A Deep Dive into Woomera Mining: The Company Strategy, and Future Plans
Woomera Mining Limited
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A Deep Dive into Woomera Mining: The Company Strategy, and Future Plans

Woomera Mining Limited, an Adelaide-based exploration company, has released its quarterly activities report for the period ending 30th September 2023, showcasing significant advancements and future plans across multiple projects.

The company's focus spans across precious metals like gold and platinum group elements (PGE), alongside battery metals such as nickel, copper, cobalt, and lithium. Spread across Western Australia and South Australia, the exploration assets have been actively pursued, setting the stage for potential resource discoveries and project expansions.

Mt Short JV Lithium Project Agreement and Mt Cattlin Lithium Project Advancements

One of the notable highlights from the quarter was the signing of the Mt Short JV Lithium Project agreement, marking a significant step for Woomera. The joint venture with Anax Metals Ltd aims to earn a 70% interest in the tenement by expending $1. 5 million over three years. This venture holds substantial promise, located in close proximity to Woomera's Mt Cattlin tenement and the existing Mt Cattlin lithium mine.

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Moreover, at the Mt Cattlin Lithium Project, the company finalized the approvals necessary for drilling set to take place in November 2023. Earlier geochemical sampling programs revealed promising lithium anomalies, which have been identified as potential drilling targets. These initiatives position Woomera for substantial exploration opportunities within the lithium sector.

Wyloo Project and Other Developments

Additionally, the Wyloo Project witnessed the finalization of targets and completion of a heritage survey. This project aligns with the company's focus on gold, highlighting its commitment to advancing exploration initiatives across multiple fronts.

At the Mt Venn Project, another significant milestone was achieved with the successful completion of a heritage survey, setting the stage for future drilling activities in the coming quarter. Similar progress was made at the Musgrave Project, where EM data processing concluded, paving the way for field checks and further assessment in the subsequent quarter.

Corporate Changes and Financial Overview

During the quarter, Woomera appointed Mr. Ralf Kriege as the company's CEO, leveraging his extensive experience in lithium exploration. The company's cash on hand stood at $0. 8 million at the end of the quarter, reflecting the financial position to support ongoing activities and potential expansion plans.

The total expenditure on exploration and development activities amounted to $316,000, and payments to related parties covered various operational expenses, including director remunerations.

The company remains optimistic about its future prospects, given the progress made across its diverse portfolio of projects. These developments set the stage for an exciting period of exploration and potential discoveries in the upcoming quarters.

Capital Raise for Advancing Lithium Projects

Woomera Mining Limited has secured binding commitments for a substantial capital raise intended to propel the advancement of its lithium projects in Ravensthorpe. The company has received commitments from both sophisticated investors and its directors for a Share Placement that aims to raise up to $2. 3 million.

The Placement involves the issuance of 233,000,000 shares at an issue price of $0. 009 per share. Furthermore, the Directors are contemplating participation in the raise, intending to contribute an additional $220,000, subject to shareholder approval.

This financial boost will primarily facilitate planned activities, including Reverse Circulation (RC) drilling and geochemical sampling across the Ravensthorpe Lithium Projects - Mt Cattlin and Mt Short. These projects have acquired statutory approvals for drilling, slated to commence towards the end of November 2023.

The allocated funds from the Placement have been meticulously outlined for specific project purposes. These include drilling activities at Mt Cattlin Lithium and Mt Short Lithium JV, in addition to follow-up drilling at these sites. Further allocations have been designated for gold exploration at the Wyloo Gold project and nickel exploration at Mt Venn, underscoring the diversified nature of Woomera's endeavors.

Project Details - Ravensthorpe Lithium Projects

The Ravensthorpe Lithium Projects, comprising Mt Cattlin and Mt Short, represent pivotal sites for Woomera's lithium exploration endeavors.

At Mt Cattlin, the company has identified significant lithium anomalies in close proximity to the established Mt Cattlin lithium mine. Geochemical sampling programs conducted in February 2023 delineated two robust lithium anomalies suitable for drilling. The upcoming RC drilling, covering approximately 1500m, is slated to commence by mid to late November 2023. Notably, these anomalies are located on freehold farmland, for which the company has secured access agreements.

Meanwhile, the Mt Short project, positioned just north of Woomera's Mt Cattlin tenement and the lithium mine, holds historical drilling data revealing promising pegmatite occurrences. Although past exploration at Mt Short was directed towards nickel, Woomera now seeks to explore its lithium potential. With plans for 1500m of RC drilling and auger soil sampling to commence following the Mt Cattlin program, the company aims to unveil the latent lithium prospects within this site.

These well-planned initiatives underscore Woomera Mining's commitment to strategically explore and capitalize on the lithium prospects prevalent within the Ravensthorpe Lithium Projects, reflecting a proactive stance towards resource discovery and development.

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