Australian Critical Minerals (ASX:ACM) has launched its maiden diamond drilling campaign at the Flint Gold-Silver Project in Peru, backed by a $3 million capital raise and expanded land holdings. The drilling targets a 4 km high-sulphidation epithermal system, with advanced core logging technology deployed to accelerate geological insights.
- Maiden diamond drilling program underway at Flint targeting 4 km epithermal system
- $3 million capital raise completed to fund exploration activities
- Expanded project tenure near Peñoles’ San Juan copper porphyry
- Advanced multi-sensor core logging deployed for real-time geological data
- Progress on other Peruvian projects including Riqueza and Cerro Rayas
Drilling Commences on High-Priority Targets at Flint
Australian Critical Minerals (ASX:ACM) has transitioned from exploration planning to active drilling at its flagship Flint Gold-Silver Project in northern Peru. The company kicked off its maiden diamond drilling campaign targeting multiple high-priority zones within an approximately 4-kilometre strike length of a high-sulphidation epithermal system. This marks a significant operational milestone, supported by the recent appointment and mobilisation of Peruvian contractor SFP Drilling SAC.
The initial program comprises four diamond drill holes totalling around 1,850 metres, designed to test resistivity anomalies aligned with surface geochemical and alteration signatures indicative of gold-silver mineralisation. The drilling aims to validate the extent and grade of mineralisation within this prolific metallogenic belt, which hosts over 50 million ounces of historical gold inventory and production. Notably, two drillholes have already been completed post-quarter for a combined 1,071 metres, signalling steady progress in the field.
Capital Raising and Strategic Tenure Expansion
Backing the drilling push, ACM successfully closed a $3 million capital raising in two tranches, securing funds from institutional and sophisticated investors at $0.075 per share. This injection ensures the company is fully funded to advance its near-term exploration objectives at Flint and beyond.
Simultaneously, ACM expanded its landholding through additional concession applications immediately west of the existing tenements. This extension positions the company within roughly 400 metres of Peñoles’ San Juan Project, a copper porphyry deposit located several hundred metres below Flint’s surface elevation. The proximity offers valuable geological context and potential for future synergies in exploration and development. The expanded tenure is underpinned by recent NSAMT geophysical data suggesting the mineralised system extends further west than previously mapped, enhancing the project’s scale potential.
Leveraging Advanced Core Logging Technology
In a bid to accelerate geological interpretation, ACM is utilising the DMT ANCORELOG multi-sensor core logging system onsite. This technology integrates hyperspectral scanners, X-ray fluorescence sensors, and high-resolution imaging to capture continuous, high-quality data on lithology, alteration, veining, and structural features. The spectral sensors are particularly adept at identifying alteration minerals diagnostic of high-sulphidation epithermal systems, enabling rapid and objective mapping of mineralised zones.
Real-time elemental data from the XRF sensor highlights pathfinder elements and geochemical halos, allowing the geological team to refine their models quickly and target mineralisation more efficiently. This digital approach, combined with the expanded tenure, provides a robust platform for ACM’s exploration program, potentially shortening the time from drilling to meaningful results.
Progress Across Broader Peruvian Portfolio
Beyond Flint, ACM continued field activities at its Riqueza Copper-Silver Project, securing a three-year access agreement with local Andean communities. The project hosts multiple drill-ready targets within a system characterised by historical high-grade copper and silver mineralisation. Meanwhile, at the Cerro Rayas Zinc-Lead Project, community engagement remains ongoing as the company evaluates this longer-term growth asset featuring Mississippi Valley Type mineralisation.
Early-stage lithium brine projects Liro and Kamika are also advancing with logistical and regulatory groundwork ahead of planned basin sampling and geochemical assessments later in 2026.
Exploration expenditure for the March quarter totalled approximately $288,531 for Peruvian projects, reflecting the company’s active field presence. ACM ended the quarter with a strong cash position of $2.024 million, underpinning continued exploration and operational readiness.
ACM’s drilling campaign at Flint builds on a series of preparatory announcements, including the appointment of SFP Drilling SAC and the completion of detailed geophysical and geochemical surveys that shaped the drill targets. These steps were highlighted in recent updates such as the maiden drilling program underway and drilling mobilisation in late March, underscoring the company’s methodical approach to unlocking value in this prolific gold-silver belt.
Bottom Line?
The shift to active drilling and tenure expansion at Flint sets ACM on a path to potentially reshape its geological understanding, but the market will await assay results to assess the true scale and quality of mineralisation.
Questions in the middle?
- Will initial drill results confirm the extent of the high-sulphidation epithermal system at Flint?
- How might proximity to Peñoles’ San Juan Project influence ACM’s exploration and development strategy?
- What impact will advanced core logging have on the speed and accuracy of geological modelling?