The company received results from 81 holes in the program – which will include around 310 holes overall – revealing a solid and coherent geochemical anomalism which indicate continuation of Achilles mineralisation for at least 1.2 kilometres south of what has been defined.

Two trends have been picked up through this work at AGC’s South Cobar project, with the first involving silver-gold-lead-zinc-copper-antimony-arsenic-bismuth pathfinders which push the Achilles trend to the south by the above measure (Achilles Trend), and an anomalous copper-bismuth coincident with a large magnetic high (Western Trend).

AGC intends to follow up the aircore drilling (from which 280 holes have been completed to date, with 199 holes pending data) with reverse circulation drilling. This will concentrate on deeper extensions to the main Achilles deposit.

Managing Director Glen Diemar said the results would guide AGC’s expectations looking ahead.

“Our growth plans are well underway with the first assay results received from the Achilles aircore program indicating the mineralisation footprint extends for at least another 1.2km southward,” he said.

“This is a great result as it demonstrates the potential for real scale for near term growth.

“Infill drilling is underway on this trend and we certainly look forward to further results to assist with targeting leading into the next round of RC drilling.”

AGC shares traded higher after the news, and at 13:44 AEST, they were at 14.5 cents – a rise of 3.57% since the market opened.

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Only one part of the wider South Cobar project, the deposit now contains a pit-constrained mineral resource estimate of 3.56 million tonnes at 0.59% copper, 0.63 grams per tonne gold, 33g/t silver, 0.64% lead and 0.70% zin or 1.82% copper equivalent.

From this, Peel will yield approximately 21.1,000t Cu, 72.5,000 ounces Au, 3.77Moz Ag, 22.9,000t Pb, and 24.9,000t zinc.

Alongside that is an updated MRE for Southern Nights – another polymetallic deposit being investigated for underground mining potential.

This now contains 9.99Mt at 0.35% Cu, 0.41 g/t Au, 52 g/t Ag, 1.19% Pb, and 2.78% Zn.

Peel developed the MRE upgrade for its open pit at Wagga Tank from a new block model at $A40/t and $60/t net smelter return cut-offs within an optimal pit shell.

Meanwhile, the underground component is based on the January 2023 mineable shape constrained Southern Nights-Wagga Tank MRE at A$80/t NSR cut-off depleted by the new Wagga Tank pit shell with no other changes to the resource model or optimal stopes.

Technical director Rob Tyson said the achievement of this MRE upgrade was an important milestone for Peel – it should now enable the company to begin open pit operations outside of what had already been planned for South Cobar, based on its other deposits, Mallee Bull and Wirlong.

“Delineating a pit-constrained resource at Wagga Tank is a great outcome… with approximately 21,100 tonnes copper, 72,500 ounces gold, and 3.77 million ounces silver as well as significant lead and zinc defined within open pittable depths,” he said.

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He added: “Importantly, the open pit resource has [the] potential to transform Peel’s future mine plans, offering a lower capital development cost than the pre-feasibility study work which assumes Mallee Bull and Wirlong are developed as underground mines supplying ore to a new milling complex.”

Peel shares were trading at 7.7 cents at lunch today; a 6.94% rise.

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The prospect was discovered in late 2019 and is connected to a multi-element (gold-copper-zinc-nickel) east-west trending geochemical anomaly.

Its extension was confirmed as part of Empire’s 15-hole, 1,236-metre reverse circulation drilling program from January, from which all assays have now been received.

Among other achievements of the program were intersections of high-grade copper at another prospect, YT12, which included six metres at 8,821 parts per million copper and 0.26 grams per tonne gold from 82 metres, including one metre at 3.69% copper and 0.77g/t Au from 83 metres.

The drilling sought to test mineralisation in five different copper-gold target areas across the project, which is located 470 kilometres northeast of Perth.

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Other results – from three different holes – included 16 metres at 4,140ppm Cu and 0.11g/t Au from 96 metres; 12 metres at 4,549ppm Cu from 76 metres; and 12 metres at 4,633ppm Cu & 0.10 g/t Au from 32 metres.

Empire followed this work up with more RC drilling in March; results are pending.

ERL shares have been trading at 0.3 cents this morning.

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The drilling – which has focused on three holes – pulled up results such as 26.8 metres (m) at 2.0% copper (Cu), 0.8 grams per tonne (g/t) gold (Au), 78.3g/t silver (Ag), 5.3% lead (Pb), 3.9% zinc (Zn) – for 7.4% copper equivalent, or CuEq from 90.7m.

This was in one drilled hole and included 5.0m at 3.2% Cu, 1.2g/t Au, 141.8g/t Ag, 9.8% Pb, and 4.4% Zn (11.3% CuEq) from 110.0m.

