Belararox Accelerates Drilling with High-Grade Silver Discovery at TMT Argentina

Breakthrough Silver Intersections at Toro Central

Belararox Limited (ASX:BRX) has delivered a standout quarter at its Toro-Malambo-Tambo (TMT) Project in Argentina, accelerating diamond drilling with the addition of a second rig. The highlight came from drill hole TMT-TC-DDH-002 at Toro Central, which intersected a near-surface silver-rich zone featuring 47 metres grading 171.99 grams per tonne (g/t) silver alongside notable zinc, copper, gold, and lead credits. Within this interval, a 27-metre section boasted a staggering 290.55 g/t silver, underscoring the potential scale and tenor of the epithermal system. A deeper zone also returned 48 metres at 55.76 g/t silver, reinforcing the prospectivity of this previously untested high-grade silver zone.

The discovery adds momentum to Belararox’s ongoing drilling campaign, with further assay results pending for additional holes at Toro Central and Toro South. The company’s exploration team is also interpreting 3D MT/IP geophysical data that suggests the copper porphyry target at Tambo South remains open laterally and at depth, indicating significant upside for future drill programs.

These developments build on prior progress, including the company’s recent advances drilling at Toro Central where assay results were eagerly awaited amid a laboratory backlog.

Strategic Land Acquisition Boosts Toro South Potential

Adding to its Argentine footprint, Belararox completed the acquisition of the El Faro tenement adjacent to Toro South, expanding its exploration corridor by 22 square kilometres. The tenement sits within a highly prospective structural corridor near Atex Resources’ Valeriano copper-gold deposit, a multi-billion tonne resource, and hosts outcropping dacitic rocks with anomalous copper, gold, and silver.

The El Faro acquisition, secured for USD 150,000 in staged payments, complements ongoing drilling targeting a shallow epithermal system that may overlay a large-scale copper porphyry at depth. This strategic move enhances Belararox’s position in a region with proven mineral endowment and supports its 2026/2027 drill season plans.

This expansion aligns with the company’s broader strategy to systematically test polymetallic targets and is part of a series of steps to unlock value from the TMT Project, as previously detailed in the El Faro acquisition next to Toro South announcement.

Botswana Exploration Set for Electromagnetic Survey

Belararox’s Kalahari Copper Belt Project (KCP) in Botswana advanced with a comprehensive review of existing geophysical and geochemical datasets. The company prioritised tenements PL770, PL773, and PL2743 for an upcoming Airborne Electromagnetic (AEM) survey scheduled to commence in April 2026, covering 1,915 line kilometres at 600-metre spacing. This survey aims to refine stratigraphic control and identify drill targets ahead of planned drilling in the June quarter.

The KCP lies within a prolific sediment-hosted copper-silver belt that hosts world-class deposits such as MMG’s Khoemacau mine and Sandfire Resources’ Motheo operation. Belararox’s focus on the northern tenements, including areas adjacent to recent copper-silver discoveries by Cobre, positions it well to capitalise on regional mineralisation trends.

The survey and exploration ramp-up in Botswana reflect a refreshed technical approach under the leadership of General Manager Exploration Chris Blaser, whose remit now spans both Argentina and Botswana. This initiative follows the company’s launch of a >1,000 km² airborne electromagnetic survey earlier in April, highlighting a concerted push to unlock copper targets near key geological contacts.

Australian Belara Project Under Strategic Review

In Australia, Belararox is actively exploring options to divest or partner on its 100% owned Belara Project in New South Wales. The project hosts an Inferred Mineral Resource Estimate of 5 million tonnes at 3.41% zinc equivalent, including significant zinc, copper, lead, silver, and gold mineralisation from historic mines such as Belara and Native Bee. However, the company believes that shareholder value is best realised through joint venture or full divestment, enabling a sharper focus on its Tier One projects in Argentina and Botswana.

This strategic pivot reflects a broader trend among junior explorers to concentrate capital and management bandwidth on the most prospective assets, especially as Belararox ramps up drilling and geophysical programs in South America and Africa.

Corporate and Financial Position

Belararox ended the quarter with A$1.831 million in cash and zero debt, after spending A$4.47 million on exploration and evaluation, predominantly at the TMT Project. The company’s cash runway at current expenditure rates is limited to approximately 0.36 quarters, reflecting the capital-intensive nature of active drilling campaigns. While no immediate capital raising has been announced, the company remains open to funding options as circumstances evolve.

Leadership changes included the appointment of Will Dix as Chief Executive Officer effective 1 April 2026 and the promotion of Chris Blaser to General Manager Exploration. Dix’s early site visits to Argentina and Botswana have reinforced management’s confidence in the projects’ prospectivity and the quality of on-ground teams.

With further assay results expected imminently and new drilling targets being refined for the next field season, Belararox is poised for a busy period across its global portfolio, balancing discovery potential with prudent capital management.