Premier1’s Exploration Surge Raises Questions on Funding and Resource Upside
Premier1 Lithium’s maiden drilling at the Yalgoo Gold Project confirms multiple high-grade gold zones, while new targets emerge at Abbotts North and Mt Kersey, setting the stage for an active second half of 2025.
- Maiden RC drilling at Yalgoo confirms high-grade gold intercepts across Carlisle, Crescent South, and West Olive Queen
- New mineralised structures identified, including a previously untested north-dipping corridor at Carlisle
- High-grade rock chip samples up to 26.4 g/t Au at Mt Kersey and 11.7 g/t Au at Abbotts North
- Co-funded $180,000 drilling grant awarded by Western Australian Government for Mt Kersey and Central Block targets
- Follow-up mapping, geophysics, and drill planning underway ahead of H2 2025 exploration programs
Maiden Drilling Confirms High-Grade Gold at Yalgoo
Premier1 Lithium Limited (ASX, PLC) has delivered a promising start to its maiden reverse circulation (RC) drilling campaign at the Yalgoo Gold Project in Western Australia. The 27-hole, 3,126-metre program targeted structurally-hosted gold mineralisation across several prospects within the underexplored Yalgoo–Singleton Greenstone Belt. Notably, the Carlisle prospect returned standout results including 10 metres at 3.1 grams per tonne (g/t) gold from 19 metres, highlighted by a 7-metre interval at 4.3 g/t and a 2-metre zone grading 11.0 g/t. These intercepts not only confirm historical mineralisation but also reveal a new north-dipping mineralised structure previously untested by drilling.
At Crescent South, drilling intersected exceptionally high-grade gold, including 3 metres at 31.5 g/t from 97 metres, with a remarkable 1-metre intercept of 91.9 g/t. These results extend the known mineralised trend southwards, supported by drone magnetics and historical drilling, suggesting a larger mineralised system than previously understood. Meanwhile, initial drilling west of Olive Queen identified a new mineralised system with anomalous pathfinder elements, opening a fresh exploration front.
Expanding the Target Pipeline with New Discoveries
Beyond drilling, Premier1’s detailed litho-structural and geochemical studies have identified multiple high-priority targets at Mt Kersey and Central Block. Rock chip sampling at Mt Kersey yielded impressive gold grades up to 26.4 g/t and 14.2 g/t near historical workings, while geochemical anomalies indicate complex faulting and quartz dolerite associations. These targets lie outside the recent drilling footprint and are poised for future testing.
At the Abbotts North Project, located approximately 35 kilometres north of Meekatharra in the Murchison region, a second-phase mapping and rock chip sampling program uncovered encouraging gold mineralisation in previously unexplored zones. Highlights include 11.7 g/t and 1.6 g/t gold samples from a newly identified mineralised zone, supported by coincident gold-copper-arsenic soil anomalies. This work underscores the prospectivity of the granite-greenstone contact and sheared quartz-carbonate veining in the area.
Financial Position and Forward Plans
During the quarter, Premier1 invested $656,000 in exploration and evaluation activities, focusing on drilling, sampling, and technical studies. The company closed the period with $731,000 in cash reserves and secured a $180,000 co-funded drilling grant from the Western Australian Government’s Exploration Incentive Scheme, supporting upcoming RC and diamond drilling at Mt Kersey and Central Block. No substantive mining production or development activities were reported.
Managing Director Jason Froud emphasised the significance of the maiden drilling results and the expanding pipeline of high-quality targets. With follow-up drilling and exploration programs planned for the second half of 2025, Premier1 is entering a highly active phase aimed at unlocking the broader potential of its Western Australian portfolio.
Bottom Line?
Premier1’s maiden drilling success and expanding target portfolio set a robust foundation for a pivotal exploration phase in H2 2025.
Questions in the middle?
- How will follow-up drilling refine resource estimates and impact project valuation?
- What is the potential scale and continuity of the newly identified north-dipping mineralised structure at Carlisle?
- How does Premier1 plan to fund its accelerated exploration activities beyond current cash reserves?
