Westar Resources Limited announced the completion of negotiations to acquire 100% of P77/4070, adjacent to the "Olga Rocks" project (the Project) which is considered highly prospective for lithium, rare metals and gold. P77/4070 compliments the existing tenement holding and is along strike of the NNW trending interpreted central and western pegmatite zone within the southern tenure. With limited systematic exploration, all of which never targeted the known pegmatite bodies, Westar considers the multiple pegmatite intercepts are highly encouraging, and significantly increases the potential strike length of the LCT type pegmatites interpreted in the southern portion of Olga rocks.

With only shallow RAB drilling complete, this tenure will be included in the exploration drilling currently being planned to test the Li mineralisation within the interpreted LCT pegmatite swarm identified. Westar field and technical studies12 have identified three zones of LCT-prospective pegmatite at the Olga Rocks project, being Western, Central and Eastern Zones. Fractionated, LCT-type pegmatite mineralisation has been confirmed from rock chips within the central and eastern zones with mapping confirming several zones can be identified within the outcrops.

Research of publicly available WAMEX files, geophysics interpretation and on-ground mapping reconnaissance have indicated the possibility of strike extension of the western and central pegmatites into the recently acquired tenure. Historic RAB drilling over P77/4368 is widely spaced (approximately 400m x 80m to 400m x 20m spacing), predominantly shallow drilling. This drilling focused on testing for gold anomalism, however, several intercepts of Fg (Felsic Granitoid, interpreted as Felsic Pegmatite) and V (Vein quartz interpreted as a potential pegmatitic fractionation phase) are logged throughout the tenure.

Based on these intercepts and rock chips and drilling intercepts, this extends the interpreted western trend up to 3km in strike length. The historical drill holes are all shallow, which highlights the exploration potential throughout the Olga Rocks project. Westar cautions that at this early-stage data analysis is of a preliminary nature and site investigations are at a reconnaissance level.

The Olga Rocks Project is located within the emerging Forrestania Li district which hosts the developing Covalent Lithium "Mt Holland Project" (189Mt @ 1.50% Li207), along with Zenith Minerals' recent Li-pegmatite discovery at the "Split Rocks Project"8, less than 1.5km from Olga Rocks. Westar considers this Project has the potential to further enhance the Tier 1 lithium potential of the district, with further exploration success. Westar announced on 16 January 2023 completion of negotiations to acquire the Olga Rocks project.