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- Jim's Oil & Mining Letter - November 30, 2025
Jim's Oil & Mining Letter - November 30, 2025
GHY.ASX GHYLF FEG.ASX STM.ASX GRX.ASX GRX.L ORCA.L HSTR.V HSTXF CMCL GHM.ASX TNC.ASX ATY.V ATCMF SML.L HDRO.V HNATF AXL.V AXL.L CSTPF 88E.ASX 88E.L EEENF SEI.V SEUSF RECO.V RECAF ORCP.L BNL.ASX BSNLF HE1.L HLOGF TWR.V TWRFF EST.L NG NG.TSX INF.ASX OGC.TSX OCANF PLSR.V PLST.L PSRHF DPM.TSX DPMLF PAF.L AAU.L AYA.TSX AYASF NMT.ASX NMTAF AST.L CDL.L CDBDF EXN.V EXNRF
Tungsten mine and fully built mill in a proactive and stable mining jurisdiction
Initial production target of 1,000 tonnes of concentrate per annum, ramping to 4,000 tonnes/year within 2–3 years
Post-money, pre-IPO valuation of just C$48 million
Publicly listed tungsten peer near this company’s mine at a C$1.9 billion valuation with a 2,300 tonnes/year target
Listing in Canada or London with a target date of Q1 2026
C$8M placement in two phases:
Phase 1: C$3M @ C$0.20 (oversubscribed)
Phase 2: C$5M @ C$0.20 (closes December 12, 2025)
* Tungsten is essential war material and in short supply in the West, critical since it has exceptional density and the highest melting point of all known elements
Interesting news last week:
Gold Hydrogen (GHY.ASX GHYLF) reported preliminary confirmation of elevated natural hydrogen in the Parara Limestone and helium in the Kulpara Dolomite at its Ramsay 3 exploration well on the Yorke Peninsula. Ramsay 3, spudded on 10 November 2025 and located 2.3 km from Ramsay 1 and 2, supports the potential continuity of the natural hydrogen and helium systems previously identified in the Ramsay Project area. Continuous mud gas monitoring using SLB’s DQ1000 system has been undertaken, with multiple gas samples sent to Petrolab in Adelaide for independent laboratory analysis; further results will be released once available and interpreted. The company reiterated that the Ramsay Project remains subject to geological, development and social risks, including uncertainties around recoverable volumes and the project’s location within agricultural areas and near national parks.
Far East Gold (FEG.ASX) reported new assays from diamond hole KSD024 at the Sua Prospect, including 35.5 m at 8.59 g/t Au from 23.5 m, with a bonanza-grade interval of 0.8 m at 252.5 g/t Au and coarse visible gold in quartz–sulphide breccia. The KSD024 intercept, drilled 25 m east of KSD023, confirms at least a 25 m extension of the high-grade, visible-gold zone identified in KSD023 and shows the mineralisation remains open for a further 75 m along strike towards historical hole KSD001. Six holes (1,130 m) have now been drilled in the current Sua programme, with assays received for KSD023 and KSD024, which are being used to test continuity of stacked high-grade quartz veins and to support potential upgrades to the existing inferred resource at Idenburg. The results reinforce the current geological interpretation for the Sua vein system within the 5 km Sua–Afley shear zone and will guide further infill and step-out drilling in the ongoing ten-hole (1,820 m) campaign.
Sunstone Metals (STM.ASX) reported a 33% increase in the Bramaderos gold‑copper Mineral Resource Estimate in southern Ecuador to 3.6Moz AuEq (220Mt at 0.50g/t AuEq), following additional drilling and model refinements at Brama‑Alba and Melonal. The Indicated component of the resource has tripled to 600,000oz AuEq, all within a pit‑constrained open‑pit shell, providing the basis to commence scoping studies on an open‑pit development. A new Copete‑Porotillo porphyry Exploration Target of 1.7–3.5Moz AuEq has been defined, contributing to an overall Bramaderos project Exploration Target of 5.0–12.9Moz AuEq across porphyry and epithermal systems. The updated estimate incorporates 59 drill holes and trenching data, with metallurgical test work indicating recoveries of 88% for gold and 85% for copper used in the AuEq calculations.
