Reward Minerals Secures Key Licence to Unlock Jackpot Prospect Extensions
Reward Minerals has expanded its Mountain Pond Gold Project in Newfoundland by acquiring a new mineral licence adjoining the Jackpot Prospect, setting the stage for maiden drilling in 2026. This strategic consolidation unlocks a highly prospective fault zone with historic gold and multi-element anomalies but no prior drilling.
- Binding Letter of Intent executed for new mineral licence adjoining Mountain Pond Project
- Consolidation of ground along Sullivan Pond Fault for first time in 15 years
- Historic soil and heavy mineral sampling show strong gold and base metal anomalies
- Jackpot Prospect extensions captured with rock-chip assays up to 23.77 g/t Au and 7.48% Cu
- No historic drilling on combined tenure; maiden drill testing planned for 2026
Strategic Acquisition Consolidates Highly Prospective Ground
Reward Minerals Limited (ASX:RWD) has taken a significant step forward in its Newfoundland exploration campaign by executing a binding Letter of Intent to acquire a new mineral licence contiguous with its Mountain Pond Gold Project. This acquisition consolidates a critical section of the Sullivan Pond Fault, a regional structure known for hosting gold and base metal mineralisation, for the first time in 15 years. The move enables Reward to undertake systematic and unified exploration across this highly prospective fault zone.
Historic Sampling Highlights Multi-Element Anomalies
Historic exploration data compiled by Reward reveals compelling multi-element geochemical anomalies within the newly acquired ground. Soil sampling has returned gold values up to 1.88 grams per tonne, while heavy mineral concentrate samples have yielded gold assays as high as 114 grams per tonne. These anomalies are spatially associated with a demagnetised zone along the Sullivan Pond Fault, indicating potential hydrothermal alteration and mineralisation.
Extension of High-Grade Jackpot Prospect
The acquisition notably captures potential strike and dip extensions of the Jackpot Prospect, a known high-grade target within the Mountain Pond Project. Historic rock-chip sampling at Jackpot has returned exceptional assays, including up to 23.77 grams per tonne gold and 7.48% copper from a 3 to 5 metre wide quartz-sulphide vein. Despite these promising surface results, no historic drilling has been conducted across the combined tenure, underscoring the opportunity for Reward to make a significant discovery.
Planning for Maiden Drilling in 2026
Reward’s management is currently compiling all available historic geoscientific data and planning a confirmation sampling program to validate the historic results. The company aims to generate a priority target list for drilling, with maiden drill testing scheduled for the 2026 field season. CEO Lorry Hughes emphasised the exceptional nature of the opportunity, noting the rarity of such prospective ground remaining untested by drilling in a well-explored mineral district.
Acquisition Terms and Future Outlook
The acquisition terms include upfront cash payments, the issuance of Reward shares to vendors, and a 1% net smelter return royalty retained by the vendors. Additionally, Reward holds the right to purchase the royalty for CA$1 million. The company also agreed to issue further shares if a mineral resource exceeding 750,000 ounces of gold equivalent is defined within the licence area. This acquisition strengthens Reward’s exploration pipeline alongside its Copper Lance Project, positioning the company for a potentially transformative year ahead.
Bottom Line?
Reward Minerals’ consolidation of the Sullivan Pond Fault ground sets the stage for a pivotal exploration campaign, with maiden drilling results in 2026 poised to define the project’s future trajectory.
Questions in the middle?
- Will maiden drilling confirm the high-grade extensions of the Jackpot Prospect?
- How will Reward prioritise targets along the extensive Sullivan Pond Fault for drilling?
- What impact will the acquisition and upcoming exploration have on Reward’s market valuation?