Medallion has also found that the ore at Trilogy – which is located nine kilometres south of the Kundip Mining Centre – can be processed through flotation; metallurgical test work will now be run on one sample from the drilling to assess whether Trilogy can be commercialised at the Forrestania flotation plant, or through direct shipping of higher-grade sections of the deposit.

The data suggests this ore could be a complementary feed source for the flotation plant, pending completion of the IGO transaction.

Managing director Paul Bennett said this week’s drilling results indicated Trilogy could become a valuable growth option for the company.

“These assay results confirm the presence of broad, high-grade and potentially high-value mineralisation within the fresh component of the deposit, the domain best suited for treatment at Forrestania,” he said.

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“Subject to demonstrating good recoveries and commercial pathways, Trilogy could provide a meaningful addition to the production profile and enhance the returns of the Sulphide Production Strategy.”

Medallion has been trading at 19 cents.

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The team hopes to soon reward investors with a copper, silver, and zinc discovery – but it’s been a long road to get to this point…

When father and son team Michael and Matthew Pustahya headed out into the vast untamed lands of the Northern Territory desert, they knew fortune would favour the bold.

Bold they were – foreseeing the demand that would come for high-purity quartz, in line with the solar panel and renewable energy market boom.

Michael was a keen prospector, and Matt had not long left school when they set out from New South Wales. Their mission: To discover the next great mineral deposit and redefine how junior explorers could operate.

For more than 15 years, armed with picks, spades, drills, ‘and an unrelenting drive for success,’ Matt and Michael Pustahya traversed the most remote and rugged corners of the Northern Territory and Queensland.

Matt recalls it was hard work, with rewards along the way.

“When you’re in the heart of Australia, you’re standing on top of a granite outcrop which might be hundreds of metres high and sometimes kilometres long, and you’re looking out over the valleys there’s an indescribable sense of peace. It’s beautiful, outback Australia beautiful,” he told HotCopper.

Sometimes the pair would camp out, but often they’d stay in the pubs of outback towns, getting to know the characters and industry leaders over a beer or two.

As Matt and Michael prospected, they were embedding themselves in the industry, forging relationships with high-profile executives with experience in how to turn a discovery into a mine.

They were building an enviable network of bush-hardened drillers, earthmovers, and geologists.

“We didn’t have much when we started,” Matt said.

“We battled and made our own path – funding our mineral prospecting by share trading.

“Doing that, I became more and more frustrated with the state of junior resource companies, seeing too many explorers chasing pay cheques instead of discoveries, comfortable with diluting shareholder value, all the while delivering little in return.

“This made me determined that I would do things differently.

“I knew that when I built a company, it would be in the spirit of the great mineral explorers of the 1980s – I would run a lean, hungry and driven team that put discovery ahead of everything else.”

In the early 2000s, the Pustahyas acquired oil shale and vanadium tenements at Julia Creek, facilitating a successful exit that provided the capital to advance their ventures. These funds laid the foundation for the unlisted company Nova Strategic Minerals, which later transitioned into the privately held Mt Isa Minerals, of which Matt and Michael continue to be key shareholders.

But the work also set the path for the foundations for what is now Litchfield Minerals (ASX:LMS).

“Dad picked up Mount Doreen in 2017 – 350km northwest of Alice Springs – because historical data showed us it was worth pegging, and, because of its geological location,” Matt said.

“Copper was the focus, along with lead, zinc and gold.

“It sits on the contact of the Ngalia basin, and numerous granites and volcanics which is a good sign for these polymetallic mineral deposits.”

Other companies had already shown interest in the region, including Tanami Gold (ASX:TAM) and Normandy Mining (which was acquired by Newmont (ASX:NEM) in 2002).

In March 2024, Litchfield Minerals made its ASX debut.

While Michael Pustahya has now retired, he continues to watch the progress of investments closely, with son Matt at the helm.

His Mt Doreen project is now firmly in Litchfield Mineral’s portfolio.

So is the Lucy Creek Project – an early-stage manganese, rare earths, and base metals project further east.

But the focus now is Oonagalabi, just 120km east of Alice Springs, which was picked up late last year. That’s where chargeability results have been “extraordinary”.

Matthew Pustahya is confident Litchfield Minerals could soon unveil its true potential for a commercial discovery of silver, copper, gold, and zinc.

Matt knew of the Oonagalabi deposit for years, recognising it aligned with his vision and philosophy. However, it had been lost to the Northern Territory’s long history of tenement sitting.

When the opportunity arose to acquire it, he acted swiftly to secure it under a $200,000 deal.

The most recent Induced Polarisation (IP) survey at Oonagalabi revealed two large, high-chargeability sulphide-bearing targets extending over 1km in strike length and more than 500m in depth, with a potential high-grade core. The results showed chargeability levels exceeding 40mV/V, with some zones peaking at 60mV/V – “suggesting the presence of a substantial mineralised system”.