GreenX Metals (GRX.ASX GRX.L) has identified outcropping gold and high‑grade antimony at the Noa prospect and confirmed historical high‑grade tungsten and antimony mineralisation at the Margeries prospects within the Eleonore North Project in East Greenland. The company plans 2026 field activities focused on shallow gold, tungsten and antimony targets, including further work to define and prioritise drill targets, while reviewing historical drilling and metallurgical data to aim for JORC‑compliant reporting. GreenX will issue A$1 million in GreenX shares (12‑month escrow) as deferred consideration to retain a 100% interest in the Eleonore North Project, in line with previously agreed commercial terms. Following a portfolio review, GreenX has decided to withdraw from the Arctic Rift Copper Joint Venture and will recognise an impairment expense of A$7.77 million related to that project.
Orcadian Energy (ORCA.L) announced that the North Sea Transition Authority has approved a three-year extension to the Second Term of Orcadian Energy’s Pilot Licence P2244, moving the expiry date to 1 December 2028. Orcadian holds an 18.75% carried interest in the licence, whose operator is preparing a refreshed sub-surface description of the Pilot field using high-quality 3D seismic data to support progression towards a Final Investment Decision. The extension is described by Orcadian as essential to enable the development and submission of an updated field development plan designed to maximise oil recovery while minimising carbon dioxide emissions.
Heliostar Metals (HSTR.V HSTXF) reported new Ana Paula drill results, including 83.2m grading 17.35 g/t gold from 76.0m, 46.65m at 27.35 g/t gold from 88.95m, 70.7m at 9.38 g/t gold from 49.65m, and 92.1m at 4.33 g/t gold from 97.1m. The company has completed 44 holes totalling 12,615m, with drilling reoriented to better define the high-grade panel and demonstrating more continuous, higher-grade mineralisation than previous operators recognised. Heliostar is expanding the Ana Paula drill programme by 33% to 20,000m to support conversion of inferred resources, mine design data collection, and the ongoing Feasibility Study. Current drilling includes both resource conversion and geotechnical holes, with assays from an additional twelve holes pending and further results expected in December.
Caledonia Mining Corporation (CMCL) has completed and published the feasibility study for the Bilboes Gold Project in Zimbabwe and decided to proceed with a single‑phase development as the most economic option. The study outlines proven and probable mineral reserves of 1.749 Moz of gold at 2.26 g/t, planned life‑of‑mine production of 1.55 Moz over 10.8 years, first production in late 2028 and steady‑state output of about 200,000 oz in 2029, using BIOX processing for refractory ore. At a consensus gold price of US$2,548/oz, the project delivers a post‑tax NPV (8% real) of US$582 M, a post‑tax IRR of 32.5%, an AISC of US$1,061/oz and a payback period of 1.7 years, with economics improving further at the current LBMA spot price scenario. Peak funding of US$484 M (plus additional amounts for interest, working capital and cost‑overrun facilities) is expected to be sourced mainly from non‑recourse senior debt, supplemented by internal cash from Blanket Mine and flexible instruments such as royalties, streams and possible convertible bonds, with hedging of Blanket production used to underpin project cash flows.
Golden Horse Minerals (GHM.ASX) first regional RC drill campaign at the Marionete–Star of Ennuin trend (20 holes for 1,263 m) has defined over 300 m of shallow mineralised strike, including intercepts such as 10 m at 6.8 g/t Au from 5 m (including 1 m at 37.5 g/t Au) and 5 m at 5.6 g/t Au from 11 m. Results indicate mineralisation remains open at depth and along the +800 m corridor between historical workings, with follow-up drilling along strike and down dip planned as part of the 2026 field programme. Additional RC drilling was completed at the Baby Queen and Lake View prospects (a further 1,134 m), with assays pending, while the RC rig has been redeployed to Hopes Hill to complete pre-collars for ongoing diamond drilling. Regional mapping and sampling will continue across Golden Horse’s Southern Cross tenure to refine targets ahead of more extensive RC drilling in 2026.
