West Coast Silver Confirms New High-Grade Silver Zone at Elizabeth Hill Depth

West Coast Silver Elizabeth Hill High-Grade Silver Discovery at Depth

West Coast Silver Limited (ASX: WCE) has reported new drilling results from the Elizabeth Hill Project near Karratha that point to a larger and more complex silver system than previously defined in the company's April 2026 maiden Mineral Resource Estimate (MRE). According to the ASX announcement dated 9 July 2026, the latest diamond drilling has identified a new high-grade silver zone at depth beneath and south of the historical workings, while reverse circulation (RC) drilling has extended broad near-surface mineralisation beyond the current resource boundary.

The update matters for investors because it adds two separate forms of growth potential. First, the deeper diamond drilling suggests Elizabeth Hill may host additional high-grade silver outside the historical mine area. Second, the near-surface RC drilling indicates the current resource could expand in the next update targeted for Q4 2026.

New High-Grade Silver Zone Confirmed at Depth

The central result in the announcement came from diamond drill hole 26WCDD029, which returned:

• 3m @ 524g/t Ag from 183m
• Including 1.5m @ 1,039g/t Ag from 184.5m

West Coast Silver stated that this intersection confirms a new discrete zone of silver mineralisation that is below and separate from the previously mined Elizabeth Hill orebody. That distinction is important. Rather than simply extending known mineralisation, the drilling appears to define another mineralised position within the broader system.

In the report, the company linked this result with two historical intersections:

• UGD084: 7m @ 607g/t Ag from 57m, including 2m @ 1,995g/t Ag from 61m
• AG33: 4m @ 223g/t Ag from 190m

Together, these results are interpreted to define an approximately 50-metre long, north-south, sub-horizontal mineralised trend beneath and south of the old mine workings.

The company said this zone sits on the contact between granite and ultramafic rocks to the east of the main Munni Munni Fault Zone (MMFZ). Earlier drilling in the area had largely targeted the main fault structure itself, which means this offset trend remains only lightly tested.

"The identification of high-grade silver at depth in 26WCDD029 and broad, near-surface silver zones of up to 44m downhole extent, together with mineralisation extending beyond the current resource boundary, demonstrates the increasing scale of the Elizabeth Hill silver system and reinforces its significant resource growth potential," said Bruce Garlick, Executive Chairman.

Other diamond holes produced weaker silver results. Hole 26WCDD026 returned 1m @ 18g/t Ag from 210m, while 26WCDD027 and 26WCDD028 did not return significant silver intersections under the company's reporting cut-off.

Diamond Drilling Summary

All intervals reported as downhole widths, not true widths. A 10g/t Ag cut-off was applied.

Near-Surface RC Drilling Extends Mineralisation Beyond the Maiden MRE

The second major part of the update came from the final 15 holes of a 32-hole RC drilling programme completed in May 2026. According to the announcement, these holes targeted silver mineralisation north of the April 2026 MRE and returned broad intervals both within and west of the current resource envelope.

The strongest intercepts included:

• 44m @ 26g/t Ag from surface in 26WCRC020
• 41m @ 23g/t Ag from 1m in 26WCRC019
• 12m @ 15g/t Ag from 31m in 26WCRC025

Two of those holes, 26WCRC019 and 26WCRC025, ended in mineralisation because of ground conditions. That means the full width of those mineralised zones has not yet been defined.

The company said most of the mineralisation outlined by this RC work lies outside the existing MRE, which is why these results are likely to be a focus in the planned Q4 2026 resource update.

Best RC Silver Intersections

This part of the drilling is relevant because shallow, broader silver intersections can support a different development pathway to deeper high-grade targets. In practical terms, near-surface mineralisation may be easier to incorporate into early-stage mine planning if future studies support economic extraction.

Furthermore, the announcement noted that silver has now been intersected in granite, not just in the previously recognised host settings. That broadens the geological search space across Elizabeth Hill.

