Subtle Surface Signals at Caledonia Pose Challenge Ahead for NSM

Surface Geochemistry Highlights Mineralised Trend

North Stawell Minerals (ASX – NSM) has reported encouraging results from a 1.6-kilometre soil sampling test-line at its Caledonia Prospect in Victoria. The survey successfully delineated a subtle but coherent 300-metre wide gold and arsenic geochemical anomaly that aligns with the interpreted Darlington-Caledonia mineralised trend. This trend is part of a 3.6-kilometre corridor that NSM has identified as a key focus for exploration in 2026.

Using a refined surface geochemistry technique involving fine fraction sampling and total digest assays, NSM has improved upon historic geochemical data that previously failed to convincingly highlight surface gold trends at Caledonia. The new method’s ability to detect subtle anomalies under a thin blanket of unmineralised Murray Basin sediments offers a promising tool to guide further exploration.

Strategic Location Near Multi-Million Ounce Stawell Mine

Caledonia sits on the eastern margin of a basalt unit that is geologically connected to the multi-million-ounce Stawell Gold Mine, located about 8 kilometres to the south. The prospect hosts an open, shallow gold mineralisation trend with historic intercepts including 1 metre at 12.15 grams per tonne gold. NSM interprets the mineralisation style at Caledonia as similar to the Mariners-type deposits found above the basalt flanks, which have historically yielded high-grade gold.

Bill Reid, NSM’s Executive Director and Head of Exploration, emphasised the significance of the surface geochemistry results, noting the coherent clustering of gold and arsenic anomalies along the trend. He highlighted that these findings provide confidence to expand sampling northward and refine drill targets beyond previously tested areas.

Next Steps – Drilling and Expanded Surveys

Building on the positive geochemical results, NSM plans to undertake an air core drilling program in March 2026 aimed at testing for more substantial gold mineralisation beneath the sediment cover and in weathered rock zones. Success in this shallow drilling phase could pave the way for deeper diamond drilling to explore mineralisation at depth.

Additionally, NSM intends to extend the surface geochemical survey into a broader grid across Caledonia to better define the surface expression of mineralisation and identify new drill targets. The company is also considering geophysical methods such as induced polarization surveys to further delineate mineralised structures.

Secure Tenure and Historical Context

The North Stawell Project covers a contiguous 445 square kilometre area with granted exploration licences and secure tenure arrangements, including an earn-in agreement with Stawell Gold Mines. The project area has a rich exploration history dating back to the 1970s, with multiple campaigns of drilling and geochemical sampling. NSM’s work integrates this legacy data with modern techniques to enhance targeting precision.

The Caledonia Prospect itself is situated on freehold farming land with minor Crown land nearby, facilitating access for exploration activities. The thin sediment cover in the area preserves the potential for shallow mineralisation repeats analogous to the nearby Stawell deposit.

Outlook for NSM’s 2026 Exploration Program

NSM’s confirmation of a mineralised gold trend at Caledonia via surface geochemistry marks a meaningful step forward in its 2026 exploration agenda. The combination of improved geochemical detection methods, strategic location adjacent to a world-class gold mine, and planned drilling programs positions the company well to advance its understanding of the Darlington-Caledonia trend’s gold potential.

While the anomalies detected are subtle and require further validation through drilling, the multiple layers of evidence suggest that Caledonia could host significant high-grade gold mineralisation. Investors and analysts will be watching closely as NSM progresses its exploration activities in the coming months.