True North Copper (TNC.ASX) reported that drilling at the Aquila discovery within its Mt Oxide Project has extended the mineralised strike to more than 900 m, with two high‑grade copper‑cobalt shoots now delineated; the southern shoot is steeply plunging and both remain open at depth. New assays from holes MOX259 and MOX260 returned broad mineralised intervals, including 32 m at 1.02% Cu and 6 m at 3.56% Cu in MOX260, supporting comparison of Aquila’s scale with the nearby Vero deposit. Phase 2 drilling at Mt Oxide, comprising 21 RC holes at Aquila plus initial holes at the Apollo and Acanthis trends, is now complete, with remaining Aquila and Apollo/Acanthis assay results due from December to January. Planning is underway for a 2026 programme expected to include follow‑up drilling at Aquila (north, south and at depth), additional IP geophysical surveys along the Aquila–Apollo–Acanthis trends and Rhea, and testing of currently untested targets on the parallel trends.
Atico Mining (ATY.V ATCMF) reported positive results from 19 drill holes at the El Roble mine in 2025, including intercepts of 8.70m at 11.44% Cu with 14.65 g/t Au and 6.16m at 13.32% Cu with 2.79 g/t Au in historically mined areas. The drilling has outlined additional ore-grade mineralisation over intervals of 1.2m to 16.7m, supporting the potential to expand tonnage and extend the main ore body at depth and along strike. A new sulphide body was discovered adjacent to the main massive sulphide ore body, adding to the mineralised shells already defined at El Roble. The underground drilling programme, which has totalled 885.6m of drilling in 2025, will continue through 2025 to further define unexploited zones and search for new massive sulphide bodies.
Strategic Minerals (SML.L) subsidiary Cornwall Resources has received assay results from drillhole CRD034b at the Redmoor tungsten-tin-copper project, including 1.10 m at 7.19% WO₃ within 10.00 m at 0.92% WO₃, 0.78% Cu (1.15% WO₃ Eq) from 578 m depth. The hole intersected multiple thick, high-grade zones in the Sheeted Vein System, notably 15.46 m at 0.72% WO₃, 0.66% Cu (0.93% WO₃ Eq), confirming strong grade and structural continuity and indicating that parts of the orebody are wider than previously modelled. Polymetallic intervals with strong copper and tin, plus silver values up to 84.8 g/t in copper-rich zones, add further potential value and are undergoing additional metallurgical testwork ahead of a planned Mineral Resource estimate update. These results, partly from areas outside the existing Redmoor resource model and funded in part by Cornwall Council’s Good Growth Programme, support the potential for material resource growth at the project.
Primary Hydrogen (HDRO.V HNATF) announced that field sampling at its Crooked Amphibolite Project in British Columbia has identified an approximately 8-kilometre trend of elevated soil gas hydrogen, with readings up to 180 ppm aligned with interpreted fault structures. The results support the company’s model of fault-controlled hydrogen migration linked to serpentinisation in ultramafic rocks and position Crooked Amphibolite as a key natural hydrogen exploration target within its BC portfolio. At the Coquihalla Property, soil sampling defined a heavy rare earth element anomaly of 170 ppm TREO coincident with a magnetic high, while hydrogen values there and at Cogburn were at or near background levels. Sampling across the three BC H2 Projects covered 3,346 acres using INRS-validated techniques designed to minimise artificially generated hydrogen, and the data will guide follow-up, closer-spaced sampling and further investigation. Separately, the company announced completion of Phase 1 soil gas sampling at its Point Rosie and Mary’s Harbour properties in Newfoundland and Labrador, identifying anomalous hydrogen values over targeted areas. Peak hydrogen readings reached 531 ppm H₂ at Point Rosie along a northeast‑trending fault corridor and 665 ppm H₂ at Mary’s Harbour, where anomalies show no clear structural association yet. The company’s integrated programme covered 8,550 hectares, combining soil gas and soil sampling, but soil geochemistry showed no conclusive correlation with hydrogen values. Primary Hydrogen is reviewing the results and plans further infill soil gas surveys and follow‑up sampling to verify and refine these initial findings.
