Lightning Minerals Accelerates Mt Turner Drilling After Strong Phase 1 Results

• Phase 1 drilling confirmed extensive gold, base metal, and silver mineralisation
• Phase 2 drilling program fully funded with A$2.5 million capital raise
• Focus on extending high-grade zones at Pit 3 and testing multiple new targets
• Gold mineralisation now defined over 12km along the Drummer Fault
• Additional soil sampling underway to refine exploration targets

Early Success at Mt Turner

Lightning Minerals Ltd (ASX – L1M) has announced the commencement of planning for a Phase 2 drilling program at its wholly owned Mt Turner Gold Project in Queensland. This follows a highly encouraging Phase 1 drilling campaign completed in November 2025, which confirmed a large-scale mineralised system extending over 12 kilometres along the Drummer Fault.

Phase 1 drilling intersected significant gold, base metal, and silver mineralisation in eight of nine holes, including standout results such as 20.4 metres at 2.4 grams per tonne gold (g/t Au) with a high-grade interval of 1.8 metres at 10.6 g/t Au from a shallow depth of 62 metres at Pit 3 (Drummer West). These results validate the presence of a shallow orogenic gold system with high-grade epithermal zones, providing a strong foundation for further exploration.

Phase 2 – Expanding the Footprint

With a successful A$2.5 million capital raise completed in December 2025, Lightning Minerals is fully funded to undertake an aggressive Phase 2 drilling program targeting up to 7,000 metres of reverse circulation and diamond drilling. The primary focus is on extending the high-grade mineralisation at Pit 3, where the company plans to test 600 metres of strike and down-dip extensions to rapidly build scale.

Beyond Pit 3, the Phase 2 program will also test multiple other high-priority targets identified during Phase 1, including the Cobar Line prospect, which has shown thick high-grade zinc, lead, and silver mineralisation; the Mt Turner Porphyry IP anomaly, which may indicate a large-scale copper system; the SOS Prospect with rock chip samples up to 21.9 g/t Au; and Pit 6 (Rocky Reward), where soil anomalies suggest potential extensions of known mineralisation.

Strategic Soil Sampling and Geological Context

Complementing the drilling, a systematic soil sampling program is underway between Pit 3 and Pit 5 to trace geochemical anomalies along north-south trending fault structures. This work aims to identify new mineralised zones and refine drill targets, potentially unlocking new gold corridors adjacent to the Drummer Fault.

The Mt Turner Project is situated in a highly prospective geological setting approximately 15 kilometres northwest of Georgetown in North Queensland. The dominant Drummer Fault structure, historically mined in the 1990s, has been confirmed as a significant mineralised corridor with multiple intersecting faults creating favourable conditions for high-grade mineralisation. The project’s geological model includes a multi-stage felsic magmatic system with porphyry copper-gold potential, supported by geophysical and geochemical data.

Outlook and Market Implications

Lightning Minerals’ Managing Director Alex Biggs highlighted the early-stage nature of the project but expressed confidence in the potential for rapid growth. The company’s strategy to systematically test extensions of known mineralisation and explore new targets positions Mt Turner as a compelling opportunity in the Australian gold and base metals sector. With Phase 2 drilling scheduled to commence in early 2026, the market will be watching closely for results that could significantly enhance resource estimates and shareholder value.

Bottom Line?

As Lightning Minerals gears up for Phase 2 drilling, Mt Turner’s evolving mineral system could soon reshape its resource profile and market standing.

Questions in the middle?

• Will Phase 2 drilling confirm continuity and expansion of high-grade zones at Pit 3?
• How significant is the copper potential indicated by the Mt Turner Porphyry IP anomaly?
• What new targets might emerge from ongoing soil sampling between Pit 3 and Pit 5?