Acquisition Uncertainty Clouds Lightning Minerals’ Mt Turner Drilling Plans

Preparations Underway for Drilling

Lightning Minerals (ASX, L1M) has announced the commencement of preparatory works for a Phase 1 drilling program at its Mt Turner Gold Project in Queensland. This initiative is a key step in the company’s proposed acquisition of Lotus Minerals, which holds the rights to the project. The drilling campaign, targeting at least 1,000 metres, is scheduled to begin within eight weeks, pending regulatory clearances and the outcome of the company’s upcoming Extraordinary General Meeting (EGM).

Targeting Gold Mineralisation Beneath Historic Pits

The Mt Turner project area, located near Georgetown in North Queensland, has a history of shallow open pit mining from the 1990s. Previous exploration and mining focused on oxide gold mineralisation near the surface, but deeper zones remain largely untested. Lightning Minerals aims to drill beneath existing pits along a 6.5-kilometre section of the Drummer Fault System, a significant structural feature known to host gold mineralisation.

Historical drilling results are encouraging, with intercepts such as 16 metres at 3.56 grams per tonne gold and 12 metres at 6.5 grams per tonne gold reported by previous operators. These grades suggest the potential for economically viable extensions at depth, which the upcoming drilling program will seek to confirm.

Soil Sampling to Complement Drilling

Alongside drilling preparations, Lightning Minerals has initiated a soil sampling program covering approximately 12.5 kilometres of the Drummer Hill Fault System. The sampling is designed to identify coherent linear gold anomalies that could indicate new mineralised zones. Samples are being collected systematically at 20-metre intervals along 100-metre spaced fence lines, with analysis conducted by ALS Global Laboratory in Townsville.

Well Funded for Exploration

The company recently completed a A$2 million placement, providing robust funding for the initial exploration activities at Mt Turner and other assets acquired through the Lotus Minerals deal. Lotus Minerals has also contributed A$100,000 towards early-stage site works, including road and drill pad preparations, enabling Lightning Minerals to mobilise quickly once the acquisition is finalized.

Managing Director Alex Biggs expressed optimism about the project’s potential, noting the advantage of entering a brownfields gold project with existing high-grade targets. He highlighted the favourable gold price environment as an opportune moment for discovery and value creation.

Looking Ahead

While the acquisition remains subject to customary conditions precedent, the company is moving decisively to advance exploration. The coming weeks will be critical as drilling permits are secured and the program is mobilized. Success at Mt Turner could significantly enhance Lightning Minerals’ portfolio and position in the Australian gold exploration sector.