dr. Andrew Tunks, also commented:

“We are delighted with the sale of the Butchers Creek Gold Project to WIN Metals. This prospective gold asset deserves dedicated attention in the current gold market, and the Board of Meteoric is pleased that WIN is able to provide this focus given our intense efforts on the Caldeira Rare Earth Element Project in Brazil which is rapidly progressing towards development.

As well as realizing value for our shareholders with the asset sale, our investors retain ongoing exposure to the exploration and development of the Butchers Creek Gold Project through our major shareholding in WIN Metals.

We believe WIN Metals has an excellent technical team, and a motivated Board looking to drive this project forward, and we look forward to seeing their success in advancing Butchers Creek.”

( Source: WIN ASX Announcement )

Leadership Insight:

Steve Norregaard, the Managing Director and CEO of WIN Metals, brings over 25 years of experience in the mining industry. He has a proven track record in leading the development of base and precious metals projects, including nickel, from early exploration stages through to sustained commercial production. His extensive career includes significant leadership roles such as Managing Director of RED 5 Limited and Tectonic Resources Ltd, Director of Operations at Westgold Resources Ltd, and Chief Operating Officer at Trelawney Mining and Exploration. Most recently, he led Minterra, the specialized underground mining division of Westgold Resources.

Norregaard's leadership is characterized by a hands-on approach, ensuring that the company's projects progress efficiently from exploration through to potential production. His strategic vision and deep understanding of the mining industry are key assets as WIN Metals continues to expand its portfolio of critical and precious metals, including nickel, lithium, and now gold. As a member of the Australian Institute of Mining and Metallurgy, Norregaard's expertise and commitment to the industry are well-recognized.

On the back of today’s ASX announcement, WIN Metals Ltd (ASX: WIN) shares surged 13.33%, reaching A$0.034 at 2:19 PM AEST, August 28, 2024.