NSM Drills High-Grade 2.3m @ 29.2 g/t Au, Secures $3.6M Funding

Exploration Momentum Builds at North Stawell

North Stawell Minerals Ltd (ASX – NSM) has delivered a compelling update on its North Stawell Gold Project in Victoria, Australia, highlighting significant progress in its exploration efforts. Central to the update is the high-grade gold intercept at the Darlington target, where drilling returned 2.3 metres at 29.2 grams per tonne gold. This intercept is notable not only for its grade but also for its shallow depth and open-ended nature, suggesting potential for further expansion along strike and at depth.

The company’s extensive landholding of 504 square kilometres along the Stawell Mineralised Corridor places it in a prime position to explore for large-scale gold deposits. This corridor is home to the prolific Stawell Gold Mine, which has produced over 5 million ounces of gold historically. NSM’s tenements lie immediately north of this operation, covering a 60-kilometre strike of prospective geology masked by a thin sedimentary cover that preserves shallow gold potential.

Science-Driven Targeting with CSIRO Partnership

NSM is leveraging advanced scientific techniques to refine its exploration targeting. In collaboration with CSIRO, Australia’s national science agency, the company has applied mineral systems modelling to identify structural pathways where gold-bearing fluids are likely to concentrate. This approach integrates geological, geophysical, and geochemical data to predict the most prospective zones beneath cover, improving the efficiency and cost-effectiveness of drilling campaigns.

One such target west of Darlington, identified through this modelling, has already been tested with drilling (NSD058), with results pending. The integration of these scientific methods represents a modern exploration strategy that could unlock new discoveries in a historically productive region.

Focused 2025 Work Program and Capital Raising

Looking ahead, NSM’s 2025 work program prioritises follow-up drilling at Darlington to expand on the high-grade intercepts and to test additional targets that fit the Stawell- and Mariners-type mineralisation models. The company also plans to revisit the Wildwood prospect, which shares geological similarities with Stawell and remains open for further resource growth.

To fund these activities, NSM has announced a capital raising of up to $3.6 million through a combination of a placement and a pro-rata entitlement offer priced at 3 cents per share. The proceeds will support the exploration program at Darlington, advance other key projects, and cover general working capital. While the entitlement offer is not underwritten, the company has engaged GBA Capital Pty Ltd as lead manager to assist with the placement and any shortfall.

Experienced Leadership and Strategic Positioning

NSM’s leadership team brings over 30 years of Victorian exploration and mining experience, with a strong track record in navigating regulatory frameworks and community engagement. The company’s proximity to the Stawell processing mill, just 50 kilometres away, offers a potential short pathway to production should exploration success continue.

With a single-commodity focus on gold and a single jurisdiction in Victoria, NSM is well-positioned to capitalise on the current gold price environment and investor interest in high-grade gold projects. The combination of historic data, modern science, and strategic capital deployment sets the stage for potential value creation in the near term.