Blaze Raises $2.4M as Loulombo Drilling and Ugandan Critical Mineral Discoveries Advance

Regulatory Green Light and Drilling Mobilisation at Loulombo

Blaze Minerals Limited (ASX – BLZ) has reached a significant milestone with the completion of all regulatory requirements, including an Environmental Impact Assessment and community engagement, for its maiden drilling program at the Loulombo Project in the Republic of the Congo. The company has mobilised a reverse circulation (RC) rig to site, with drilling scheduled to commence imminently. This follows the formal acquisition of an 80% interest in the project earlier this year.

Mimpala Target – A Multi-Metal Prospect with Exceptional Assays

The Loulombo Project’s Mimpala Target has attracted artisanal mining activity since its discovery in 2022, highlighting its potential. Recent sampling campaigns have returned outstanding channel and rock-chip assay results, including lead grades exceeding 60%, vanadium over 13%, and notable concentrations of copper and zinc. Importantly, re-assays have revealed significant levels of critical metals gallium and germanium, with channel samples showing up to 238 ppm Ga2O3 and 212 ppm GeO2. These findings position Mimpala as a compelling multi-metal target with both base and critical metals.

Critical Mineral Breakthrough at Ntungamo Project, Uganda

In Uganda, Blaze’s Ntungamo Project has confirmed a new critical mineral discovery through diamond drilling. Assay results from five drill holes have identified high-grade gallium and rubidium mineralisation within pegmatite bodies, with intercepts such as 12 meters at 33 ppm Ga2O3 and 494 ppm Rb2O. This discovery complements the company’s strategic focus on critical minerals essential for emerging technologies and clean energy applications.

Capital Raising and Financial Position

To support its aggressive exploration agenda, Blaze Minerals successfully completed a capital raising of approximately $2.42 million during the quarter, including $100,000 from directors. Exploration expenditure totaled $886,000, reflecting active field programs across its projects. The company ended the quarter with $1.29 million in cash, positioning it to fund ongoing drilling and evaluation activities. Notably, no substantive mining production or development activities were reported during the period.

Outlook and Strategic Implications

Blaze Minerals is advancing rapidly from exploration to drilling at Loulombo, with assay results from the maiden campaign eagerly anticipated. The combination of high-grade base metals and critical metals at Mimpala could unlock significant value, especially given the growing demand for critical minerals globally. Meanwhile, the Ntungamo discovery reinforces the company’s footprint in East Africa’s critical minerals space. Investors will be watching closely as Blaze leverages its recent capital raise to accelerate exploration and potentially delineate economically viable mineral resources.