Australian Mines delivers standout gold drill results at Boa Vista, confirming significant mineralisation and progressing towards a maiden JORC resource, while its Flemington project shows promising scandium resource expansion.
- Record gold gram-metres at Boa Vista VG1 prospect
- Flemington drilling confirms high-grade scandium core and expansion potential
- Jequie rare earths drilling reveals promising TREO concentrations
- Sconi nickel-cobalt project maintained amid subdued metal prices
- Successful independent testing of scandium-based metal hydrides
Record Gold Intercepts Boost Boa Vista Prospects
Australian Mines Limited (ASX:AUZ) has reinforced the potential of its Boa Vista Gold Project in Brazil with exceptional diamond drilling results from its VG1 prospect. Drillhole VGADD0010 delivered a striking 195.3 aggregate gram-metres, the highest recorded at Boa Vista to date, and importantly ended in mineralisation at 303.6 metres, signalling the deposit remains open at depth. Another standout hole, VGADD0002, returned 160.8 gram-metres, marking the third-best intercept recorded on the project. These results confirm broad, continuous gold mineralisation and validate the Company’s strategy to progress VG1 towards a maiden JORC (2012) Mineral Resource estimate during the current quarter. The drilling program, which aims to extend mineralisation along strike and test depth extensions, continues to close gaps in the geological model and target high-grade structures, including zones with visible gold. The latest assay results, including five previously unreported holes, add valuable data to refine the mineralisation envelope and support the potential for a low-cost, long-life open-pit operation at Boa Vista. This surge in exploration success builds on earlier strong intercepts and positions the project as a cornerstone asset for Australian Mines. These developments follow the company’s earlier announcement of a record gold intercept at Boa Vista that extended mineralisation both along strike and down dip.
Flemington Scandium Project Confirms Resource Growth
Meanwhile, the Flemington Scandium-Nickel-Cobalt Project in New South Wales continues to demonstrate robust potential. Results from the 2025 and early 2026 drilling campaigns have reconfirmed a substantial high-grade scandium core within the existing Mineral Resource Estimate (MRE) of 6.3 million tonnes at 446 ppm scandium (at a 300 ppm cut-off). The recent drilling targeted a large underexplored geophysical anomaly adjacent to the current resource footprint, with assays indicating potential for resource expansion to the north and east. The 29 vertical drillholes completed in February 2026 tested this anomaly and returned encouraging scandium grades, reinforcing the project's strategic value in critical minerals. Flemington’s high-grade scandium resource is complemented by nickel and cobalt credits, positioning it well amid growing demand for battery minerals. These drilling results dovetail with Australian Mines’ recently released robust economics from the Flemington scoping study, which highlighted strong financial metrics and upside potential linked to scandium pricing.
Rare Earth Elements Exploration Advances in Brazil
Australian Mines is also advancing its rare earth element (REE) exploration in Brazil, focusing on the Jequie and Resende projects. At Jequie, a 72-hole shallow auger drilling program has delineated two priority target areas with significant total rare earth oxide (TREO) concentrations. Notably, Jequie South drillhole DAME-FT-14 intersected 15 metres at 1720 ppm TREO, including a 3-metre interval exceeding 3000 ppm. The mineralisation appears structurally controlled by conjugate fault systems, with geochemical signatures suggesting ionic clay adsorption as the enrichment mechanism. Jequie North presents a contrasting style, with physical concentration of monazite minerals derived from thorium-rich source rocks. Meanwhile, systematic soil sampling at the Resende Lithium Project identified prospective drainage basins with anomalous REE values exceeding 1000 ppm TREO, guiding planned auger drilling and diamond drilling programs. These exploration efforts underscore Australian Mines’ commitment to diversifying its critical minerals portfolio in Brazil’s emerging battery minerals hubs.
Sconi Project Maintained Amid Market Conditions
The Sconi Battery Minerals Project in Queensland remains on care and maintenance due to subdued nickel and cobalt prices. Despite this, Sconi retains strategic advantages including granted mining leases, advanced metallurgical knowledge, and a defined development timeline. The company is monitoring market conditions and intends to maintain the project’s good standing while awaiting a more favourable pricing environment.
Innovative Scandium-Based Metal Hydrides Under Evaluation
In a notable technological development, Australian Mines has successfully tested its scandium-based metal hydride material (MH-May24) through independent evaluation by the Hydrogen Materials Advanced Research Consortium (HyMARC), part of the US Department of Energy’s Energy Materials Network. The tests confirmed the material’s hydrogen storage capacity, reversible hydrogenation and dehydrogenation cycles, and practical desorption kinetics at 250°C, supporting its potential for long-term energy storage applications. This aligns with the company’s strategy to leverage scandium’s unique properties in emerging clean energy and advanced technology markets, including solid-state hydrogen storage and AI-related power infrastructure. Ongoing evaluation aims to validate commercial viability and scalability of this technology.
Financial Position and Next Steps
Australian Mines closed the quarter with a cash balance of approximately AUD 3.72 million, providing a runway to advance exploration and resource definition activities. The Company plans to deliver a maiden JORC Mineral Resource estimate for the Boa Vista VG1 prospect in Q2 2026 and continue drilling programs at Flemington and Jequie, alongside metallurgical and geochemical studies. The integration of exploration success with innovative technology development could position Australian Mines as a notable player in the critical minerals and clean energy sectors.
Bottom Line?
The upcoming maiden JORC resource at Boa Vista and ongoing scandium expansion at Flemington will be key milestones shaping Australian Mines’ growth trajectory.
Questions in the middle?
- Will the maiden JORC resource at Boa Vista confirm the scale suggested by recent drill results?
- How might scandium-based metal hydrides influence Australian Mines’ commercial strategy and partnerships?
- What impact could evolving nickel and cobalt prices have on the timing and development of the Sconi project?