Arrow Exploration (AXL.V AXL.L CSTPF) reported that the Mateguafa 6 (M-6) appraisal well on the Tapir Block in Colombia was drilled on time and on budget, reaching 10,000 feet measured depth and encountering multiple hydrocarbon-bearing intervals. M-6 has been put on production from the Carbonera C7 formation with an initial, heavily restricted flow rate of about 824 BOPD gross (412 BOPD net) of 32° API oil, and additional pay was identified in the C9 and Lower Gacheta formations for future testing. The Mateguafa 5 (M-5) well continues to produce around 550 BOPD gross (275 BOPD net) from the C9 formation, and the horizontal Mateguafa HZ7 (M-HZ7) well targeting the C9 has been spud, with production expected in December. Arrow also announced the appointment of Hannam & Partners as Joint Corporate Broker alongside Canaccord Genuity and Auctus Advisors. Q3 2025 average production was 4,214 boe/d, generating US$18.5 million in natural gas and crude oil revenue net of royalties and quarterly net income of US$3.1 million. Arrow ended the quarter with US$6.3 million in cash and year‑to‑date operating cash flows of ~ US$25 million, after capital expenditures of US$9.3 million in Q3 and US$35.4 million year‑to‑date. The company drilled two further development wells at Carrizales Norte and an exploration well at Mateguafa Oeste in the Tapir block, and post‑period drilled Mateguafa‑5 and ‑6 and spudded the Mateguafa‑7 horizontal well. Arrow is progressing regulatory discussions on a Tapir block extension and the termination of COR‑39 licence obligations, while planning additional Mateguafa Attic drilling and first exploration drilling at the Icaco prospect in early 2026.
88 Energy (88E.ASX 88E.L EEENF) detailed plans for the Franklin Bluffs‑1H horizontal well and ~90‑day extended production test at Project Phoenix, scheduled to spud in Q3 2026 targeting the SMD‑B reservoir on Alaska’s North Slope. An initial pilot hole will test the SMD, SFS and BFF zones with logging and coring, with results to be used to finalise the design of the Franklin Bluffs‑1H horizontal section before the production test programme. Under the farm-out with Burgundy Xploration, 88 Energy is fully carried for the 2025/26 work programme, while Burgundy advances funding, operational readiness and has been granted an extension to 30 April 2026 to complete its obligations due to delayed SEC review timelines. 88 Energy secured an option to acquire up to a 25% working interest in Burgundy’s newly awarded North Slope leases and will receive US$2.4 million from Burgundy for access to the Icewine 3D seismic dataset covering part of these leases.
Sintana Energy (SEI.V SEUSF) announced it has secured the necessary Challenger shareholder approvals at the Court Meeting and General Meeting for its acquisition of Challenger via a court-sanctioned scheme of arrangement. The scheme is now subject to court sanction and remaining conditions, with completion targeted for 11 December 2025 and associated changes to share listings on TSXV and AIM. At the Court Meeting, 98.04% of scheme shares voted were in favour of the scheme; at the General Meeting, 97.60% of votes supported the special resolution to implement it. These approvals satisfy key conditions of the scheme, with completion still subject to court sanction and remaining conditions, and effectiveness expected on 11 December 2025. Following completion, new Sintana shares are expected to be admitted to trading on the TSXV, Challenger’s AIM listing will be cancelled, and Sintana intends to seek admission of its shares to trading on AIM.
Multiply Sintana Energy by Reconnaissance Energy Africa
Former RECO.V management and a SEI.V type deal, but with 4x more super-major activity in its basin areas, 3+ years additional geological knowledge/validation and a flow of news upcoming…
Oracle Power (ORCP.L) reported assay results from the first six of 21 grade control drillholes at its Northern Zone Intrusive Hosted Gold Project near Kalgoorlie, confirming an expanded near-surface gold mineralisation footprint. Notable intercepts include 9m at 1.33 g/t Au from 56m (NZAC146) and 3m at 4.39 g/t Au from 45m (NZAC149), with mineralisation extending eastwards and northwards within the porphyry host. A further 15 holes from this programme are pending assay, and a separate ~40‑hole shallow drilling campaign is underway, with results expected over the next six to eight weeks. The new data will be incorporated into updated geological modelling and used by Mega Resources for mine planning ahead of the parties’ target to commence mining in the first half of 2026. Drilling and geological interpretation now support more than 70 km of prospective strike at the Rae Project, with a high-performing rig already secured on site and prepaid for the next phase of operations.
