M3 Mining Limited has identified promising new drill targets at its Edjudina Gold Project and secured additional funding to advance exploration activities, positioning the company for potential growth in Western Australia’s gold sector.
- New drill targets identified at Yilgangie and El Capitan within Edjudina Project
- Initial drilling underway focusing on high-priority geophysical targets
- Successful tranche 2 placement raises funds to support exploration
- Cash balance of approximately AUD 1.84 million at quarter end
- Ongoing evaluation of resource project acquisitions to expand portfolio
Edjudina Project Review and New Targets
M3 Mining Limited (ASX, M3M) has reported a productive quarter ending December 2025, highlighted by a comprehensive project-wide review at its 100%-owned Edjudina Gold Project in Western Australia. The review successfully pinpointed new drill targets at the Yilgangie and El Capitan prospects, both of which exhibit geological similarities to the adjacent Northern Star Resources’ Porphyry Mine, a significant regional gold producer.
The company’s geophysical targeting and detailed analysis of historic data have revealed highly prospective zones, particularly within alkalic intrusive host rocks known to control gold mineralisation. These findings have prompted M3 Mining to commence initial drilling programs aimed at testing these newly identified targets and potential extensions of known mineralisation zones.
Geophysical Insights and Drilling Strategy
Advanced geophysical reviews, including reprocessed airborne magnetic imagery, have delineated two major mineralised corridors within the Edjudina Project, the Carosue Dam corridor and the Porphyry corridor. Priority drilling targets have been identified along these corridors, with particular focus on the Yilgangie-Porphyry and Capitan-El prospects. The presence of cross-cutting faults and shears, alongside alkalic intrusives, suggests structural complexity conducive to gold deposition.
Drilling at Yilgangie and El Capitan is underway, with the company aiming to validate the potential extensions of mineralisation and explore untested soil anomalies. These efforts align with M3 Mining’s strategy to systematically assess and prioritise exploration targets that could yield material discoveries.
Financial Position and Corporate Developments
On the corporate front, M3 Mining successfully completed the second tranche of a placement following shareholder approval in October 2025. The capital raising has bolstered the company’s cash reserves to approximately AUD 1.84 million, providing a solid financial foundation to execute its exploration plans at Edjudina and the Victoria Bore Copper Project.
Additionally, the company continues to evaluate multiple resource project acquisition opportunities, aiming to expand or diversify its portfolio. Preliminary commercial discussions are underway, reflecting a proactive approach to growth beyond current assets.
Looking Ahead
M3 Mining’s management remains confident in the potential of the Edjudina Gold Project, with Non-Executive Director Tyler Formica emphasising the significance of the new drill targets and the company’s strong funding position. The coming months will be critical as drilling results emerge and heritage surveys progress, potentially unlocking further value for shareholders.
Bottom Line?
As drilling advances and corporate strategies unfold, M3 Mining stands at a pivotal point to transform exploration potential into tangible growth.
Questions in the middle?
- What initial assay results will the ongoing drilling at Yilgangie and El Capitan reveal?
- How soon will heritage surveys be completed to enable expanded drilling programs?
- What are the prospects and timelines for potential acquisitions under evaluation?