Forrestania Resources Unveils High-Grade Gold Hits and Expands Project Portfolio

Strong Drilling Results at Ada Ann

Forrestania Resources Limited (ASX: FRS) has reported a successful quarter ending 31 March 2025, highlighted by encouraging results from its Ada Ann prospect within the Bonnie Vale Gold Project near Coolgardie, Western Australia. The company completed a follow-up phase 2 reverse circulation (RC) drilling program comprising 14 holes for 1,017 metres, designed to extend the mineralisation footprint both along strike and at depth.

Notably, the drilling returned high-grade gold intersections, including a standout intercept of 4 metres at 16.3 grams per tonne (g/t) Au from 72 metres downhole. Other significant results include 2m at 10.7g/t Au and 7m at 2.1g/t Au, confirming the prospect’s strong potential. The mineralisation remains open at depth and along strike, with the strike extent increased from approximately 225 metres to 310 metres following the latest drilling.

Lady Lila Review Reinforces Resource Potential

The company also completed a comprehensive review of the Lady Lila prospect in the Forrestania region, which hosts a JORC-compliant inferred mineral resource of 541,000 tonnes at 1.38g/t Au for 24,000 ounces. Historic and recent drilling has intercepted gold mineralisation in nearly all holes, with high-grade intervals such as 8m at 7.2g/t Au from 24m and 4m at 5g/t Au from 110m.

Geological similarities to the nearby historic Bounty Gold Mine suggest strong potential for both open pit and underground mining. The review has set the stage for further drilling to test untested zones between the main mineralised areas, which have seen limited historical exploration.

Strategic Option Exercise Expands Project Portfolio

Subsequent to quarter-end, Forrestania exercised its option agreement with Outback Minerals Pty Ltd for the Bonnie Vale and Breakaway Dam projects, covering approximately 210 square kilometres. This move secures two of the company’s highest potential project areas, with Bonnie Vale offering extensive gold targets along major shear zones, and Breakaway Dam presenting significant copper and lithium exploration opportunities within the Alexandra Bore greenstone belt.

Historic drilling at Breakaway Dam has revealed copper intercepts up to 6m at 1.19% Cu and rock chip samples grading as high as 26.7% Cu, alongside anomalous silver and gold values. Electromagnetic surveys have identified untested conductive plates indicative of sulphide mineralisation, underscoring the prospect’s potential as a volcanogenic massive sulphide (VMS) copper target.

Capital Raising and Financial Position

During the quarter, Forrestania completed two placements raising a combined $860,910 at premiums to the prevailing share price. The February placement raised $360,000 at 1 cent per share, while the March placement secured $500,910 at 2.5 cents per share, representing a 29.7% premium to the 10-day VWAP prior to announcement. Tranche two of the February placement and the entirety of the March placement are subject to shareholder approval at an Extraordinary General Meeting scheduled for 28 April 2025.

At quarter-end, the company held $313,000 in cash reserves. Exploration expenditure for the quarter was $171,000, with staff and corporate costs totaling $59,000. The board expects to maintain current operating cash flows and is confident that shareholder approval of the placements will provide sufficient funding to continue advancing its exploration programs.

Outlook and Next Steps

Forrestania Resources is poised to build on its recent drilling success with planned follow-up programs at Ada Ann and Lady Lila, alongside advancing exploration at the newly secured Bonnie Vale and Breakaway Dam projects. The company’s strategy to expand its footprint in tier-one Western Australian gold and base metal provinces, combined with prudent capital management, positions it well for value creation as exploration results unfold.