Antares Metals Secures $237,500 to Accelerate Drilling at Historic Quinns Copper Project

Government Boosts Quinns Exploration with $237,500 Funding

Antares Metals Ltd (ASX:AM5) has secured a significant financial leg-up from the Western Australian Government’s Exploration Incentive Scheme (EIS), receiving $237,500 to advance exploration at its Quinns Copper-Gold-Zinc Project in the Murchison region. This funding package includes $150,000 toward reverse circulation (RC) and diamond drilling costs, an additional $50,000 top-up for drilling, and $37,500 earmarked for a high-resolution aeromagnetic survey. The combined capital injection will directly offset exploration expenses, preserving Antares’ cash reserves for broader activities across its portfolio.

Historic Austin VMS Deposit and Nearby Targets in Focus

The Quinns Project, acquired by Antares in January 2026, covers approximately 383 km² and hosts the historic Austin Volcanogenic Massive Sulphide (VMS) deposit. Austin boasts a JORC 2004 Mineral Resource Estimate of 1.48 million tonnes grading 1.02% copper, 1.39% zinc, 0.24 g/t gold, and 3.51 g/t silver. Notably, several high-grade copper and zinc intersections remain outside the current resource footprint, offering potential for near-term resource upgrades. These include intervals such as 58m at 2.0% Cu and 38m at 14% Zn from previous drilling.

Adjacent prospects Defiance and 4E, located 5km and 7km northeast of Austin respectively, present compelling aeromagnetic anomalies and elevated base metal values characteristic of VMS systems but have yet to undergo systematic drilling. The awarded aeromagnetic survey will infill existing geophysical data, enhancing drill targeting precision ahead of the maiden EIS-funded RC drilling campaign expected to commence in Q3 2026.

Strategic Exploration Across Multiple Hubs

Beyond Quinns, Antares is poised to kick off a 1,000m drilling program at its Mt Isa North Project in Queensland, specifically at the Conglomerate Creek copper-gold-silver prospect. This project has yielded rock chip samples with copper grades as high as 22%, gold up to 1.6 g/t, and silver reaching 394 g/t, promising a steady stream of news flow across the company's WA and QLD hubs in the coming months. The dual focus underscores Antares’ strategy of advancing multiple projects in tier-1 mineral provinces.

Validating Geological Thesis and Preserving Capital

Managing Director Terry Topping emphasised the competitive nature of the EIS program, noting that the funding is a strong endorsement of Antares’ geological work at Quinns. The non-dilutive capital enables the company to sequence its maiden drill program efficiently, balancing activities between Western Australia and Queensland. Ongoing heritage surveys and finalisation of drill targets are underway, setting the stage for material news flow in H2 2026.

The broader Quinns area benefits from a complex geological setting within the Meekatharra-Wydgee Greenstone Belt, hosting both gold and base metal mineralisation. Historical exploration by CRA Exploration, Silver Swan Group, and others has laid a solid foundation, but Antares’ upcoming drilling campaigns aim to unlock further value by verifying historical resources under the modern JORC 2012 code and testing extensions beyond known mineralisation.

Building on Recent Expansion and Target Refinement

This announcement complements Antares’ recent efforts to expand and refine the Quinns Project footprint, including applications for new exploration licences and extensive field campaigns involving mapping, soil sampling, and geophysical data reviews. These activities have been detailed in recent updates, such as the company’s new licence and drilling plans and high-grade gold hits at Quinns, which collectively underscore Antares’ methodical approach to unlocking the project’s potential.