WIN Metals Boosts Radio Gold Project Resources by 21%
WIN Metals (ASX:WIN) has announced a significant upgrade to the Mineral Resource Estimate (MRE) for its flagship Radio gold project in Western Australia. The latest assessment reveals a substantial 21% increase in total contained gold ounces and a remarkable 73% expansion of the overall resource base since WIN acquired the asset in August of last year. This development positions the company strongly for a potential move towards production.
Key Highlights of the Updated Mineral Resource Estimate:
- Total Contained Gold: The JORC-compliant MRE now estimates the resource at 49.6 thousand ounces (Koz) of contained gold.
- Resource Tonnage: This gold is contained within 366,000 tonnes of material, grading at an average of 4.2 grams per tonne (g/t) of gold.
- Growth Trajectory: This represents a significant increase from previous estimates and underscores the rapid progress made by WIN Metals since taking ownership of the project.
Driving the Resource Growth: Drilling and Sampling Success
The impressive resource expansion is largely attributed to the completion of a comprehensive 4,200-metre Reverse Circulation (RC) drilling program conducted in February. This program strategically focused on several key objectives:
- Increased Drill Density: The drilling aimed to boost the density of drill holes in areas identified as having near-term production potential, specifically targeting the Radio Main and East lodes.
- Targeting Repeater: The program also extended its reach to the Repeater prospect, a known area of mineralisation that has now contributed significantly to the updated resource.
“Transformational Uplift” for a Key Asset
Steve Norregaard, WIN’s Managing Director and CEO, described the updated MRE as a “transformational uplift” for the Radio project, highlighting its importance within the company’s portfolio. He elaborated on the significance of this rapid growth:
“This rapid growth… demonstrates the quality of the asset, and now much higher geological confidence validates our decision to move quickly and aggressively on Radio as a key near-term production opportunity.”
Norregaard further emphasised the impact of the recent drilling and underground face sampling programs:
“Our 2026 drilling and underground face sampling programs have not only grown the Resource, but materially increased confidence in the key mining areas at Radio and Repeater, with half of the Resource now classified as Indicated directly feeding into mine design and scheduling work.”
This increased geological confidence, particularly with a substantial portion of the resource now in the ‘Indicated’ category, is crucial for advancing the project towards a development decision.
Resource Classification and Confidence Levels
The updated MRE sees a notable shift in the classification of the contained gold, reflecting enhanced geological understanding and confidence:
- Indicated Resources: A significant 25.5 Koz of gold are now classified as “Indicated.” This represents a 21% increase in this category and is directly attributable to the recent drilling and the incorporation of underground face sampling data. The Indicated category signifies that the geological information is sufficient to allow for a reasonable assessment of economic viability, making it suitable for mine design and planning.
- Inferred Resources: The remaining 24.1 Koz of gold fall into the “Inferred” category. While this category represents a lower level of confidence, it still indicates mineralisation that has been explored but not sufficiently detailed to be classified as Indicated or Measured.
Focus on Repeater Prospect
The Repeater prospect has been a particular success story within this MRE update. Infill drilling efforts at Repeater have resulted in:
- Tonnage Increase: A substantial 38% increase in tonnage within the Indicated category.
- Current Indicated Resource at Repeater: The Repeater prospect now hosts 66,000 tonnes of material grading 3.4 g/t Au, containing 7.2 Koz of gold.
Historical Context and Future Outlook
The Radio project benefits from a rich history of mining, with underground infrastructure still intact and dewatered following operations that date back to 1918. This existing infrastructure can potentially reduce future development costs.
The cut-off grades applied for the June update reflect different potential mining scenarios:
- Open Pit Scenario: A cut-off grade of 0.5 g/t Au was used for material located within 50 metres of the surface.
- Underground Scenario: A cut-off grade of 1 g/t Au was applied for material found below 50 metres.
With this significantly enhanced and more confident resource base, WIN Metals is now in a strong position to advance the Radio project towards a development decision. The company’s clear objective is to transition into a cash-generating producer, a goal that appears increasingly attainable with the latest MRE results. The company’s shares were set to open at 2.1 cents this morning.
