Second Rig Boosts DeSoto’s Drilling at Spectrum; Deep Hole Completed
DeSoto Resources has ramped up exploration at its Northern Territory Spectrum Project, deploying a second drill rig and completing a significant deep hole at the Quantum Rare Earth Deposit.
- Second drill rig operational at Spectrum Project
- Deep 405m hole completed at Quantum Rare Earth Deposit
- Drilling targets Vesper Au-Cu EM anomalies with encouraging progress
- Strong $6.2 million cash balance supports exploration
- No environmental or Native Title issues at the site
Accelerated Drilling Activity
DeSoto Resources Limited (ASX – DES) has intensified its exploration efforts at the Spectrum Project in Australia's Northern Territory by bringing a second drill rig online. This move signals the company's commitment to advancing its understanding of the region's mineral potential, particularly targeting gold and copper anomalies at the Vesper site.
The Vesper target is notable for its four large, shallow electromagnetic and magnetic anomalies, supported by an extensive 8-kilometre copper geochemical anomaly. The company has completed reverse circulation precollars to depths of 150 metres at key drill sites, with diamond drilling proceeding on a double shift schedule to maximize progress.
Quantum Rare Earth Discovery Progress
In parallel, DeSoto has completed a 405-metre combined reverse circulation and diamond drill hole at the Quantum Rare Earth Deposit, a significant milestone for the project. Core and chip samples from this hole are currently being logged and prepared for assay in Perth, which will provide critical data on the deposit's composition and potential economic value.
The Quantum discovery, located approximately 1.5 kilometres northeast of the Vesper target, adds a rare earth element dimension to the Spectrum Project, complementing the gold and copper focus and potentially broadening the project's appeal to investors and strategic partners.
Strategic Location and Operational Advantages
The Spectrum Project benefits from a strategic location within DeSoto's existing Fenton tenement area, leveraging prior exploration successes including a 2023 SkyTEM survey that identified key anomalies. The project lies within the Pine Creek inlier, a region known for its complex geology and mineralisation potential, covered by relatively shallow Cambrian sedimentary rocks.
Importantly, the project site at Tipperary Pastoral Station has no environmental concerns or Native Title complications, and the company holds an access agreement with the landholder. This smooth operational environment reduces potential delays and regulatory hurdles, allowing DeSoto to focus on exploration activities.
Financial Position Supports Exploration
DeSoto's exploration programs are underpinned by a solid cash position of $6.2 million, providing the financial flexibility to sustain drilling campaigns across its Northern Territory and Guinea projects. This funding cushion is critical as the company awaits assay results that will inform next steps, including potential resource updates or further drilling.
Managing Director Chris Swallow expressed optimism about the drilling progress and the potential of the Spectrum Project to deliver significant discoveries, highlighting the company's strategic approach to exploration in a highly prospective region.
Bottom Line?
As assay results loom, DeSoto’s dual-rig strategy at Spectrum could unlock new value in gold, copper, and rare earths.
Questions in the middle?
- What will the assay results from the Quantum Rare Earth deep hole reveal about deposit quality?
- How might the Vesper EM anomalies translate into defined mineral resources?
- Will DeSoto expand drilling or consider partnerships based on upcoming exploration outcomes?