Blue Star Helium (BNL.ASX BSNLF) reported that the Galactica gathering system is substantially complete, with final tie-ins to well pads and the facility riser in progress. Construction of the plant site is complete, key foundations are set, and delivery plus on-site assembly of major processing equipment has commenced as planned. The Galactica project remains on schedule, with first helium production still targeted for December 2025. The Galactica project is being developed as a joint venture in which Helium One Global (HE1.L HLOGF) holds a 50% working interest.
Tower Resources (TWR.V TWRFF) has completed six follow-up diamond drill holes totalling 1,756 m on the Blue Sky trend at its Rabbit North gold project, ahead of schedule and under budget. The Blue Sky holes were positioned around previous high-grade intercepts (including 31.5 m of 4.15 g/t Au and 6.02 m of 23.63 g/t Au) to define the orientation and extent of gold mineralisation along the Durand diorite–Nicola tuff contact. The drill rig is now moving to Thunder North, where approximately six holes are planned to trace the gold zone at depth, extend it along strike to the east, and infill a 150 m gap caused by an unmineralised dyke in earlier drilling. Given the strong progress and timing before the holiday break, the company is considering drilling additional follow-up holes on the most promising current intersections observed in core.
East Star Resources (EST.L) has reported an independent JORC-compliant Exploration Target for the Rulikha Deposit in East Kazakhstan, with a tonnage range of 15–23 Mt and copper grades of 1–2%, plus zinc, gold, silver and lead credits. Using the upper limit and pit-constrained assumptions, the deposit is estimated to contain up to 460,000 tonnes of copper and over 550,000 tonnes of copper equivalent, nearly double the copper equivalent metal of the company’s Verkhuba Deposit. The Rulikha mineralisation is near surface with a low strip ratio, supported by existing local infrastructure, and consists of multiple mineralised lenses over 1.9 km strike with additional untested anomalies such as Rulikha North. Independent consultants recommend verification and infill drilling, density and metallurgical work, and securing further environmental and water-protection approvals, with land access already granted by local authorities for drilling.
NovaGold Resources (NG NG.TSX) reported final 2025 Donlin Gold drill assays, including multiple high‑grade intercepts such as 4.38 m grading 26.22 g/t gold, providing key data for a Bankable Feasibility Study expected to start by early 2026. The Alaska Supreme Court affirmed Donlin Gold’s water rights permits and the State Right‑Of‑Way lease for the proposed 316‑mile natural gas pipeline, supporting the project’s continued advancement. Donlin Gold was accepted into the U.S. FAST‑41 federal permitting programme, aiming to provide a more transparent and predictable process for the required supplemental environmental impact analysis. The 2025 drilling campaign, covering infill, in‑pit exploration and geotechnical work, is intended to refine the resource model and engineering inputs for long‑term mine planning at Donlin Gold.
Infinity Lithium (INF.ASX) has commenced a reverse circulation drilling programme at the Comstock prospect within its 100% owned Cobungra Gold-Silver Project in northern Victoria. The initial programme comprises six shallow drill holes totalling approximately 850m, targeting previously undrilled historical workings and high-grade rock chip anomalies up to 4.4 g/t gold and 303 g/t silver. This first drilling at Comstock is testing walk-up targets defined by coincident IP geophysics and gold rock chip sampling, with the prospect located between the Company’s Forsyth prospect and the Cassilis gold mine. The drilling programme is expected to be completed before the end of November, after which Infinity Lithium Corporation Ltd will assess further opportunities in the area, including at the nearby Forsyth prospect.
OceanaGold (OGC.TSX OCANF) reported new high-grade drill results at Wharekirauponga, including intercepts such as 13.9 m at 25.8 g/t Au and 1.8 m at 108.1 g/t Au, extending the East Graben vein mineralisation 135 m to the south and increasing resource confidence across the EG, hanging wall and footwall veins. The company received a draft decision and proposed conditions from New Zealand’s Expert Panel indicating a provisional intention to approve the Waihi North Project under the Fast-track Approvals Act, with a final ruling expected by year-end 2025 following a comment period. OceanaGold plans to continue its 2025 exploration programme targeting further resource growth at Wharekirauponga, supported by recently granted permits for additional drill sites and future expansion to up to six rigs. At Waihi North, early works are progressing, with $45 million of 2025 capital being directed to construction of a 5 km services trench and expansion of the water treatment plant, both scheduled for completion by the second quarter of 2026.
