Octava Minerals has restarted drilling at its Federation project in Tasmania after nearly 50 years, revealing promising high-grade indium and other critical minerals, while advancing bioleaching initiatives at its Byro project in Western Australia.
- First drilling in almost five decades at Sweeney’s prospect uncovers high-grade indium
- Successful EM survey confirms sulphide mineralisation in challenging granite host rock
- Byro project bioleaching tests show strong recoveries of rare earth elements and lithium
- Raised $1.5 million in placement to fund ongoing exploration and testwork
- Cash position of $1.74 million with no debt supports upcoming drilling and bioleaching scale-up
Historic Drilling Resumes at Federation Project
Octava Minerals Limited (ASX – OCT) has marked a significant milestone by commencing diamond drilling at the Sweeney’s prospect within its Federation project in Tasmania. This marks the first drilling activity at the site since the late 1970s, a period when sulphide mineralisation was initially encountered. The current 2000-metre program aims to delineate the tonnage and grade potential of this polymetallic deposit, which includes copper, zinc, silver, tin, and notably, indium; a critical mineral for high-tech applications.
Discovery of High-Grade Indium and Polymetallic Potential
Recent rock chip sampling at Sweeney’s has revealed previously unrecognised indium concentrations reaching up to 860 parts per million, alongside impressive grades of zinc (27.5%), tin (5.97%), silver (434 g/t), and copper (0.58%). Indium’s role in manufacturing touchscreens, solar panels, and military equipment underscores the strategic value of this find. These results suggest a polymetallic system with diverse economic potential, warranting further exploration.
EM Survey Validates Exploration Approach
Complementing the drilling, a fixed loop electromagnetic (EM) survey has successfully detected strong conductance associated with sulphide mineralisation in the nonconductive granite host rock. This is a breakthrough, as EM techniques had not been previously applied at Sweeney’s. The survey’s positive response supports plans for a broader EM program to better define mineralised zones and guide future drilling.
Byro Project Advances with Bioleaching and Drilling
In Western Australia, Octava has initiated an 1100-metre air-core drilling program at the Byro Critical Minerals Project, targeting Permian black shales known for rare earth elements (REEs) and lithium. This follows encouraging bioleaching testwork conducted by CSIRO and BiotaTec, which demonstrated excellent recoveries of key elements such as neodymium, praseodymium, dysprosium, lithium, and terbium. Bioleaching offers a more environmentally friendly and cost-effective extraction method, positioning Byro as a potentially significant source of critical minerals.
Financial Position and Future Outlook
Octava strengthened its financial position by raising $1.5 million through a placement to sophisticated investors, ending the quarter with $1.739 million in cash and no debt. The company plans to continue its exploration momentum with further drilling, EM surveys, and scaled bioleaching testwork in the first quarter of 2026. Meanwhile, no exploration activity was reported at the Yallalong and East Kimberley projects during the quarter, with Octava focusing resources on its highest-potential assets.
Bottom Line?
Octava’s blend of historic revival and innovative bioleaching positions it well to unlock critical mineral value in 2026.
Questions in the middle?
- What will the assay results from the recent Sweeney’s drilling reveal about resource size and grade?
- How will scaling up bioleaching at Byro impact project economics and timelines?
- Will the expanded EM surveys at Federation uncover additional high-grade mineralised zones?