Infinity Mining Uncovers New Gold Target, Divests Leonora Project, Raises $282K

Exploration Momentum in Eastern Australia

Infinity Mining Limited (ASX – IMI) has reported significant progress in its exploration activities across New South Wales and Victoria during the June quarter of 2025. The standout development is the identification of a new gold target at the Sir Walter Scott Gold prospect, situated roughly three kilometres south of the historic Cangai Copper Mine in northern NSW. Historical data reveals that the Sir Walter Scott mine yielded nearly 1,800 ounces of gold at an impressive average grade of 25 grams per tonne during the 1890s, underscoring the prospect's potential.

Recent rock chip sampling has confirmed the presence of gold mineralisation, with assays showing 12 samples exceeding 1 gram per tonne gold, and a peak assay of 15.8 grams per tonne. Complementing these findings, a reprocessed LiDAR survey has unveiled multiple historical workings and a structural corridor that may connect Sir Walter Scott to Novo Resources’ John Bull Gold Project, located about three kilometres northwest, where recent exploration has also reported encouraging gold results.

Strategic Portfolio Realignment

In a move to sharpen its focus on core assets, Infinity Mining executed a binding Share Sale Agreement with U Resource Pty Ltd and Evergreen Lithium Limited (ASX – EG1) to divest its Leonora Goldfields Project in Western Australia. The deal includes a combination of cash, upfront and deferred shares, and milestone payments contingent on future resource delineation, allowing Infinity to retain exposure through a substantial shareholding in EG1. This transaction not only aligns with the company’s strategic priorities but also provides additional funding to support ongoing exploration efforts in its Eastern Australian projects.

Capital Raising and Corporate Developments

To bolster its financial position, Infinity successfully completed a pro-rata non-renounceable Loyalty Option Offer, raising approximately $282,010. The offer, fully underwritten by CPS Capital Group and partially by a major shareholder, will fund exploration and general working capital needs. The company’s cash balance stood at $321,096 at the end of June, reflecting the combined impact of the capital raise and the Leonora transaction deposit.

On the corporate front, Infinity appointed Mr. Cameron Petricevic as a Non-Executive Director, replacing Dr. Michael Kale. Mr. Petricevic brings over two decades of financial and governance expertise, enhancing the board’s capacity to navigate the challenges of ASX-listed mining ventures.

Ongoing and Future Exploration Plans

Looking ahead, Infinity’s technical team is preparing for a field program at Sir Walter Scott in the third quarter of 2025, focusing on geological mapping and surface geochemical sampling to validate historical assay results and guide subsequent exploration stages. Concurrently, exploration planning continues at the Bogong Copper Project in NSW, where newly identified electromagnetic conductors present untested targets for potential deeper copper mineralisation.

In Victoria, re-analysis of historical stream sediment samples at the Tanjil Bren and Walhalla South Extension projects is underway, employing modern geochemical techniques to uncover new gold targets. Meanwhile, negotiations for divesting Pilbara projects remain active, though no new exploration results have been reported this quarter.