Pulsar Helium (PLSR.V PLST.L PSRHF) reported that it has appointed industrial gas specialist Cliff Cain as full‑time Manager of Commercial & External Affairs, with responsibility for commercial strategy and external partnerships as the company advances, the latest news being that the Jetstream #4 appraisal well at the Topaz helium project in Minnesota has been drilled to 3,000 feet, encountering pressurised gas with an estimated bottom‑hole pressure of about 887 psi and fully penetrating the interpreted helium‑bearing interval. Following completion of Jetstream #4, the drill rig is being relocated to the Jetstream #5 location, while Pulsar begins simultaneous downhole testing and laboratory analysis on Jetstream #3 and #4 to assess gas composition and helium content, including helium‑3.
DPM Metals (DPM.TSX DPMLF) released a feasibility study for the Čoka Rakita underground gold project in Serbia, outlining an after-tax NPV5% of $782 million and a 36% IRR at a $1,900/oz gold price, with life-of-mine all-in sustaining costs averaging $644/oz. Probable Mineral Reserves are estimated at 7.34 Mt grading 6.44 g/t gold for 1.52 Moz, representing a 10% increase in tonnage and 11% more contained gold versus the pre-feasibility study, with average production of 189,000 oz per year in the first five years. Initial capital expenditure is estimated at $448 million, including an 850,000 tpa processing plant that will reuse equipment from the Ada Tepe operation, and is stated to be within DPM’s existing funding capacity given its cash balance, undrawn credit facility and lack of debt. Permitting is advancing following approval to initiate the Special Purpose Spatial Plan, with DPM targeting mine construction start in early 2027 and first concentrate production in the first half of 2029, alongside ongoing engineering and early-works preparation.
Pan African Resources (PAF.L) has completed a feasibility study on its Soweto Cluster Tailings Storage Facilities, defining Mineral Reserves of 108Mt at 0.28g/t for 0.98Moz of gold and evaluating two processing options. The preferred option is a 600ktpm Soweto Tailings Retreatment circuit integrated into the Mogale Tailings Retreatment complex, with an estimated capital cost of about US$160m, a 24‑month build, and projected gold output of 30–35koz per year for roughly 15 years at an AISC of US$1,000–1,200/oz. A definitive feasibility study on the preferred option is expected to be completed by June 2026 alongside key environmental and water use approvals, after which the board will decide on construction, supported by the Group’s improving balance sheet and funding proposals from financiers. Separately, the existing Mogale Tailings Retreatment operation is being optimised, with a near‑term capacity increase from about 50koz to 60koz of gold per year targeted for completion by December 2025, and ongoing rehabilitation measures improving local environmental conditions.
Ariana Resources (AAU.L), through its 23.5%-owned Zenit joint venture, has completed a 2,769m, 31‑hole diamond drilling programme at the Kizilcukur gold-silver deposit in western Türkiye, testing the Zeki, Ziya and Zafer vein zones and identifying potential extensions. Best reported intercepts include 4.90m at 4.53g/t Au and 118.3g/t Ag from 24.40m, 3.60m at 2.89g/t Au and 77.5g/t Ag from 59.30m, and 1.90m at 5.39g/t Au and 70.6g/t Ag from 66.10m, including narrower higher-grade intervals. Zenit is advancing Kizilcukur as a satellite ore source for the producing Kiziltepe Gold-Silver Mine, with environmental permitting in progress and a local public consultation completed as part of the approvals process. Subject to permitting and scheduling, Zenit is currently targeting the commencement of mining operations at Kizilcukur in late 2026 as an extension to Kiziltepe’s operations.