Now, Matthew and the team at Litchfield are on-site about to embark on the next step – the RC drilling phase. There’ll be six holes sunk at Oonagalabi this month.

The best hole in historical drilling at Oonagalabi intersected 36 metres grading 1% copper and 1.7% zinc. Gold was also assayed in this hole, averaging 1g/t across three mineralised 1.5-metre composites.

Between 1970 and 1981, 21 holes were drilled across 1.5km of mineralised outcrop, all of which encountered varying degrees of mineralisation.

But before now, Oonagalabi hadn’t had modern exploration techniques applied.

“While historical Oonagalabi had proven too complex for previous explorers, by applying modern geophysics and a disciplined approach, Litchfield could unlock value without excessive expenditure,” Matt said.

Good geology is one thing, good people is another.

Matthew Pustahya recognises success in the mining industry requires the right people – and so he set out to find the best in the business.

He appointed Peter Eaglen as Non-Executive Chair, an industry veteran with extensive experience at major mining companies, culminating in his role as General Manager of Operational Risk at Rio Tinto. Additionally, globally renowned resources geologist Mark Noppe joined the Board. Matt describes Noppe as “one of the most respected geologists in the world.”

“With these heavyweights on board, I knew the foundations of Litchfield Minerals were set,” Matthew Pustahya said.

“But there was still one missing piece – a full-time staff geologist, someone who could match my pace and passion for discovery. They had to be relentless.

“The right person is Russell Dow, a man whose pedigree in the industry is undeniable.

“Russell is the son of a former Newmont Chair, but he’s also built a name for himself, playing a pivotal role in the NYSE-listed Fortuna Mining Corp’s Lindero Gold Discovery in Argentina.

“He isn’t just another geologist. He’s an explorer in the truest sense, willing to push the limits to find what others miss.

“I knew he was the right fit for Litchfield Minerals.”

To facilitate the upcoming drilling campaign, Litchfield has secured a drill-for-equity partnership with Bullion Drilling.

“That’ll see up to 2,000m of RC drilling while preserving cash flow for further exploration,” he said.

“This drill is not just about proving the potential of the project, it’s about proving the concept of Litchfield Minerals itself, our values, our mission and our mandate.”

“In an industry where many play it safe, Litchfield Minerals is doing what the greats of the past did: We’re betting on and trusting experienced instincts as we chase the kind of discoveries that change the game,” Matthew Pustahya said.

“Litchfield Minerals operates with a simple but effective strategy – fail fast or succeed quickly.

“In mineral exploration, time is money, and the company refuses to sink years into projects that show little promise.

“Instead, Litchfield has built a dynamic exploration pipeline, ensuring a steady flow of projects where each target is rapidly assessed and either advanced or discarded. This agile approach maximises efficiency, conserving capital while focusing resources on the most prospective opportunities.

“Around camp this week there is a mix of excitement and anxiety, as we know the next steps will be defining for the company.

“The story of Litchfield Minerals is unfolding and we’re confident this next chapter will be one to watch.”

Pustahya is building a robust pipeline of exploration projects as Litchfield prioritises a mix of brownfield and greenfield targets, leveraging existing geological data to fast-track exploration.

“This method of targeting de-risked assets allows the company to move faster and smarter than its competitors,” he said.

“Litchfield’s approach is not just about drilling – it’s about monetisation.

“The company understands that true success comes from turning discoveries into shareholder value. To this end, it’s mapped out multiple monetisation pathways, from asset sales and farm-ins to spin-outs and potential production partnerships.

“By positioning itself as a nimble, transaction-driven explorer, Litchfield ensures that every dollar spent on exploration has a clear path to delivering returns.”

In a capital-constrained market, Litchfield Minerals’ leadership is determined to minimise its reliance on external funding.

Whether through partnerships with major mining houses, or strategic agreements with cash-rich juniors, Litchfield is actively seeking ways to fund its work without excessive shareholder dilution.

“We don’t want to rely on brokers or the market long term, we will rely on ourselves for success, and, to do that, we need a revenue-generating asset,” he said.

“We’re determined to ensure we have a near-term revenue-generating asset that can self-fund exploration without constant dilution.

“That will be key.

“I enjoy the commercial aspect of what I do, the dealmaking.

“But I’m lucky because I also enjoy being out in the bush, amongst the hills and where perhaps just a few people have been before.

“Having said that, I don’t lose sight – for even a moment – that we need to deliver, and I will do everything I possibly can to make sure that we do.”

Litchfield Minerals was trading around 20.5c on March 18, 2025.

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This was taken from an open pit mineral resource estimate of 0.65Moz Au, 24.3Moz Ag, 147,000 tonnes of zinc, 33,000t of lead, and 20,000t of copper.

The result, which represents significant growth in the resource base, was shaped around changing prices in commodities and precious metals. More extensive geological modelling which looked at the nature of polymetallic mineralisation across all project deposits has also played something of a role.

