Killi Resources Advances Drilling Plans at Mt Rawdon West with $1.4m Placement Boost

King Louie Breccia Emerges as a High-Priority Target

Killi Resources (ASX:KLI) has reinforced the significance of its Mt Rawdon West Project in Queensland by establishing the King Louie gold-copper-molybdenum breccia as a prime drill target. This breccia, stretching roughly 1,100 metres east-west and 225 metres north-south, is associated with a large subvolcanic intrusive centre, bearing geological hallmarks akin to intrusion-related hydrothermal gold systems elsewhere in Queensland. The anomaly boasts peak assay values reaching 33 times background for gold and 28 times for molybdenum, underscoring its potential.

Recent surface sampling programs designed to extend the breccia’s footprint have been completed, with assay results anticipated in early May 2026. These results will be pivotal in refining drilling plans, which are currently being tailored to navigate the challenging wet season conditions that delayed access and site preparation. The company is working with land-use stakeholders to identify optimal drilling routes, aiming for a winter campaign when field conditions improve. This follows the company’s earlier disclosure of the breccia’s scale and geochemical strength in March 2026, highlighting its growing prominence within Killi’s portfolio King Louie Breccia discovery.

Government Grant Supports Drilling at Rawdon Fault

Complementing the King Louie focus, Killi has secured a $275,000 grant from the Queensland Government’s Collaborative Exploration Initiative (CEI) to co-fund drilling at the Rawdon Fault prospect within the Baloo area. This target is notable for its copper-gold-molybdenum geochemical and geophysical anomalies, situated adjacent to the regionally significant Mt Rawdon Fault. The planned drilling program comprises two core holes totaling 900 metres, with operations expected to commence by October 2026 and conclude by December.

The Rawdon Fault target’s geology is compelling, featuring a circular magnetic high and low indicative of a hydrothermal porphyry system, coinciding with the geochemical anomaly. The CEI grant not only reduces the financial burden but also validates the prospect’s priority status. However, exploration has been hampered by Queensland’s severe wet season, delaying access and site works. Killi anticipates resuming drilling preparations as field conditions improve, aiming to capitalise on this government-backed momentum Government grant for drilling.

West Tanami Gold JV Advances with Regional Targeting

On the West Tanami Gold Project in Western Australia, exploration continues under the earn-in joint venture with Gold Fields Limited (JSE: GFI). Gold Fields has completed a regional soil sampling campaign with 1,200-metre spaced samples, delineating several areas of interest that will undergo field validation in the 2026 season. Depending on results, more detailed infill sampling or drilling may follow.

This methodical approach leverages Gold Fields’ $13 million earn-in commitment and systematic exploration strategy across the 1,600 square kilometre project area. The West Tanami project sits along a prolific gold corridor with known multi-million-ounce deposits, positioning it well for discovery with ongoing geophysical and geochemical programs.

Corporate Restructuring and Capital Raise Bolster Exploration

Killi Resources has bolstered its leadership and balance sheet to support its exploration ambitions. Former Fortescue CEO Neville Power was appointed Non-Executive Chair effective 1 April 2026, bringing extensive operational and corporate experience. Alongside Power, industry veterans Steve Parsons and Michael Naylor joined as consultants and substantial shareholders, collectively cornerstoning a $1.4 million two-tranche placement. The first tranche raised $1 million in March, with the remaining $0.4 million pending shareholder approval in May.

Geologist Hamish Halliday, noted for multiple resource discoveries, was also engaged as a technical consultant. These appointments signal a strategic pivot towards leveraging seasoned expertise to accelerate exploration progress. The company ended the quarter with $1.936 million in cash, excluding the second tranche placement funds, positioning it well to fund upcoming drilling campaigns and operational costs Placement completion Neville Power appointment.

Exploration Outlook Hinges on Drilling and Seasonal Access

With exploration expenditure at a modest $160,000 for the quarter and no mining or production activities undertaken, Killi’s value proposition remains tied to its ability to translate geochemical and geophysical anomalies into drill-defined mineralisation. The company is navigating seasonal challenges in Queensland, with wet conditions delaying fieldwork but expecting to capitalise on drier months ahead.

Drilling at the Rawdon Fault and King Louie breccia targets represents the next major catalysts. The success of these programs, supported by government funding and a strengthened corporate team, will be crucial in validating Killi’s exploration thesis. Meanwhile, the West Tanami JV offers a parallel avenue for discovery, backed by a major gold producer’s systematic exploration approach.