Funding Boost Puts Pressure on Enterprise Metals to Deliver Exploration Results
Enterprise Metals Limited reported promising drilling results and secured significant funding to advance multiple Western Australian projects in gold, copper, and rare earths exploration.
- Successful drilling at Doolgunna gold-copper project with notable gold intercepts
- Planned air core drilling at Murchison targeting rare earths and base metals
- Completion of extensive soil sampling and drilling plans at Mandilla gold project
- Secured $90,000 government grant under WA Exploration Incentive Scheme
- Raised $780,000 through share placement to fund exploration and working capital
Exploration Progress at Doolgunna
Enterprise Metals Limited (ASX, ENT) has made tangible progress during the September 2025 quarter, particularly at its 100%-owned Doolgunna Project in Western Australia. The company completed a Reverse Circulation (RC) and Air Core (AC) drilling program targeting the Vulcan and Goodins Fault gold prospects. Noteworthy results include a 16-meter intercept grading 1.25 grams per tonne gold from 40 meters depth, alongside several other near-surface gold mineralisation zones. These results confirm the presence of coherent mineralisation and provide a foundation for further detailed exploration.
Expanding Rare Earth and Base Metals Targets at Murchison
At the Murchison Project, Enterprise is preparing for a 23-hole Air Core drilling campaign adjacent to Victory Metals’ North Stanmore rare earth element resource. The program has received regulatory approval and a heritage agreement with the Wadjarri Yamaji people, highlighting the company’s commitment to responsible exploration. The drilling aims to test conductive clay zones identified by airborne electromagnetic surveys, potentially expanding the company’s footprint in rare earths and base metals.
Mandilla Project Soil Sampling and Drilling Plans
Further soil sampling at the Mandilla gold project has refined targets for upcoming Air Core drilling. With 365 ultrafine soil samples analysed, Enterprise has designed five drill traverses to test anomalous gold zones, including areas adjacent to syenite margins and previously identified high-grade intercepts. This systematic approach aims to unlock new gold discoveries within this granted tenement.
Strategic Funding and Government Support
Enterprise secured a $90,000 grant from the Western Australian Government’s Exploration Incentive Scheme, covering nearly half of the planned drilling budget at Doolgunna. Additionally, the company successfully raised $780,000 through a share placement, issuing 260 million new shares at $0.003 each. These funds are earmarked to accelerate exploration at Doolgunna, Mandilla, Eneabba heavy minerals, and Murchison projects, while also bolstering working capital.
Managing Multiple Projects and Future Prospects
Beyond active drilling, Enterprise continues to manage a portfolio of tenements across Western Australia, including the Eneabba East Project under option agreement and the Fraser Range joint venture. While base metals assay results from recent drilling remain pending, the company’s strategic exploration and funding initiatives position it well to advance its resource potential. Related party payments of $80,000 were disclosed, consistent with ongoing consulting arrangements.
Bottom Line?
With solid drilling results and fresh capital, Enterprise Metals is poised to deepen its footprint in WA’s competitive exploration landscape.
Questions in the middle?
- When will the pending base metals assay results from Doolgunna be released, and how might they impact project valuation?
- What are the timelines and likelihood for securing final land access approvals at Eneabba East for drilling?
- How will Enterprise prioritize its multiple projects given current cash reserves and exploration commitments?