Given gold and silver are the most common metals found in the deposits, they have been deemed as the best metals for equivalent calculations, with a gold price of A$3,600 per ounce and a silver price of A$43/oz being used.

Legacy has derived its MRE from four deposits: A gold rich deposit at Mt Carrington of 14.5 Mt at 1.2g/t AuEq for 560,000oz AuEq, a silver rich deposit at the same – of 5.1Mt at 106g/t AgEq for 17Moz AgEq, the Red Rock deposit (which holds 8.61Mt at 0.84g/t AuEq for 232koz AuEq), and White Rock (6.62Mt at 92g/t AgEq for 18Moz AgEq).

The company now looks to build on this, noting the deposits are all open along strike and at depth, and have near-surface targets and high-grade drill hits at depth which are close to the resource base, but yet to be delineated.

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CEO and managing director Christopher Byrne said all the parameters were in place for this update to the Drake resource. “With gold and silver prices at all-time highs, it’s a fantastic time to release a substantially increased mineral resource estimate (MRE) at our Drake Project,” he said.

“The updated MRE highlights the impressive mineral endowment of the large-scale system at the Drake Project. The new MRE has increased contained gold equivalent metal to 0.8Moz gold-equivalent and 35Moz silver-equivalent – reflecting open pit resources totalling 34Mt.”

LGM last sold at around 17cps, up 13% through Thursday’s lunchtime trade.

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These results, together with additional high-grade mineralisation, suggest the presence of a feeder zone, the company said in a positive release today.

Underground drilling at La Caseta – part of San Jose’s Central Zone – in 2024’s fourth quarter picked up other high-grade assays: 14.30 metres at 8.09% Zn, 1.28% Pb in one; 15.25 metres at 6.10% Zn, 0.46% Pb in another.

This work was to infill high-grade mineralisation close to zones connected to measured and indicated resources, pin down a feeder system for San Jose, and eventually delineate an exploration target for further work.

All have been achieved; managing director and CEO Stewart Dickson said this boded well for San Jose’s restart, as well as the Novales-Udias project broadly.

“In recent times we have drilled some excellent holes at the San Jose Mine. On a grade-thickness basis, drillhole NDDT059 (15.3m @ 17.42% Zn, 4.40%Pb) is the best yet!” Mr Dickson wrote excitedly on Tuesday.

“This is very exciting. Firstly, it infills an area adjacent to defined measured and indicated mineral resources in the centre of the San Jose Mine which will be important for future MRE updates.

“These great drilling results also provide more strong comfort about the outlook for the re-start of mining at San Jose. The La Caseta area of the Central Zone is expected to be a key part of the early stage mining areas.”

Variscan shares were last trading at 0.8 cents per share at 2.18pm today.

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Tala Hamza is being progressed through a joint venture in which Terramin has a 49% investment, alongside two Algerian government-owned companies – Enterprise Nationale des Produits Miniers Non-Ferreux et des Substances Utiles Spa (ENOF) and Office National de Recherche Géologique et Minière (ORGM) – which have a combined 51% stake.

Located close to the city of Béjaia, which has extensive infrastructure, including an airport and deep-water port, it’s expected to have a mine life of 20 years.

On top of that, the mine is being tipped to make significant contributions to the global zinc market, from a resource of 53 million tonnes (Mt) at 5.3% zinc and 1.3% lead at a cutoff grade of 2.5% zinc equivalent.

Early drilling work at Tala Hamza will focus on geotechnical considerations. Drill equipment will be delivered to the site in November, and administration facilities will be constructed the following month.

Also in November, Terramin announced the awarding of a US$336 million EPC (engineering, procurement and construction) contract to Sinosteel Equipment & Engineering Co Ltd, for the development of a 2mtpa process plant, underground mine, and associated infrastructure at the project.

The next stages of work at the project will include expansion of drilling operations and more intensive resource evaluation, completion of infrastructure enhancements, and continued liaison with Algerian partners – including within the local community – to help advance the project.

Terramin has been trading at 8 cents.

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The Queensland project – where QMines is looking for several volcanic-associated massive sulphide (VMS) copper-zinc deposits in the Rookwood Volcanics – had already been defined through a maiden mineral resource estimate (MRE) in 2023.

The estimates were set at 3.2 million tonnes (Mt) at 1.05% copper (Cu), 1.22% zinc (Zn), 0.17g/t gold (Au), and 5.9g/t silver (Ag).

Of this early info, 53% was categorised as inferred and 47% as indicated.

The drilling at Develin Creek was then completed in December 2024 and included 43 drill holes for 5,064 metres.

