Mantle’s Exploration Push Hinges on Yule River Drilling and Capital Return Progress

Exploration Momentum at Yule River

Mantle Minerals Ltd (ASX – MTL) has reported a significant step forward in its exploration efforts with the identification of eleven priority targets at the Yule River Project in Western Australia. This follows a detailed reinterpretation of airborne magnetic data originally collected in 2020, revealing potential extensions of a concealed greenstone belt known to host valuable mineralisation.

The project area, located about 35 kilometres west of Port Hedland, sits at the structural crossroads of the Sholl and Yule River Shear Zones. This complex geological setting is considered highly prospective for a range of mineral systems, including volcanic-hosted massive sulphide (VHMS), orogenic gold, and magmatic nickel-copper-platinum group elements (PGE).

Target YR1 – A Standout Prospect

Among the identified targets, YR1 stands out as the highest priority VHMS feeder prospect. It is spatially associated with a magnetic anomaly previously tested by Western Mining Corporation in the early 1990s. Historical drilling intersected alteration minerals such as talc, antigorite, magnetite, and hematite, alongside a modest gold anomaly of 46 parts per billion. These features suggest a possible feeder conduit beneath felsic volcanic rocks, a key indicator of VHMS mineralisation potential.

To refine drill targeting, Mantle is advancing plans for a ground gravity survey over YR1, which will help model subsurface density variations and integrate with existing magnetic data. This approach underscores the company’s methodical strategy to de-risk exploration before committing to drilling.

Progress at Pardoo and Carlton Hill

Elsewhere, Mantle continues to compile and reinterpret historical data at the Pardoo Project, situated roughly 120 kilometres east of Port Hedland. The project lies within the Pardoo Shear Zone, a corridor known for iron-oxide and shear-related base metal mineralisation. Notably, Pardoo hosts the Highway Nickel Deposit, with a JORC-compliant resource of approximately 67,000 tonnes of contained nickel, providing a solid foundation for future exploration prioritisation.

At Carlton Hill, located in the Bonaparte Basin near Kununurra, the company is undertaking initial reconnaissance and data compilation. The area is prospective for carbonate-hosted lead-zinc-silver deposits and lies close to the Sorby Hills deposit, where significant resources have been defined by other explorers. Carlton Hill remains underexplored, presenting an intriguing opportunity for Mantle to expand its portfolio.

Corporate and Financial Update

On the corporate front, Mantle has progressed its previously announced return of capital to shareholders, with the majority having received initial payments. The company continues to process outstanding distributions for shareholders with incomplete banking or tax details.

Exploration expenditure for the quarter totaled approximately A$137,000, focused primarily on the Pardoo and Yule River projects. There were no substantive mining production activities during the period. Mantle ended the quarter with cash and cash equivalents of A$5.7 million, providing a runway of nearly 20 quarters at current expenditure levels.

Overall, Mantle Minerals is methodically advancing its exploration pipeline across multiple promising projects while maintaining financial discipline and shareholder returns. The coming months will be critical as geophysical surveys and field verification work pave the way for targeted drilling campaigns.