Mount Hope Mining has defined a maiden gold exploration target at Mt Solitary and more than doubled its landholding in the Cobar basin, setting the stage for a maiden drill program in September 2025.
- Maiden gold exploration target at Mt Solitary – 42.5 to 81.4 thousand ounces
- Strategic tenement expansion doubles landholding to 422 km²
- Completion of detailed geophysical surveys identifying clear drill targets
- Successful Loyalty Option Offer raising $93,125 from existing shareholders
- Maiden drill program planned for September quarter to test multiple prospects
Exploration Breakthrough at Mt Solitary
Mount Hope Mining Limited (ASX, MHM) has delivered a significant update in its June 2025 quarterly report, highlighting the definition of a maiden gold exploration target at its Mt Solitary project in New South Wales' prolific Cobar basin. The target range, estimated between 42,500 and 81,400 ounces of gold, is based on extensive historical drilling data and marks a pivotal step towards establishing a formal mineral resource.
This Exploration Target, while conceptual and not yet classified as a Mineral Resource under the JORC Code, draws on over 12,000 meters of historical drilling and incorporates high-grade intercepts, including standout results such as 46 meters at 3.18 grams per tonne gold. The company’s Managing Director, Fergus Kiley, emphasised that these findings de-risk the project and underpin plans for a maiden drill program scheduled for the September quarter.
Strategic Land Acquisition Doubles Footprint
In a strategic move, Mount Hope Mining has more than doubled its contiguous landholding to approximately 422 square kilometres through the acquisition of Exploration Licence ELA 6902. This expansion secures additional strike length along the Scotts Craig Fault, a key structural feature known to control mineralisation in the region. The newly acquired ground was selected following a comprehensive review of over 15,000 historic surface geochemical samples, revealing multiple polymetallic anomalies that align with the company’s exploration focus.
Advancing Drill Targets with Geophysical Surveys
Complementing its land expansion, Mount Hope completed extensive geophysical surveys during the quarter, including 10 lines of Electromagnetic (EM) and 8 lines of Induced Polarisation (IP) surveys across nine prospects. These surveys, combined with soil geochemistry results, have delineated coherent drill targets at key prospects such as Mt Hope East and Black Hill. The co-location of geochemical anomalies with geophysical chargeability responses provides a robust framework for the upcoming drill campaign.
Capital Position and Shareholder Support
Mount Hope Mining maintains a healthy cash balance of nearly $4 million as of June 30, 2025, following exploration expenditure of $518,285 during the quarter. The company also successfully completed a Loyalty Option Offer, raising $93,125 from existing shareholders, which was significantly oversubscribed. This capital injection, while modest, reflects strong shareholder confidence ahead of the maiden drilling phase.
Looking Ahead, Maiden Drill Program and Resource Development
The company’s immediate focus is on executing its maiden drill program in the September quarter, targeting Mt Solitary alongside other advanced prospects such as Mt Hope East and Black Hill. Assay results from these programs will be critical in advancing Mt Solitary towards a maiden Mineral Resource estimate. Additionally, follow-up geophysical surveys and regulatory permitting are underway to support ongoing exploration momentum.
Situated within a well-established mining district with access to infrastructure and historical mining centres, Mount Hope’s expanded portfolio positions it well to capitalize on the region’s polymetallic potential. The company’s methodical approach to exploration and land acquisition underscores its commitment to unlocking value for shareholders and advancing its projects towards development.
Bottom Line?
Mount Hope Mining’s upcoming drill results will be pivotal in transforming exploration targets into tangible resources, setting the tone for its next growth phase.
Questions in the middle?
- Will the maiden drill program confirm the Exploration Target and support a Mineral Resource upgrade?
- How will the expanded landholding influence the company’s exploration strategy and potential discoveries?
- What are the prospects for securing a processing pathway via nearby mills to expedite project development?