West Cobar Metals Limited reported further high-grade assay results from its maiden aircore drill program at the Salazar Clay Rare Earth Element (REE) Project, 150km NE of the town of Esperance in Western Australia. The phase 1 aircore program of 283 holes for a total of 9342m was designed to extend and infill the existing Inferred Resource 3 of 43.5Mt at 1192ppm total rare earths oxide (TREO) at the Newmont Deposit, explore E63/1496 to the south of the Newmont Deposit, and to explore part of the O'Connor licence area (E63/1469). The REE results received from the first 76 aircore drill holes (includes seven holes announced previously) at the Newmont Deposit are highly encouraging.

The results confirm the presence of high TREO grades at Newmont, and relatively high magnet heavy rare earth oxide content (terbium and dysprosium oxides) and locally high scandium oxide content. The drill results received to date at the Newmont Deposit all lie adjoining and outside the area of the existing Inferred Resource. These preliminary results show that REE mineralisation extends north and south of the Inferred Resource.

The drill samples have been analysed by Bureau Veritas in Perth, with the balance of assay results expected in March. All assay results from the aircore program will be integrated with historical data to produce an updated Inferred Resource for the Newmont deposit during second quarter 2023. Assays from five aircore holes drilled at the O'Connor Prospect were reported by West Cobar in January 2023, validating the continuity of high REE grades and the shallow nature of REE mineralisation on the tenement.

Assay results are pending for the balance of the O'Connor exploration program (a further 27 holes) and are expected in March.