In one hole – mentioned above – this picked up 114 metres at 1.64% Cu, 0.86% Zn, 0.3g/t Au and 13g/t Ag from 11 metres, including 23 metres at 4.04% Cu, 1.12% Zn, 0.61g/t Au and 26.1g/t Ag from 55m, and 13 metres at 3.15% Cu, 1.37% Zn, 0.52g/t Au and 20g/t Ag from 94 metres.

This was one of two holes drilled down dip designed to assess the ore body’s continuity, dip and consistency for future open pit mining operations.

QMines shares were lower after the news, and at 14:41 AEDT, they were trading at 4.9 cents – a drop of 10.91% since the market opened.

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The company reviewed previous diamond drilling at the deposit – which is part of Renegade’s larger Yukon base metals project – finding intercepts such as 45.9 metres at 43.5 grams per tonne (g/t) Ge, 12.5g/t Ga, 9.4% Zn in one hole; and 4.5 metres at 48.0g/t Ge, 15.8g/t Ga, 6.4% Zn, 22.6% Pb, 56.8g/t Ag in another.

The percentage of gallium went up to 28.6g/t in another intercept.

Alongside this, flotation metallurgical testing has shown recoveries of 71.3% Ge – yielding a concentrate of 150g/t – is possible for ore from this deposit.

Renegade is now turning to potential re-analysis of past drill samples, looking particularly for these two critical defence metals.

Chairman Robert Kirtlan said that finding germanium and gallium at Andrew was a significant event for the deposit, adding that previous exploration methods could have underestimated the amounts of germanium there.

“These defence metals, particularly Germanium, are rare, very expensive and are some of the most important and sought after of the advanced electronic materials,” he said.

“During the last phases… at the Andrew deposit, an Aqua Regia analysis method was used.

“This method is very good at determining the Zn-Pb-Ag concentrations but unfortunately it has the potential to vastly underestimate the germanium grade. At the time of analysis, germanium was not the critical defence metal that it is now. As such, it was not an exploration focus.”

Renegade shares last traded at 0.02c after a 40% gain.

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The company entered a binding agreement to take on the Prophet River project from Broadstone Resources Corporation, with a consideration which includes CAD$130,000, the issuing of 133,333,334 Rapid shares, and 40M options with an exercise price of 1.5 cps and an expiry of three years from issue date.

The cash offering is to be within 15 days of the proposed transaction’s completion.

Prophet River comprises 21 square kilometres of territory, including the historic Cay mine.

Previous exploration at the play – cited above – included 21 drilled holes with bulk sampling taken from two zones.

These bulk samples included some of the highest germanium values globally recorded, highlighting the significance of this asset, and with China banning the export of this and gallium – also a key critical mineral – the importance of securing such resources for use in the technology sector, semi-conductors, fibre-optics, solar cells, magnets, batteries, andLEDs have been underlined.

Managing director Martin Holland said Prophet River was a desirable asset to have in Rapid’s portfolio.

“The Rapid Lithium Board sees this acquisition as very timely given China’s recent announcement that it is banning exports of gallium, germanium, and antimony to the U.S.,” he said.

“China’s dominant position in the global supply of these minerals, accounting for 98.8% ofrefined gallium and 59.2% of refined germanium production, means that sources outsideChina will be in high demand.

“The location of the assets is also complementary to Rapid’s U.S. lithium assets as thethe company seeks to become a key supplier of critical minerals in the future.”

Rapid shares have risen following the news, and at 11:51 AEDT, they were trading at 0.6 cents – a rise of 20% since the market opened.

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This produced readings of up to 2,794 parts per million (ppm) in total rare earth oxides (TREO) in the first target area. All up, 76 readings were taken.

This target centres on the Wallumbulla Formation, where white to light grey, fine-grained sediments have been identified as prospective for REE mineralisation. This view was vindicated by the exploration program, which showed that of 67 samples, 14 held over 100 ppm TREO.

A second target focuses instead on base metal potential around the also fine-grained iron rich sediments of the project’s underlying Ronlow Beds. Five rock samples were taken from the site, revealing the presence of zinc (Zn), cobalt (Co), barium (Ba), iron (Fe), manganese (Mn), and neodymium (Nd).

For each commodity, the readings showed 424ppm to 1,000ppm Zn, 264ppm and 1,112ppm Co, 177ppm to 713ppm Ba, 39.01% to 49.57% Fe, 76ppm to 1,624ppm Mn, and 263ppm Nd.

ActivEx managing director Mark Derriman said the results showed potential for both REEs and base metals along a considerable strike length at Aranac.

“The REE analysis of 2,794ppm from only a handful of samples is very encouraging along with the two-to-three metre thickness of the host clayey sediments,” he said.

“The adjacent outcropping limonite-stained metasediments with Co to 1,112ppm and Zn to 1,000ppm are of interest in that they may be the surface expression of sulphide mineralisation at depth.

“The high iron content indicates drone/airborne magnetics could be a very useful exploration tool.”

