Diamond Drilling at Darlington Reveals Vertical Gold Trend; $900K Raised for 2026 Exploration

Exploration Momentum Builds at Darlington

North Stawell Minerals Ltd (ASX, NSM) has delivered a robust update on its December 2025 quarter activities, highlighting significant progress at its flagship Darlington Prospect within Victoria's Stawell Mineralised Corridor. The company’s diamond drilling program, including holes NSD059 and NSD060, has delineated a vertical, open-ended mineralised structure that bears strong geological and mineralogical similarities to the historically prolific Mariners Lode at Stawell, located just 6km to the south.

This vertical trend, still open at depth and along strike, suggests the potential for a substantial high-grade gold system. The drilling results build on a previous standout intercept in hole NSD057, which returned 2.3 metres at 28.2 grams per tonne gold, including a remarkable 0.8 metres at 82.3 grams per tonne. These findings underpin Darlington as the company’s principal exploration focus heading into 2026.

Enhanced Geological Understanding Through Surface Geochemistry

Complementing the drilling, an expanded surface geochemistry program has successfully traced gold anomalism over a 700 by 700-metre area, confirming the surface expression of mineralisation and revealing a previously unrecognised northeast-trending structural offset. This structural feature extends the interpreted mineralised corridor by approximately 600 metres, providing new targets for follow-up exploration.

The integration of geochemical data with drilling and historic datasets has sharpened the geological model, increasing confidence in targeting and supporting a systematic approach to exploration along the Darlington–Caledonia trend.

Corporate Strength and Strategic Funding

North Stawell Minerals has fortified its corporate platform by permanently appointing Campbell Olsen as Chief Executive Officer, following his interim tenure. Olsen’s leadership brings continuity and strategic focus as the company advances its exploration agenda.

During the quarter, NSM completed strategic capital raisings totaling approximately $900,000 through a placement and shortfall facility. These funds are earmarked to sustain and expand exploration activities, including surface geochemistry, geological interpretation, and drilling programs planned for early 2026. The capital initiatives ensure the company remains well-positioned to maintain exploration momentum amid challenging market conditions for junior gold explorers.

Looking Ahead, Exploration and Growth Prospects

With a fully funded work program, North Stawell Minerals is set to accelerate drilling at Darlington West and the Caledonia target, located 2km north along the same basalt-hosted trend. The company plans to deploy advanced geophysical techniques and air core drilling to refine high-grade zones identified through recent programs.

While the Wildwood Mineral Resource remains unchanged, the company continues to explore opportunities to expand its resource base and is alert to potential critical minerals and polymetallic targets within its tenements, though gold remains the primary focus.

Overall, NSM’s strengthened technical understanding, stable leadership, and strategic funding provide a solid foundation for systematic exploration and potential discovery within one of Victoria’s most prospective gold corridors.