The Westgold Resources Ltd (ASX: WGX) share price is in focus today following the company's maiden Ore Reserve announcement for its Fletcher deposit, including a 30% increase in total Mineral Resource and a 426% lift in Indicated Resource ounces.
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What did Westgold Resources report?
- Maiden Fletcher Ore Reserve of 13.5Mt at 2.6g/t gold for 1.1Moz, supporting a substantial new mining inventory at Beta Hunt
- Fletcher Mineral Resource increased by 30% to 40.1Mt at 2.3g/t gold for 3.0Moz
- 426% rise in Indicated Resource, now 1.55Moz at 2.7g/t gold
- 74% of updated Indicated Resource converted to maiden Ore Reserve
- Total Beta Hunt Ore Reserve now at 21.7Mt for 1.6Moz; Mineral Resource at 74.6Mt for 5.4Moz
- Definitive Feasibility Study for a 4Mtpa processing case underway
What else do investors need to know?
The Fletcher deposit is shaping up as a major growth engine for Westgold's Beta Hunt complex, adding significant scale and long-term production potential. The 426% increase in Indicated Resource and high conversion rate to Ore Reserve enhance Westgold's confidence in Fletcher as a third mining front at Beta Hunt.
Westgold is moving forward with studies into expanding its Higginsville processing plant to handle 4 million tonnes a year, supported by Fletcher's growing resources. Drilling is continuing on Fletcher's northern extension, and new programs are underway at the Mason target to the south, pointing to further growth opportunities.
What did Westgold Resources management say?
Managing Director & CEO Wayne Bramwell said:
Westgold's corporate strategy remains clearly focused on expanding and optimising our largest mining and processing assets to maximise free cash flow. Drilling at Beta Hunt continues to unlock material value for shareholders, with the emerging Fletcher Zone now contributing more than 1Moz of Ore Reserve and 3Moz of Mineral Resource growth.
What's next for Westgold Resources?
Looking ahead, Westgold plans to finalise a definitive feasibility study for boosting processing capacity at Higginsville to 4Mtpa, aiming to support the strong growth at Fletcher and Beta Hunt. A mass-haulage study for Fletcher is also in progress to optimise underground development and costs.
Upcoming milestones for investors include the results of these studies, ongoing drilling at Fletcher's extensions, and progress updates on infrastructure and processing expansions—each designed to help underpin sustainable growth for the business.
Westgold Resources share price snapshot
Over the past 12 months, Westgold Resources shares have risen 87%, outperforming the S&P/ASX 200 Index (ASX: XJO), which has risen 4% over the same period.
