Horden Lake Drilling Yields Up to 3.24% CuEq; Pivotal Secures A$3M Funding

Robust Drilling Results at Horden Lake

Pivotal Metals Limited (ASX: PVT) has delivered a strong quarterly update for the period ending December 31, 2024, highlighting significant progress at its flagship Horden Lake project in Quebec, Canada. The company completed a 34-hole diamond drilling program totaling over 7,000 meters, with final assay results confirming continuity and quality of mineralisation along the northern portion of the deposit. Notable intercepts include 32.1 meters at 1.2% copper equivalent (CuEq) from 264.3 meters depth, and a high-grade 8.2 meters at 3.24% CuEq from near surface.

These results reinforce the potential to expand the existing 28 million tonne resource, which currently holds an average grade of 1.5% CuEq. The drilling also revealed significant byproduct metals such as nickel, gold, and palladium, which had not been fully assayed in previous campaigns, adding further value to the deposit.

Encouraging Metallurgical Performance

Complementing the drilling success, Pivotal’s metallurgical testwork program has demonstrated excellent copper recoveries of 85-90% into clean, marketable concentrates with copper grades exceeding 25-30%. Precious metals such as gold, silver, and palladium also showed promising recoveries, enhancing the economic potential of the project. The company is continuing to refine nickel flotation processes to optimise recovery rates, a critical step given nickel’s presence in multiple mineral forms within the deposit.

Expanding Exploration with Advanced Geophysics

Building on the 2024 downhole electromagnetic (DHEM) survey results, which identified highly conductive sulphide extensions along the deposit’s strike, Pivotal has initiated a detailed ground Time Domain Electromagnetic (TDEM) survey across its property. This survey aims to detect conductive targets at depths exceeding 500 meters, potentially unlocking further resource growth. Results from this survey are expected in the first quarter of 2025, setting the stage for targeted drilling campaigns.

BAGB Project and Broader Portfolio Progress

Beyond Horden Lake, Pivotal is advancing its Belleterre-Angliers Greenstone Belt (BAGB) project, a 157 square kilometre land package with multiple high-grade nickel-copper-PGM occurrences and historic deposits. The company is consolidating extensive historical data and preparing for maiden drilling programs, aiming to replicate the success at Horden Lake within this highly prospective region adjacent to the prolific Abitibi mining district.

Strong Financial Position Supports Growth

Financially, Pivotal Metals closed the quarter with a cash balance of A$2.974 million, bolstered by a successful capital raise of A$3 million during the period. Notably, A$2 million was raised through Canadian flow-through shares issued at a 90% premium, reflecting strong investor confidence. This funding underpins ongoing exploration, metallurgical work, and resource updates planned for 2025.

Managing Director Ivan Fairhall emphasised the company’s momentum, stating, "The substantial exploration upside defined with drilling and geophysics underscores the growth potential of our current resource. We remain well funded and look forward to delivering important milestones in the coming months."

Looking Ahead

Pivotal Metals is poised for a busy year ahead, with final metallurgical results, resource updates, and further exploration activities scheduled. The combination of strong drilling results, advanced geophysical targeting, and a solid financial footing positions the company well to enhance the value of its Quebec projects and attract further investment.