WGX has released the latest round of drilling results from the Fletcher Zone at Beta Hunt. The Fletcher Zone is located 300m to the west, parallel to the main Western Flanks deposit, which accounts for 70% of reserves at Beta Hunt and is the core source of production for the mine. The drilling results at Fletcher Zone have returned some impressive results and WGX will now accelerate drilling activity, moving from one to three drill rigs. This will enable a maiden resource for Beta Hunt to be declared by the end of 2024 or early 2025. We believe the Fletcher Zone has the potential to add material ounces to Beta Hunt at higher grades than the current reserves and resources at the Western Flanks. The delineation of a maiden resource for the Fletcher Zone presents a key catalyst for WGX in the next six months and could unlock higher production rates at Beta Hunt than our 165kozpa base case assumption. We are reiterating our BUY rating on WGX and our ASX and TSX price targets of A$4.20 and C$3.80.
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