Western Ridge Resources Confirms Sulphide Mineralisation at Keystone Nevada

Sulphide Mineralisation Confirmed as Western Ridge Sharpens Keystone Drill Targets

Western Ridge Resources Limited (ASX: WRX) has reported confirmed sulphide mineralisation at its Keystone Project in Nevada, following fieldwork that included LiDAR mapping, targeted rock chip sampling and review of historic workings across the recently expanded project area. According to the ASX announcement, 10 rock chip samples have now been submitted to ALS Laboratories in Reno for assay analysis, while the data gathered is being used to refine targets ahead of the company's maiden drilling campaign scheduled for later in 2026.

The update matters because it adds field-based support to Western Ridge's exploration model at Keystone. In the announcement, the company said sulphide mineralisation was identified in several vein systems, while sampling at the Marble Rock Prospect coincided with previously identified aeromagnetic anomalies, supporting the geophysical targeting work completed earlier.

What Did the Recent Field Programme Show?

The field review covered a wide part of the Keystone Project, not just the main historical workings. According to the company, work included:

• LiDAR mapping of historic underground workings
• Rock chip sampling from Keystone Main
• Review of nearby historic adits
• Sampling of surface vein systems
• Examination of drill pad face exposures
• Work at the Marble Rock Prospect
• Sampling across recently staked claims within the expanded landholding

This broad field approach appears designed to improve geological understanding before drilling begins. Rather than relying on one target area, Western Ridge is building a dataset from historical workings, exposed veins and newly secured ground to narrow down where the first drill holes may be most effective.

Preliminary field observations identified sulphide mineralisation in several vein systems. That does not yet provide grade information, and the company cautioned that visual estimates are not a proxy for laboratory assays, but it does indicate that mineral-bearing systems remain evident across multiple parts of the project.

Managing Director Commentary

"The sampling completed at Marble Rock was highly encouraging, where historical underground workings coincide with the large aeromagnetic anomalies identified earlier this year. The presence of common silver bearing sulphides within this area provides an important validation of our exploration model and supports the broader prospectivity of the district," said Dr Matthew Cobb, Managing Director of Western Ridge Resources.

Why Does Marble Rock Stand Out in This Update?

Marble Rock is one of the more important elements of the announcement because it brings together two separate lines of evidence. Western Ridge had previously identified large aeromagnetic anomalies in the area, and the latest field review found historic underground workings and silver-bearing sulphides in vein material in the same location.

For investors, that overlap matters. A geophysical anomaly on its own can indicate a change in rock properties, but not necessarily economic mineralisation. Field confirmation of sulphide-bearing material in the same area gives added confidence that the anomaly may relate to a mineralised structure rather than background geology alone.

The company described this outcome as validation of its target generation system. In practical terms, it suggests the geophysical interpretation is aligning with what geologists are seeing on the ground, which is an important step when planning a first-pass drilling programme.

Understanding the Hydrothermal Sulphide System at Keystone

Keystone is being interpreted as a mineralised hydrothermal system. For non-specialist investors, this simply refers to minerals deposited by hot fluids moving through fractures in rock. As those fluids cool, metals can be left behind in veins.

These systems can host a mix of metals. At Keystone, the company referred to minerals including:

• Sphalerite, a zinc sulphide mineral
• Tetrahedrite, often associated with silver
• Galena, a lead sulphide mineral that can also host silver
• Pyrite, an iron sulphide commonly found in mineral systems
• Possible native silver

When these minerals occur in veins across multiple areas, geologists may interpret that as evidence of a broader mineralised system rather than an isolated occurrence. That is one reason the company sees the recent observations as supportive of a district-scale exploration model.

Furthermore, another term referenced in the announcement is boxwork. This describes a lattice-like texture left behind after sulphide minerals have weathered away, often leaving iron oxide shapes where sulphides were once present. It can be a useful indicator that sulphides existed in the rock even if fresh sulphide minerals are no longer obvious at surface.

Glossary of Key Terms

Dolly Pot Results Point to Mineralisation in Discarded Material

One of the more eye-catching parts of the update was the use of a traditional Dolly Pot crushing and panning method on mine dump spoils. According to the company, a significant sulphide tail containing sphalerite, tetrahedrite, galena and pyrite, with possible native silver, was produced from approximately 400 grams of discarded rock material.

