Mt Turner Acquisition Hinges on Drilling Success and Acquisition Completion

Ground Truthing Mt Turner’s Potential

Lightning Minerals (ASX – L1M) has taken a decisive step forward in its proposed acquisition of Lotus Minerals by conducting a detailed site visit to the Mt Turner Gold Project in Queensland. The visit, attended by the company’s Managing Director Alex Biggs and senior exploration staff, provided firsthand insight into the extensive mineral potential along the 14-kilometre Drummer Fault, a key structural feature hosting historic gold and copper mineralisation.

Mt Turner, located near Georgetown in North Queensland, has a rich history of shallow oxide gold mining dating back to the 1990s, with multiple open pits such as Rocky Reward and Drummer Girl. However, exploration below 100 metres has been limited, leaving substantial upside for deeper, high-grade mineralisation. The site visit confirmed numerous drill targets aimed at testing extensions beneath existing pits and along strike of the fault system.

Soil Sampling and Drilling Plans

Complementing the site visit, Lightning Minerals has commenced a comprehensive soil sampling program designed to detect coherent gold anomalies over a 12.5-kilometre strike length between known deposits. Sampling is being conducted at 20-metre intervals along 100-metre spaced fence lines, targeting the Drummer Hill Fault System. Early indications suggest promising new areas of interest, which will help refine drill targets.

The company plans to initiate a phase one drilling campaign immediately after its upcoming Extraordinary General Meeting (EGM), targeting at least 1,000 metres of drilling. This program aims to validate the extent, orientation, and style of mineralisation beneath the historical pits, leveraging modern exploration techniques to unlock value from this brownfields project.

Historical Data Supports Optimism

Previous drilling by Union Mining NL, Essex Minerals, and CRA Exploration Ltd has demonstrated encouraging intercepts, including intervals such as 16 metres at 3.56 grams per tonne gold and 7 metres at 1.7 grams per tonne gold with significant silver credits. These results underpin the company’s confidence in the project’s potential to host economically viable gold and copper resources.

Managing Director Alex Biggs emphasised the strategic importance of Mt Turner, stating, "The region is highly prospective and relatively underexplored by modern techniques. The number of targets across such a broad area presents a very exciting opportunity for the company and our shareholders." He also highlighted the value of gaining exposure to strong gold and copper markets through near-term brownfields projects.

Acquisition and Next Steps

The Mt Turner Project is part of the broader acquisition of Lotus Minerals, which remains subject to customary conditions precedent. While the acquisition is not yet finalized, Lightning Minerals is advancing exploration activities to position itself for rapid progress upon completion. Investors should note that drilling results and resource outcomes remain uncertain until further work is completed.

Looking ahead, the company’s immediate focus will be on completing the soil sampling program, executing the initial drilling campaign, and integrating new data to refine resource models. These steps will be critical in demonstrating the project’s value and justifying further investment.