West Coast Silver (ASX: WCE) Lifts Elizabeth Hill Resource 20%

West Coast Silver has increased the contained silver resource at its Elizabeth Hill project in Western Australia by 20.3%, while moving most of the inventory into the higher-confidence Indicated category ahead of scoping-level development studies.

The updated JORC 2012 Mineral Resource totals 234,700 tonnes at 446 grams per tonne silver for 3.36 million ounces, using a 20 grams per tonne reporting cut-off. That compares with 2.80 million ounces in April 2026, an increase of about 568,000 ounces.

The more consequential change for development evaluation is resource confidence. Indicated material now contains 2.59 million ounces, or 77% of the total, up from 369,000 ounces and 13% in April. The remaining 776,000 ounces are classified as Inferred, while no Measured Resource or Ore Reserve has been reported.

More tonnes, but a lower average grade

Resource tonnage increased 66.5% to 234,700 tonnes, but the average grade fell 27.7% from 617 grams per tonne to 446 grams per tonne. West Coast Silver attributed the decline to the inclusion of lower-grade mineralisation under a revised geological interpretation, rather than deterioration in the previously modelled high-grade core.

Most of the added tonnes grade between 20 and 30 grams per tonne and contribute only about 76,000 ounces. At a sensitivity cut-off of 60 grams per tonne, the same block model contains 74,700 tonnes at 1,333 grams per tonne for 3.20 million ounces — about 95% of the reported silver in less than one-third of the tonnage. That sensitivity is not an economic mining cut-off or a separate resource.

The update incorporated 46 additional drill holes and almost 4,000 new silver assays, alongside revised modelling and historical underground information. The resource is constrained by a conceptual open-pit shell and depleted for historical workings, but it does not establish economic viability, a mine plan or a production schedule.

Ownership and next studies

The 3.36-million-ounce estimate is reported on a 100% project basis. West Coast Silver holds 70% of the Elizabeth Hill mining lease, with Alien Metals retaining 30%, meaning West Coast Silver’s attributable interest is 70% of the reported metal. West Coast Silver is responsible for funding joint-venture expenditure until a decision to mine.

Drilling has started at the north-west extension and Elizabeth Hill Deeps. The north-west area is included as Inferred material, while Deeps remains unclassified and is excluded from the resource.

Metallurgical, geotechnical and engineering work is also underway. West Coast Silver is targeting another resource update in March 2027, ahead of its maiden Elizabeth Hill Scoping Study. The study is intended to provide the first assessment of potential project economics and development options.