ActivEx shares shifted upwards on the news, and by 13:23 AEDT, they were trading at 1.6 cents – a rise of 23.08% since the market opened.

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One part of the Facility included the issuing of $2,500,000 options, priced at $1.00 each.

With the papers signed, Polymetals can now access the funds and meet its own redevelopment capital requirements to recommence mining from Endeavor, with firstcashflow on track for the first half of 2025.

Executive chairman Dave Sproule said that confirmation of funding was an important milestone in achievement of a restart for Endeavour – which is located in NSW’s Cobar Basin.

“The Company continues to meet its stated objectives on time, with its senior management in place focussed on the re-development work required to bring Endeavor back online,” he said.

“We are very much looking forward to generating first concentrates and cash flow during H1 2025.”

Polymetals has been trading at 69 cents.

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A previously reported core drill hole (BHD006) yielded an intercept of 12 metres at 219 grams per tonne (g/t) of silver (Ag) and 11.6% lead and zinc (Pb+Zn) from 250 metres, with an additional sweet spot of 5 metres at 479 g/t Ag and 25.9% Pb + Zn.

What’s interesting about this intercept is its location – more than 150 metres below the deepest extent of the Endowment Mine. Additionally, the silver intercepts include an important feature: being associated with high-grade lead-zinc-gold.

This indicates the potential for exceptionally high-grade polymetallic-silver ore.

Sierra Nevada is expected to run the RC drilling program over two to three weeks and will then release assay results. It’s refining of drill targets for this program has been enabled by a recent LiDAR survey of the Endowment Mine’s accessible underground workings.

Executive chairman Peter Moore said the company had spent much time preparing for this exploration work.

“We are excited to have the drill program underway at Blackhawk to test the most prospective silver targets and given we have spent considerable time and planning in refining these targets, we’re very keen to see what it returns,” he said.

“Previous drilling at the Endowment Mine has delivered high-grade results up to 1270g/t silver.

“With more than 20km of veins identified to date, we are working to test the mostprospective areas first.”

Sierra Nevada Gold has been trading at 5.2 cents.

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Last week, BM8 announced it had raised A$1 million to progress exploration at its Bleiberg zinc-germanium project in Austria, with this coming shortly after the company announced fieldwork at the site to happen later in October, chasing up 6 kilometres worth of drill targets, and guided by more than 100 years of historical data.

The latter gives investors some insight into the value of the Bleiberg asset: comprising 116 claims stretched across 65.8 square kilometres, the landholding includes the historic Bleiberg zinc-lead-germanium mine, which was ranked the world’s sixth largest producer of the latter metal before its closure in 1993.

The whole Bleiberg region is recognised as a historic lead and zinc district, with mining activity starting there in the 14th century. But germanium is also found there in world-beating grades, in addition to gallium recorded at between 90 and 110 grams per tonne.

The maiden fieldwork program at Bleiberg will see BM8 chief executive officer Nigel Broomham join chief geological advisor Dr Simon Dorling to undertake reconnaissance geological traverses to support mapping efforts at the project, as well as collecting surface samples, conducting assessment of scale, and establishing drilling targets.

Mr Broomham – who spent six years in senior geologist and superintendent roles at Pilbara Minerals Ltd (ASX:PLS) leading the team from Exploration through to Production – joined BM8 before its re-listing to the ASX last year, and said the decision had been guided by both its assets and team.

“It’s pretty similar to my investment strategy as well, (BM8) has a capable board, very strong register, and some really exciting projects which I felt had a huge amount of potential,” he said.

“That’s our lead-zinc-germanium project in Bleiberg Austria – where we have the best exposure to the strategic metals of germanium and gallium on the ASX – and also our lithium asset in Ontario Canada, Falcon Lake.

“It became apparent to me that after 6 years at Pilbara Minerals, playing a part in the success story there at Pilgangoora, that I wanted to get out and find the next one, and I saw Battery Age as the perfect opportunity.”

BM8’s Falcon Lake lithium project in Canada has been progressing side-by-side with Bleiberg throughout 2024, pulling up impressive results from a summer exploration program which kicked off in July.

This included intercepts of 28.25 metres at 1.30% Li2O (lithium oxide) and 18.40 metres at 1.88% Li2O – both reported in September based on a seven-hole program of drilling, in with significant mineralisation found in six of these.

With a prospective corridor of 5 kilometres in focus, this drilling was able to expand the mineralised zone – particularly at the Falcon Little Lake target, where a 40 metre thick pegmatite was intersected.

This boosted expectations and built on previous exploration carried out in 2023 at the project – which is located in a strong mining jurisdiction in Ontario.

Mr Broomham said being able to play a role in emerging critical minerals stories here and in Europe was a great position to be in.

