Osiris One Metals to Acquire 80% Interest in "Western Range" Silver Copper Project in Western Australia
Rhea-AI Summary
Osiris One Metals (IONGF) agreed on 30 May 2026 to acquire an 80% interest in the Western Range Silver Copper Project in Western Australia from Standard American Metals. The project covers three tenements over more than 19,000 hectares in a proven mining region near the Abra Mine.
Western Range includes multiple historical targets first outlined by BHP and Rio Tinto in the 1990s and supported by extensive geophysical data. Upon closing, Osiris will assume operational control and access the historical exploration database to prioritize verification, ranking and drill planning.
AI-generated analysis. Not financial advice.
Positive
- Agreement to acquire 80% interest in Western Range Silver Copper Project
- Exposure to three tenements covering more than 19,000 hectares
- Project located in established mining district near Abra Mine
- Access to extensive historical geophysical data from prior BHP and Rio Tinto work
- Defined pipeline of named exploration targets for future drilling
Negative
- None.
Vancouver, British Columbia--(Newsfile Corp. - June 1, 2026) - Osiris One Metals Ltd (TSXV: OSM) (FSE: JI8) ("Osiris" or the "Company") is pleased to announce that it has entered into an agreement dated 30 May 2026 with Standard American Metals LLC to acquire an
Western Range comprises three tenements covering more than 19,000 hectares north of Meekatharra in Western Australia. The Project is located in a proven mining region near the Abra Mine, one of Australia's major silver lead operations. Abra reported December 2025 quarter production of 253,000 ounces of silver and 19,756 tonnes of lead, highlighting the scale of mineral systems present in the district. Western Range gives Osiris exposure to a large, underexplored land package with multiple historical targets generated by both BHP and Rio Tinto in the 1990s.
Western Range was originally targetted by BHP and Rio Tinto during 1990s exploration and benefits from a large historical dataset covering magnetics, gravity and electromagnetic surveys. Despite this major company groundwork, several named targets, including Edge 12A, BGA005 and Collie 42, remain largely untested, as both companies shifted away from exploration work in Australia. Giving Osiris a ready made pipeline of priority targets, with the opportunity to apply modern review, verification and drilling to work that was never fully followed up.
Upon Closing, Osiris will assume operational control of the Project and gain access to the associated historical exploration database, positioning the Company to rapidly undertake data review, field verification, target ranking and drill planning.
Sreenath Didugu, CEO of Osiris One Metals, commented:
"Western Range provides Osiris with a defined pipeline of priority exploration targets, supported by historical geophysical work and limited modern follow up.
"With clear avenues for value creation, several defined and underexplored targets, and a significant geological record in a well understood mining region, the Western Range acquisition builds on the corporate restructuring conducted by management and marks Osiris entrance into its next phase of growth.
"We are excited to advance this project, starting with modern verification of historic targets and moving toward a concise confirmation program."
About Western Range and the Region
The Western Range Silver Copper Project consists of three tenements for a total of over 19,000 hectares located in the Capricorn Orogen, north of the mining town of Meekatharra in Western Australia, and benefits from the infrastructure of neighbouring operations and labour availability of surrounding towns.
Historical exploration in region began in the 1970s, when Amoco initiated base metal exploration across the broader district, mainly targeting exposed prospective units of the Edmund Subgroup. The Abra deposit, which is partially contiguous with the Project area, was not tested until 1981, when Geopeko drilled a single diamond drill hole (AB3) into the deep magnetic target. Intersecting a sequence of stratabound chlorite hematite magnetite barite altered rocks, mineralisation included 27m averaging
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This work helped confirm that the Capricorn Orogen and Bangemall Basin could host substantial concealed base metal systems and provided the geological context for later target generation across nearby tenements.
Western Range sits along the same structures as the Abra deposit, with Abra South being contiguous with the Abra site. In the December 2025 quarter, Abra reported 32,415 tonnes of concentrate produced at grades of 242.8 g/t silver and
The Company aims to benefit from the existing infrastructure of the Abra mine and is positioned to move toward advanced exploration following confirmation of the existing targets and expansion drilling.
Identified by BHP and Rio Tinto in the 1990s, Western Range targets were left underexplored due to corporate shifts by BHP and Rio. Targets include several bullseye magnetic anomalies located on major northerly trending structures and regional gravity gradients, presenting analogously to the Abra Deposit and the Teano River. Only one of these targets was drilled to 160 meters, short of the target depth of 175 to 215 meters, due to high water flows. BHP did not revisit the drillhole as this coincided with their shift away from Australian exploration.
Western Range is a prime candidate for a concise program of confirmatory geophysics followed by a targeted drilling program, focusing on these anomalies and expansion potential.
Transaction Summary
Pursuant to the Transaction agreement, the total consideration consisted of US
The Consideration Shares will be issued subject to a statutory four month hold period under applicable Canadian securities laws and will also be subject to additional voluntary resale restrictions such that 1/3 of the Consideration Shares may not be transferred or resold until 4 months after the Closing date, 1/3 may not be transferred or resold until 8 months after the Closing date, and 1/3 may not be transferred or resold until 12 months after the Closing date. The Transaction was an arm's length transaction. No finder's fees were paid in connection with the Transaction.
About Osiris One Metals Ltd.
Osiris One Metals Ltd. (TSXV: OSM) is building exposure to strategic and critical minerals as a precious and base metals explorer focused on constructing a portfolio of high growth assets. The Company aims to acquire and develop projects with strong geological fundamentals, clear catalysts, and the potential to create significant value.
On behalf of the Board
Sreenath Didugu
CEO
sdidugu@qcap.com.au
Forward looking Statements
This news release contains "forward looking information" within the meaning of applicable Canadian securities laws. Often, but not always, forward looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking information in this news release includes statements related to: the completion of the Transaction (including receipt of TSX Venture Exchange ("TSXV") acceptance); the timing and payment of consideration; and the Company's anticipated plans for compilation, verification and confirmation work programmes in respect of the Project. Forward looking information is based on management's reasonable assumptions, estimates, expectations and opinions as of the date of this news release. A variety of factors, including known and unknown risks, many of which are beyond the Company's control, could cause actual results to differ materially from the forward looking information in this news release. These include meeting the conditions to close the Transaction, receipt of TSXV acceptance, the availability and reliability of historical records, the ability to verify historical information, the results of any future exploration and confirmation programmes (which cannot be guaranteed), availability of capital and labour, changes in laws or permitting requirements, and such other factors as may impact the Transaction and any future activities in respect of the Project. Additional risk factors can also be found in the Company's public filings under the Company's SEDAR+ profile at www.sedarplus.ca. Forward looking statements contained herein are made as of the date of this news release and the Company undertakes no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. Accordingly, readers should not place undue reliance on forward looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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