Lead and Base Metals Add Another Layer to the Geology

Beyond silver, West Coast Silver reported a significant lead intercept in hole 26WCRC018:

• 9m @ 5.3% Pb from 55m
• Including 1m @ 17.2% Pb from 56m
• And 1m @ 16.4% Pb from 62m

According to the company, high-grade lead zones at Elizabeth Hill have historically occurred on the margins of high-grade silver zones. That means the lead result may act as a geological indicator rather than a standalone result.

The company linked this lead intersection with a historical shallow aircore hit of 0.5m @ 61g/t Ag from 8m in 25WCAC008, suggesting mineralisation may continue northwards along the MMFZ toward the Maitland prospect. Surface geophysical surveys are planned in coming weeks to test that trend.

Diamond hole 26WCDD029 also intersected massive sulphides at 154.87m, returning 0.45m @ 2.73% Ni, 0.93% Cu and 0.7g/t Pd. This is a separate style of mineralisation from the silver zones, hosted in ultramafic rocks within the basal Munni Munni Intrusive Complex (MMIC). For investors, this does not yet change the main silver-focused investment case. However, it introduces the possibility that Elizabeth Hill may host additional metal opportunities alongside silver.

Understanding Gram x Metres and Why Investors Watch It

Exploration updates often include the term gram x metres, sometimes written as g x m. This is a simple but useful way to compare drill results by combining grade and width into one number, calculated as:

grade (g/t) × interval width (m)

A higher number can reflect either better grade, more width, or a combination of both. It is not a substitute for resource estimation, but it helps investors compare drill intersections quickly.

How Do the Latest Elizabeth Hill Results Compare?

The two strongest examples from this update show different exploration value. 26WCDD029 is a narrow but very high-grade deep silver result, while 26WCRC020 is a much broader shallow result with lower grade. That distinction matters because high-grade deep zones may support underground mining potential, whereas broader shallow zones may support open-pit style scenarios if later economic work is favourable.

Why Does Elizabeth Hill Continue to Attract Attention?

The Elizabeth Hill project has an unusual historical background for an Australian silver asset. According to West Coast Silver, the deposit previously produced 1.2 million ounces of silver from just 16,830 tonnes of ore at a head grade of 2,194g/t Ag.

Mining ceased in 2000, which the company said was due to the silver price environment at the time, around US$5/oz, rather than resource depletion. While historical production does not guarantee a future outcome, it provides evidence that high-grade silver was mined successfully from the project.

The latest drilling adds to that context in several ways:

• North: RC drilling has pushed mineralisation beyond the current MRE
• West: Silver has been reported in altered granite outside the previously modelled footprint
• Depth: A separate high-grade trend has now been confirmed beneath the workings
• Other metals: Nickel, copper, and palladium have been identified in ultramafic rocks at depth

In addition, the project sits on a granted mining lease and is covered by a broader 180km² tenement package over a significant section of the Munni Munni Fault System. West Coast Silver has also noted that an MOU with Artemis Resources Ltd is in place to evaluate the Radio Hill processing facility as a potential treatment option for Elizabeth Hill material.

What Does the Company Plan Next?

In the update, West Coast Silver outlined several next steps that could provide news flow through the second half of 2026.

Near-Term Activity Pipeline

The MRE update is likely to be the most closely watched catalyst because the RC campaign appears to have added mineralisation outside the current resource boundary. At the same time, follow-up drilling at depth will be important in determining whether the new silver zone becomes a material addition to the overall inventory.

Investor Takeaway

West Coast Silver's latest Elizabeth Hill update indicates that the silver system may be larger than previously modelled, with both new high-grade mineralisation at depth and broader near-surface mineralisation outside the maiden MRE. The strongest deep result, 3m @ 524g/t Ag, supports the case for a separate mineralised trend beneath the old workings, while shallow RC results such as 44m @ 26g/t Ag from surface point to possible resource growth in the next update.

For investors following ASX silver stocks, the near-term focus is likely to remain on three questions. Can follow-up drilling define the new deep zone more clearly? How much of the shallow extension drilling converts into the next MRE? And will ongoing studies start to frame a practical development pathway for Elizabeth Hill?

Those questions are unlikely to be answered in a single announcement. However, according to West Coast Silver's current timetable, they should become clearer through July and August 2026 assay releases and the planned Q4 2026 MRE update.

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