“For me, sitting in Western Australia and being part of the lithium industry here for a quite a time, watching the emerging North American supply chain with a lot of excitement, and I really feel that’s the next frontier,” he said.

“With that comes our ventures in Europe as well, where we have strategic metals germanium and gallium as well as zinc – these are all future-facing commodities.

“We feel there’s a real need for these metals outside of the China controlled supply chain, and we believe we’re well placed to capitalize on them as they emerge.”

Nevertheless, he acknowledged that companies in the lithium sector in particular had been doing it tough, given the historically significant weakness in that commodity’s price seen recently, as when it steadied at a three year low of 71,500 Chinese yuan per tonne in September.

Mr Broomham was optimistic that the price had reached its lowest point, and that the cycle would turn around soon.

“It’s been difficult, much like many of our peers, to attract new investment in the sector,” he said.

“But what we’ve seen and what we believe is that we are at the bottom, or close to the bottom, especially when considering lithium and other battery metals globally.

“What we believe that’s done is essentially suppress capital flowing to the next producer, the next developer and the next discovery.”

He added that this suppression would lead to a lack of projects, in turn causing a higher price environment which could be capitalised on when the market turned.

Indeed, given reports in September that the world’s biggest battery producer Contemporary Amperex Technology Co. Ltd (CATL) had closed down its lithium mine in China’s Jiangxi province have suggested that the oversupply narrative may be coming to an end.

“Nobody likes to be at the bottom of commodity cycles. However, to me this is 2019 all over again – we’ve seen a huge amount of supply come off line,” Mr Broomham said.

“And essentially the current pricing is below incentive pricing which means that these projects will not be coming on line as originally predicted, therefore supply won’t keep up with forecast, and ultimately that will result in high prices for longer.

“Demand is not going anywhere, despite the murmurings up and down St George’s Terrace.”

Crucial to this would be continuing consumer drive for electric vehicles, he added.

“What we know globally is that EV sales continue to grow in the largest markets in the world,” Mr Broomham said.

“Actually now it’s more affordable to buy an EV in the US than it is on a like for like basis as an internal combustion engine.

“So people are going to be voting with not only their heads but with their wallets now.”

BM8 has been trading at 11 cents.

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The campaign will see company CEO Nigel Broomham and chief geological advisor Dr Simon Dorling undertaking infield geological works, including reconnaissance geological traverses to boost mapping efforts and the collection of surface samples, assessment of scale, and establishment of drilling targets.

When it comes to drill targets in particular, BM8 is building on its integration of more than 100 years historical geological data, with this confirming the presence of mineralisation-hosting stratigraphy and also highlighting areas with historical mining evidence.

And of course, keeping in mind that Bleiberg is a historical and world-class mining district: with the historic mine of the same name being known as one of the largest producers of germanium in the world while it was in production, and the area hosting some of the highest grades of this mineralisation, as well as gallium grading between 90 and 110 grams per tonne.

With the prices of both these minerals growing significantly in the past 12 months – as a result of supply chain disruptions, increased demand and market speculation – BM8 believes now is the time to strike, as the Bleiberg project has grown in strategic significance.

Germanium’s price has increased 97.34% since the beginning of 2024, while gallium’s has risen 37% in the same time.

BM8 CEO Nigel Broomham commented said the maiden field work was an important milestone for the company.

“We are excited to announce the upcoming field campaign at our Bleiberg Zinc Lead-Germanium Project, which marks a crucial step in our exploration efforts,” he said.

“By leveraging over a century of historical geological data, we are not only validating our drill targets but also positioning ourselves to tap into the significant opportunities presented by the rising prices of zinc, germanium and gallium.

“Our team is committed to optimising our drilling strategy and maximising explorationoutcomes, and we believe the Bleiberg area, with its rich history, holds tremendous potential for both our company and our stakeholders.”

Battery Age Minerals has been trading at has been trading at 10.5 cents.

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The sale means that Zenith now holds a fairly large stake in QMines – with the sale delivering $687,500 worth of shares in the latter company (or 10,261,194 shares), as well as $975,000 in cash (plus GST).

The two companies agreed to adjust the final consideration payable following a metallurgical test work program on the project, with the final payment forming the second part of a two-stage transaction reported earlier this month.

Zenith managing director Andrew Smith said he was pleased the transaction had been completed successfully.

“This transaction represents the culmination of a productive collaboration with QMines and underscores our ongoing commitment to delivering value to our shareholders,” he said.

“We are excited about the continued growth and development of the Develin Creek project under QMines’ stewardship.”

At 15:17 AEST, Zenith shares were trading at 4.9 cents – a rise of 13.95% since the market opened.

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These results – which were found at new prospects on-site – were taken from eight diamond drill holes for a total of 1,437.1 metres, and also indicated the presence of multiple vein trends which will become the focus of follow up drilling in the future.