Western Ridge's data described the panned sulphide tail as being estimated at less than 0.5% of total crushed rock mass. Even so, the geological significance lies less in the quantity recovered and more in the fact that sulphide minerals were still visible in rock material historically treated as waste.

That outcome does not establish economic value on its own. However, it may indicate that earlier mining did not fully capture the broader mineralised system, particularly given the age of historical workings and the absence of modern drilling for more than 80 years, according to the announcement.

The company also stated that this supports the opportunity to assess Keystone using modern processing technology and current commodity prices. Importantly, that should be understood as a project assessment opportunity rather than proof of future development potential.

Keystone's Historical Setting and Expanded Footprint

The Keystone Project is located in Nevada's Pershing Trend and hosts numerous historical workings associated with tungsten, silver and gold mineralisation. Western Ridge describes Keystone as a silver-dominant polymetallic project, with additional interest in gold, zinc and lead.

A key part of the project's appeal is the mismatch between its mining history and the amount of modern exploration completed. According to Western Ridge, no modern drilling has been completed at the project for more than 80 years. That long exploration gap means current work is effectively reassessing an old mining district with newer tools and higher-resolution datasets.

The company also noted that the project area has expanded by approximately 500%, securing additional historical mining localities and increasing its footprint across the district. For investors, this matters because mineralised structures do not follow claim boundaries. If the geological setting extends beyond the original project area, holding more of that ground can preserve follow-up options if drilling supports the broader model.

How Is the Exploration Model Being Tested?

The latest update shows Western Ridge combining several exploration methods rather than relying on a single dataset. According to the announcement, the sequence currently looks like this:

1. Aeromagnetic surveying identified multiple targets across the Keystone Project
2. Project expansion followed, after the company recognised that favourable geology continued beyond the original boundaries
3. Field review and sampling were completed across historical workings and newly added claims
4. Marble Rock sampling found silver-bearing sulphides near aeromagnetic anomalies
5. LiDAR mapping captured detail from underground workings to assist future targeting
6. Assays are now pending from the 10 submitted rock chip samples

This type of staged exploration matters because early-stage projects are often assessed on how efficiently they narrow uncertainty. Geophysics can indicate where to look, fieldwork can test whether the target has visible mineralisation, and assays can then quantify whether the material has grades that justify further drilling.

At Keystone, Western Ridge is still in that target refinement phase. The project has not yet produced drill results from the planned maiden campaign, so the current significance lies in improving drill precision rather than confirming a resource.

What Should Investors Watch Next?

The next clear catalyst is the laboratory assay data from the 10 submitted rock chip samples. These results are expected to quantify the metals present in the sampled material and help determine whether the visual sulphide observations translate into potentially meaningful grades.

After that, the main focus remains the maiden drilling campaign, which the company said is planned to commence later in 2026.

Drill testing is likely to be the more decisive event. Surface sampling and historical workings can point to prospectivity, however drilling is typically required to assess thickness, continuity, orientation and grade at depth.

Why This ASX Update May Be Relevant to WRX Investors

This announcement does not contain assay grades or drill intercepts, so it should be viewed as a pre-drill technical update rather than a defining result. Even so, several features may keep investor attention on ASX: WRX.

First, the company has reported field confirmation of sulphide mineralisation across several areas, which supports the idea that Keystone hosts more than a narrow historical mine footprint. Second, the Marble Rock outcome links geophysical anomalies to observed silver-bearing sulphides, adding confidence to target selection.

Third, the project combines historical workings, expanded tenure and an absence of modern drilling — a combination that can create information value when a maiden drill campaign begins.

The investment case remains dependent on what assays and drilling ultimately show. For now, the ASX announcement indicates that Western Ridge is moving methodically through its target generation process, using historical mining evidence, modern geophysics and field validation to prepare for first drilling at Keystone.

If the upcoming assay results support the field observations, attention is likely to shift quickly to how those results influence final drill collar selection. If they are less compelling, the data may still assist the company in narrowing the most prospective structures for testing. In either case, the next phase at Keystone is expected to be driven by hard analytical results rather than visual geological interpretation alone.

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