Aya Gold & Silver (AYA.TSX AYASF) reported its strongest Boumadine drill result to date, with hole BOU-MP25-087 returning 2,323 g/t silver equivalent over 15.0 metres, including 3,858 g/t AgEq over 8.7 metres on the Boumadine Main Trend in Morocco. Drilling also outlined a newly identified, wide high-grade parallel structure in the southern Main Trend, with hole BOU-DD25-623 intersecting 540 g/t AgEq over 47.3 metres, including intervals up to 1,286 g/t AgEq over 11.7 metres. Additional notable intercepts, such as 3,336 g/t AgEq over 6.0 metres in hole BOU-RC25-026 located about 75 metres south of the current Central pit shell, lie outside the existing PEA pit designs and are cited by the company as supporting potential resource growth and larger pit extents. Aya has drilled 133,003 metres at Boumadine so far in 2025 and, with nine rigs currently active, is moving into a planned 360,000‑metre infill drilling programme over the next 24 months.
Neometals (NMT.ASX NMTAF) has completed an 82-hole, 8,457m RC drilling programme at its 100% owned Barrambie Gold Project, including 3,258m along the Barrambie Ranges gold trend and Golden Treasure mine area. First expedited gold assays from 75 priority samples (around 2% of Barrambie Ranges metres drilled) returned high-grade intervals, including 5.0m at 5.64 g/t Au from 84m and 2.0m at 11.75 g/t Au from 137m. Routine analysis of the remaining RC samples from Barrambie Ranges, Ironclad and Mystery is ongoing, with Ironclad assay results expected in January 2026 and an updated Ironclad Inferred Mineral Resource Estimate and mine plan targeted for the March quarter 2026. The results support the narrow-vein, high-grade potential of the Barrambie Ranges trend, though Neometals notes nugget-effect challenges and states its near-term focus remains advancing the Ironclad deposit towards potential production. Separately, it was announced that Neometals and its partner, Omaha Value, have entered into an exclusivity and option agreement with American Helium and Ascent Resources (AST.L) to acquire access and use rights to inactive oil and gas wells, leases and geological data in the Paradox Basin, located in Utah, United States. The proposed access and use rights will allow Neometals and Omaha Value to explore for, and potentially extract and produce lithium, potash (potassium) and associated products from the brine. The agreement gives Neometals and Omaha Value a 60‑day exclusivity period to undertake due diligence and negotiate a definitive access and use licence. Utilising the existing wells is expected to significantly accelerate and lower the cost of exploration and evaluation of Omaha Value’s 47,000 acres of tenure applications in the Paradox Basin.
Cloudbreak Discovery (CDL.L CDBDF) has commenced a helicopter-supported maiden site visit at the Crofton Gold Project in Western Australia to review historical work and validate previous high-grade gold and silver results. The visit will include expanded rock chip sampling over the project area, where earlier sampling reported bonanza-grade results up to 253 g/t gold and 215 g/t silver and historic production averaged 150 g/t gold. Cloudbreak will hold a 100% interest in the Crofton exploration licence E45/6690, covering 57 km² over much of the historic Boodalyerrie Mining Centre. Following the site visit, the company plans detailed geological mapping over existing geochemical anomalies to advance towards defining drill targets.
Excellon Resources (EXN.V EXNRF) has updated its geological model at the Mallay Silver Mine in Peru, interpreting a multi-stage gold-silver system that links the Pierina, Shafra and Mallay Deeps targets within the Santa Formation. Historic drilling and core reviews indicate the Pierina Vein remains open below the 4090 level, while 2025 surface sampling at Shafra returned anomalous gold in 96% of samples, supporting a near-surface gold-silver-base metal target. Structural and geochemical data suggest the Pierina, Shafra and Isguiz structures may converge at depth into a conceptual intrusive-related “Mallay Deeps” target, though no mineral resource has yet been defined. Planned work includes approximately 3,500 metres of underground drilling from the 4090 level, six holes testing Shafra, downhole EM geophysics in Q1 2026, and ongoing mapping and 3D modelling to refine exploration targets.
145.4 g/t Au* drill result with visible gold
29,000 hectares (71,000+ acres) in proven gold country
10,000 metre drill program ongoing - first 4 holes all intersecting gold
4.5-kilometre trend which keeps expanding in all directions
Potential multi-million ounce deposit
Capitalised at the equivalent of only 3,600 ounces of gold - don’t miss this company
*g/t Au = grams per tonne gold; 1 g/t Au is broadly considered to be commercial