Australian Mines Limited has launched a major diamond drilling program at its Boa Vista Gold Project in Brazil, uncovering a promising new high-grade zone and securing $6.5 million in capital to accelerate exploration.
- Commencement of ~3,000m diamond drilling at Boa Vista targeting extensions and high-grade structures
- Discovery of Biota Zone with exceptional gold grades adjacent to historic VG1 resource
- Preparation for ~1,000m scandium drilling program at Flemington, NSW, with potential expansion
- Independent testing confirms metal hydride’s robust hydrogen storage and cycling capabilities
- Raised $6.5 million in July and October placements to fund exploration and development activities
Boa Vista Gold Project – Advancing Exploration in a Tier-One Jurisdiction
Australian Mines Limited has made significant strides in its Brazilian portfolio during the September quarter, notably at the Boa Vista Gold Project located in the prolific Tapajós Gold Province. The company commenced a substantial diamond drilling campaign of approximately 3,000 metres, designed to test strike extensions, depth potential, and high-grade oblique structures within the VG1 prospect. This program follows the securing of drilling permits and completion of detailed geophysical surveys including LiDAR and drone magnetics.
Adding to the excitement, Australian Mines confirmed the discovery of a new near-surface high-grade zone named Biota, adjacent to the historic VG1 resource. Channel sampling returned remarkable gold intercepts such as 2.0 metres at 52.10 grams per tonne and 7.0 metres at 7.88 grams per tonne, indicating mineralisation that was previously untested by drilling. This discovery could materially enhance the project's resource base and economics once assay results are fully integrated.
Flemington Scandium Project – Drilling Set to Unlock Further Potential
In New South Wales, Australian Mines is preparing to initiate a ~1,000 metre auger drilling program at its Flemington Scandium Project, targeting a large underexplored geophysical anomaly. Although a short delay occurred due to permitting and site access finalisation, drilling is now expected to commence in mid-November with scope to increase depending on initial results. Flemington already hosts one of the world’s highest-grade scandium resources, and new data could feed into an updated Scoping Study to improve project economics.
Metal Hydride Technology – Independent Validation Supports Energy Storage Potential
Australian Mines’ MH-May24 metal hydride sample underwent independent evaluation by the Hydrogen Materials Advanced Research Consortium (HyMARC), part of the U.S. Department of Energy’s Energy Materials Network. The results corroborated previous findings, confirming the material’s capacity for repeated hydrogen absorption and desorption cycles, a critical factor for multi-year, long-duration energy storage applications. This validation strengthens Australian Mines’ position in the emerging clean energy materials sector and opens avenues for future partnerships and pilot projects.
Capital Raising and Financial Position
To underpin its aggressive exploration and development agenda, Australian Mines successfully raised a total of $6.5 million through placements in July and October 2025. These funds are earmarked to support the Boa Vista drilling program, the Flemington scandium exploration, and ongoing metallurgical and resource studies. The company ended the quarter with a cash balance of approximately $2.43 million, positioning it to maintain momentum into the final quarter of the year.
Looking Ahead – Drilling, Assays, and Resource Updates
In the coming quarter, Australian Mines plans to complete the Phase 1 drilling at Boa Vista and release assay results that will inform resource model updates and follow-up drilling strategies. At Flemington, the drilling program and subsequent assays will feed into an updated Scoping Study targeted for early 2026. Additionally, exploration continues at the Jequie and Resende projects in Brazil, focusing on rare earth elements and battery minerals, with further drilling and metallurgical work planned. The company also aims to advance discussions on the Sconi Battery Minerals Project, seeking strategic partners and offtake agreements.
Bottom Line?
Australian Mines is poised for a pivotal quarter as assay results and expanded drilling programs could redefine its resource potential and market positioning.
Questions in the middle?
- Will the upcoming assay results at Boa Vista confirm the high-grade potential indicated by Biota Zone sampling?
- How might the Flemington drilling outcomes influence the planned Scoping Study and project economics?
- What partnerships or commercial pathways will emerge from the promising metal hydride energy storage technology?