Rapid Critical Metals Ltd has acquired an 80% interest in Green Copper Pty Ltd, gaining control of the Tooloom Silver Project in northern New South Wales. The acquisition adds a large, historically productive silver district with multiple high-grade targets, complementing Rapid's existing NSW assets.
- Acquisition of 80% interest in Green Copper Pty Ltd owning EL 9681 Tooloom Silver Project
- Tooloom adds 121 km² and over 80 historic workings to Rapid’s NSW silver footprint
- Historical drilling shows high-grade silver equivalent intercepts supporting exploration potential
- Project hosts polymetallic system including silver, gold, copper, and antimony targets
- Rapid plans LiDAR surveys, surface sampling, geophysics, and drilling to advance exploration
Acquisition Details and Strategic Expansion
Rapid Critical Metals Ltd (ASX:RCM, RCMO) announced on 27 March 2026 the acquisition of an 80% controlling interest in Green Copper Pty Ltd, which holds 100% of Exploration Licence 9681 (EL 9681), known as the Tooloom Silver Project in northern New South Wales. The project area covers approximately 121 square kilometres and includes more than 80 historic workings within a historically significant silver district. This acquisition increases Rapid’s New South Wales landholding by nearly one-third, expanding its silver exploration footprint substantially.
The consideration for the acquisition comprises $100,000 in cash and $100,000 in Rapid shares, issued at the five-day volume weighted average price (VWAP) and subject to a three-month escrow period. Additionally, Rapid is committed to a minimum exploration expenditure of $750,000 over three years on the project.
Geological Setting and Historical Results
Located about 35 kilometres north of Drake and roughly 100 kilometres northeast of Rapid’s Webbs Silver Project, Tooloom lies within a structurally controlled, intrusion-related polymetallic system. The mineralisation is hosted in a fracture vein system within the New England Fold Belt, with silver dominant in the southwest, transitioning to silver-gold in the central corridor and gold more prominent in the northeast. The veins are typically narrow, between 1 to 4 metres wide, often occurring in clusters.
Historical drilling has returned several high-grade silver equivalent (AgEq) intercepts, including 2 metres at 294 g/t AgEq from 26 metres at Spring Gully, 1 metre at 341 g/t AgEq from 29 metres at Silver King, and 1.1 metres at 150 g/t AgEq from 105.9 metres at Wongabah. Surface sampling has also identified numerous high-grade silver results yet to be tested by drilling, such as 1,660 g/t Ag at Silver King North and 570 g/t Ag with 26.4 g/t Au at Cullens.
Exploration Potential and Planned Activities
Rapid’s Managing Director, Byron Miles, highlighted the acquisition’s significance, stating it materially expands the company’s silver exposure in New South Wales and adds a large historical district with multiple high-grade targets. The presence of strong historical drill intercepts and high-grade surface results provides clear follow-up opportunities, positioning Tooloom as a strategic complement to Rapid’s existing Webbs and Conrad projects.
Planned exploration activities include completing a LiDAR survey to identify additional historical workings and reef trends, conducting further surface sampling to validate and refine targets, assessing geophysical methods to assist drill targeting, and prioritising follow-up drilling on the highest-conviction silver and gold prospects. The project’s polymetallic nature, with additional copper and antimony potential, adds further exploration upside.
Positioning Within Rapid’s NSW Silver Strategy
The Tooloom acquisition aligns with Rapid’s broader strategy to build a high-impact silver portfolio in New South Wales. The project’s geological similarities to the Webbs Silver Project, including high-grade silver values and vein structures, reinforce its strategic fit. This follows Rapid’s recent progress at Webbs, where the company confirmed bonanza-grade silver continuity through drilling, indicating multiple high-grade mineralised structures and promising exploration upside Rapid Critical Metals Confirms Bonanza-Grade Silver Continuity at Webbs.
Rapid’s portfolio also includes the Conrads Silver Project in NSW and the Prophet River Gallium–Germanium Project in British Columbia, Canada, reflecting a diversified approach to critical and precious metals exploration.
Bottom Line?
The Tooloom acquisition significantly broadens Rapid’s NSW silver assets, but exploration remains at an early stage with key results and resource definitions pending.
Questions in the middle?
- How will Rapid prioritise drill targets within the extensive Tooloom Silver Project area?
- What are the expected timelines and budgets for the planned LiDAR survey and follow-up drilling?
- How might the polymetallic nature of the project influence Rapid’s exploration and development strategy?