West Cobar Metals : Drilling Completed at Mount Jack Prospect

For personal use only

ASX ANNOUNCEMENT

23 FEBRUARY 2022

DRILLING COMPLETED AT MOUNT JACK PROSPECT

HIGHLIGHTS

• Diamond drill hole at Mt Jack designed to test a bulls-eye aeromagnetic and ground magnetic anomaly for 'Cobar-style' base metal-gold mineralisation completed.
• Cawkers Well gold prospect next to be tested by reverse circulation drilling.

West Cobar Metals Limited (ASX: WC1) ("West Cobar" or "the Company") has completed diamond drilling at its Mount Jack Project in north-western New South Wales with a single hole (MJD01) comprising 141.0m of mud rotary and 210.1m of diamond coring (Table 1).

The Mount Jack Project was considered prospective for a Cobar-stylecopper-gold deposit with an aeromagnetic and ground magnetics bullseye anomaly, and historical records showing traces of gold and copper in a previous drill hole.

The diamond hole drilled by West Cobar intersected highly magnetic vesicular basalt at 348.1m. The overlying conglomerate contained highly magnetic basalt pebbles from 229.8m to 243.4m. Abundant dolerite pebbles in the conglomerate were also slightly magnetic. These factors are considered likely to explain the magnetic anomaly. Analyses (laboratory for gold, and handheld XRF for base metals) of MJD01 contained no significant values.

Table 1: Diamond drill collar

Hole_ID

E (MGA Z-

N (MGA

Elevation

Dip

Azimuth

Mud Rotary

Diamond

TD (m)

54)

Z-54)

(m)

(T)

(m)

(m)

MJD01

754573

6574163

128

-85

17.5

141.0

210.1

351.1

Cawkers Well

RC drilling is planned at the Cawkers Well Project to test gold mineralised structures identified from aeromagnetics.

Historical water well sinking at Cawkers Well identified gold in Cambrian Teltawongee Group sediments. Some small-scale mining subsequently took place at the Golden Ridges mine at Cawkers Well. Gold was also noted when digging Watsons Tank about 450m southeast of the main diggings. Soil sampling geochemistry has identified a 600m strike >10 ppb gold-in-soil BLEG anomaly1 that coincides with north-westerly trending structures interpreted from aeromagnetic data.

1 Refer to Prospectus dated 6 August 2021

ASX: WC1

ACN 649 994 669

www.westcobarmetals.com.au

For personal use only

Observation of the Golden Ridges workings indicate that most of the historical RAB drilling was too shallow and the few RC holes drilled were poorly positioned to test the mineralisation. The presence of parallel structures identified in aeromagnetic data indicate a much larger system than the historical workings represent1.

The only two complete intersections obtained through these structures indicate a width and consistency of gold mineralisation (Table 2) that is considered to be a favourable indication for the potential of the interpreted aeromagnetic structures which have a combined extent of about 50km1.

Table 2: Cawkers Well mineralised drill intercepts1

Drillhole	MGAE -54	MGAN -54	Depth (m)	Azimuth (mag)	Dip (°)	Depth (m)	Width (m)	Au (ppm)
CW003	679364	6484601	210	250	-55	170	8	0.84
CW009	680975	6485905	186	180	-60	134	18	0.22

Figure 1: Cawkers Well interpreted geology

ASX: WC1

ACN 649 994 669

www.westcobarmetals.com.au

For personal use only

Bulla Park

An extensive base metal mineralised system is indicated with significant thick zones of copper mineralisation intersected by West Cobar and in historical drilling, including 33m of 0.45%Cu in diamond hole 19CA0021. Exploration work is planned to develop drill targets to test the higher-grade part of the system.

Other Projects

West Cobar continues to assess opportunities as they are presented with a view to adding to the discovery potential within West Cobar's portfolio of projects.

West Cobar CEO David Pascoe said:

"Although not successful, the drill hole at Mount Jack was a clear and definitive test from the geology intersected and the laboratory analyses.

Our exploration rationale of rapidly and effectively drill testing early-stage projects which are considered to have potential for major deposits will continue.

We look forward to success with RC drilling at West Cobar's next project, the Cawkers Well gold prospect.

Figure 2: Location of West Cobar's current projects

ASX: WC1

ACN 649 994 669

www.westcobarmetals.com.au

For personal use only

-ENDS-

This ASX announcement has been approved by the Board of West Cobar Metals Limited.

Further information:
David Pascoe	Luke Forrestal
Chief Executive Officer	GRA Partners
[e-mail]	[e-mail]
[phone]	[phone]

Statement regarding Reporting of Exploration Results

The Company refers to the public report regarding exploration results contained in its Prospectus dated 6 August 2021 which included the Competent Persons Statement and Table 1 of Appendix 5A (JORC Code). The Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus.

Forward looking statement

Certain information in this document refers to the intentions of West Cobar, but these are not intended to be forecasts, forward looking statements or statements about the future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of the events in the future are subject to risk, uncertainties and other actions that may cause West Cobar's actual results, performance or achievements to differ from those referred to in this document. Accordingly, West Cobar and its affiliates and their directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of these events referred to in the document will actually occur as contemplated.

Statements contained in this document, including but not limited to those regarding the possible or assumed future costs, performance, dividends, returns, revenue, exchange rates, potential growth of West Cobar, industry growth or other projections and any estimated company earnings are or may be forward looking statements. Forward-looking statements can generally be identified by the use of words such as 'project', 'foresee', 'plan', 'expect', 'aim', 'intend', 'anticipate', 'believe', 'estimate', 'may', 'should', 'will' or similar expressions. These statements relate to future events and expectations and as such involve known and unknown risks and significant uncertainties, many of which are outside the control of West Cobar. Actual results, performance, actions and developments of West Cobar may differ materially from those expressed or implied by the forward-looking statements in this document.

Such forward-looking statements speak only as of the date of this document. There can be no assurance that actual outcomes will not differ materially from these statements. To the maximum extent permitted by law, West Cobar and any of its affiliates and their directors, officers, employees, agents, associates and advisers:

• disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions.
• do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and
• disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).

ASX: WC1

ACN 649 994 669

www.westcobarmetals.com.au

For personal use only

Competent Person Statement and JORC Information

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the 'JORC Code') sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves.

The Information contained in this announcement is an accurate representation of the available data and studies for the Mount Jack and Cawkers Well Projects.

The information contained in this announcement that relates to geology and exploration results is based, and fairly reflects, information compiled by Mr David Pascoe, who is a Member of the Australian Institute of Geoscientists. Mr Pascoe is CEO of West Cobar Metals Limited. Mr Pascoe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Pascoe consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

ASX: WC1

ACN 649 994 669

www.westcobarmetals.com.au