The vein trends have been grouped according to three new areas of mineralisation: Moonlite, Ben Hall and Breakout.

Of these, Moonlight yielded multiple intercepts, included 4.1 metres at 5.0g/t gold equivalent (AuEq) from 149 metres (this comprising 0.61g/t Au, 17.5g/t Ag, 5.8% Zn, 4.3% Pb, 0.2% Cu); including 1 metre at 10.9g/t AuEq from 150m (1.2g/t Au, 44.8g/t Ag, 11.1% Zn, 11.8% Pb, 0.44% Cu); within 14.1m at 2.13g/t AuEq from 141m (0.25g/t Au, 8.1g/t Ag, 2.3% Zn, 2% Pb and 0.1% Cu.

At Ben Hall, Legacy picked up 24 metres at 0.5g/t Au from 70 metres including 13.4 metres at 0.7g/t Au from 70.6m, including 2 metres at 3.33g/t Au from 76 metres.

And at Breakout, intercepts included 4.3 metres at 3.2g/t AuEq from 106 metres (0.6g/t Au, 80.5g/t Ag, 2% Zn, 0.6% Pb, 0.3% Cu), including 0.6 metres at 10.8g/t AuEq from 107.9 metres (0.5g/t Au, 468g/t Ag, 6.0% Zn, 1.3% Pb, 0.64% Cu).

Legacy Minerals CEO and managing director Christopher Byrne said the shallow, high-grade results were another important step in defining solid mineralisation at Bauloora.

“The latest results have delivered shallow and high-grade hits up to 468g/t Ag, 22% Zn+Pb and 3.8g/t Au from wide-spaced reconnaissance drill testing,” he said.

“This is encouraging as we’re confirming multiple vein trends with strong mineralisation that until now had never before been drill tested.

“The success at these targets further highlights the potential of the large anomalous areas that remain undrilled and the potential of the Bauloora system that remains open in alldirections.”

Legacy Minerals’ shares rose on the news, and by 14:51 AEST, they were trading at 24 cents – a rise of 6.66% since the market opened.

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Greentech has rolled out a 1,710 metre long reverse circulation drilling program at Whundo, with a specific focus on the shoot, Austin and Ayshia, and recent work has indicated that copper grades of up to 4.6% are evident at the play.

At Austin, intercepts included 16 metres at 1.2% copper (Cu), 0.12% zinc (Zn), 0.035 grams per tonne (g/t) gold (Au) from 230 metres, including 8m at 1.5% Cu, 0.21% Zn, 0.039g/t Au from 230m – all from one hole.

Meanwhile, a hole at Ayshia pulled up results including 10m at 1.2% Cu, 1.2% Zn, 0.09g/t Au from 260m, including 3m at 3.1% Cu, 2.6% Zn, 0.23g/t Au from 261m.

The company has also carried out DHEM (Down-hole EM) surveys which show definitively that the Cu-Zn shoots continue down-dip at Austin and Ayshia beyond 230m depth.

Executive Director, Tom Reddicliffe said the drilling and surveying work was helping to boost plans for resource growth at Whundo.

“We’re thrilled with the stage one drill results, which show real potential to significantly grow Whundo’s current 6.2Mt copper-zinc resource by targeting down-dip extensions to our known shoots,” he said.

“Based on our exploration results to date we firmly believe that we can continue to expand the Whundo copper resource to potentially underpin a copper project.

“Furthermore, with Whundo situated on a granted mining lease and with processing options potentially being available either through our Alliance with ANAX or Artemis Resources’ Radio Hill processing plant we are well positioned to take advantage of exploration success.

“With this strong start, we’re very eager to get back out on the ground for our next stage of drilling to push further into these high-grade zones and accelerate building the Whundo copper resource base.”

Greentech has been trading at 9.4 cents.

The soil samples have now been assessed in a laboratory, and show grades of up to 1000 parts per million (ppm) nickel, 310 ppm copper, 100 ppm zinc, 100 ppm cobalt, and 452 ppm sulphur.

Excitingly, many of the assays revealed grades of more than 200 ppm copper.

Exploration picked up some other key finds, including a rock sample – taken from a gossan – which was enriched with grades of 270 ppm nickel, 460 ppm copper, 200 ppm zinc and 100 ppm cobalt.

Finally, gold and sulphides were also identified in Banded Iron Formation during the exploration work, with this being adjacent to the soil sampling area.

What Surefire has found here is enhanced by the knowledge that only 30 kilometres to the northwest is 29Metals’ Golden Grove deposit – identified as a Volcanogenic Hosted Massive Sulphide (VHMS) system which holds a similar geological setting to the one found here.

Previous exploration samples from this zone near Yidby have yielded assays of up to 101 ppm gold.

Surefire shares are trading higher on the news. At 12:56 AEST, they were trading at 0.7 cents – a rise of 16.67% since the market opened.