Lightning Minerals has confirmed extensive gold and base metal mineralisation along a 12km strike at its Mt Turner Project, Queensland, following a successful inaugural drill program. The company secured A$2.5 million to fund an ambitious Phase 2 drilling campaign set for early 2026.
- Completion of nine-hole inaugural drill program at Mt Turner
- Gold and base metal mineralisation confirmed in all drill holes
- Strike length of mineralisation along Drummer Fault extended to 12km
- A$2.5 million capital raise completed to fund Phase 2 drilling
- Appointment of experienced mining executive David Vilensky as Non-Executive Chairman
Strong Start at Mt Turner
Lightning Minerals (ASX – L1M) has delivered a promising start to its exploration campaign at the Mt Turner Project in Queensland, completing a nine-hole inaugural diamond drill program that confirmed gold and base metal mineralisation in every hole. Notably, the company intercepted high-grade epithermal gold, alongside significant zinc and silver zones, underscoring the project's potential as a multi-commodity mineral system.
The standout intersection came from Pit 3 (Drummer West), where 20.4 metres graded at 2.4 grams per tonne gold, including a high-grade 1.8-metre interval at 10.6 grams per tonne gold with accompanying silver. Meanwhile, the Cobar prospect revealed robust base metal mineralisation, including a 17.2-metre zone averaging 6.2% zinc and 10.3 grams per tonne silver.
Expanding the Mineralised Footprint
Beyond drilling, extensive soil and rock chip sampling has significantly expanded the known mineralised footprint along the Drummer Fault to 12 kilometres, an increase of 2.7 kilometres westward from previous limits. Rock chip assays returned impressive gold grades up to 21.9 grams per tonne, suggesting the presence of multiple satellite targets and a broader mineralised corridor than initially anticipated.
These findings support Lightning Minerals’ evolving exploration model, which highlights the interplay of orogenic and epithermal gold systems, with porphyry copper-molybdenum potential at depth. The identification of quartz-feldspar porphyry intrusions and multi-phase mineralisation events adds further geological intrigue and potential scale to the project.
Funding the Next Phase
To capitalise on these encouraging results, Lightning Minerals successfully completed a capital raising of A$2.5 million, fully funding the planned Phase 2 drilling campaign scheduled for the first quarter of 2026. The raise was conducted in two tranches, with the first tranche settled and the second pending shareholder approval. Joint lead managers GBA Capital Holdings and Evolution Capital facilitated the placement, which included options to incentivise brokers.
The Phase 2 program aims to test the depth and strike extensions of the mineralisation, focusing on high-priority targets identified through the initial drill results and geochemical sampling. This next stage will be critical in assessing the economic potential of the Mt Turner system.
Strategic Leadership and Broader Portfolio
Complementing its operational progress, Lightning Minerals appointed Mr David Vilensky as Non-Executive Chairman during the quarter. With over 35 years of experience in corporate governance and mining, Mr Vilensky brings valuable expertise to guide the company through its growth phase.
Meanwhile, the company continues to advance lithium target generation at its Brazilian projects in Minas Gerais, including Caraíbas, Canabrava, and Esperança, positioning itself to benefit from improving lithium market sentiment. Other Australian and Canadian projects remain under review, highlighting a diversified exploration portfolio.
Financial Position and Outlook
Lightning Minerals reported exploration expenditure of A$934,000 for the quarter, primarily directed at Mt Turner and lithium target generation in Brazil. The company ended the period with a cash balance of A$1.08 million, supported by the recent capital raise, providing a solid financial footing for upcoming activities.
With Phase 2 drilling imminent and a growing pipeline of targets, Lightning Minerals is poised to further unlock value at Mt Turner while maintaining optionality across its broader asset base.
Bottom Line?
As Lightning Minerals gears up for Phase 2 drilling, the market will watch closely to see if the expanded mineralisation at Mt Turner translates into a significant resource.
Questions in the middle?
- Will Phase 2 drilling confirm the depth and strike continuity of high-grade mineralisation at Mt Turner?
- How will shareholder approval of the second tranche of the capital raise impact funding and exploration momentum?
- What progress can be expected on lithium project drill readiness amid evolving market conditions?