Mantle Minerals Expands Carlton Hill Footprint with Licence Grant and Far West Acquisition

Carlton Hill Project Strengthened by Licence Grant and Acquisition

Mantle Minerals Ltd (ASX:MTL) has taken a significant step forward at its Carlton Hill Project in Western Australia with the granting of Exploration Licence E80/6170. This licence unlocks the potential for on-ground exploration targeting silver, lead, and zinc mineralisation within a highly prospective carbonate-hosted base metals system. The project sits just 35 km east of Boab Metals’ Sorby Hills deposit, which boasts a 47.3 million tonne resource grading 3.1% lead and 35 g/t silver, underscoring Carlton Hill’s regional promise.

Adding to this momentum, Mantle struck a binding agreement to acquire Far West Metals Ltd, owner of the adjoining tenement application E80/6134. The acquisition, secured for a nominal $300 plus $100,000 to extinguish Far West’s outstanding loans at a substantial discount, effectively consolidates Mantle’s control over the contiguous tenements. This strategic move expands Mantle’s footprint across the sediment-hosted base metal system and provides a broader platform for systematic exploration.

Yule River Project Drilling Contingent on Native Title Access

Meanwhile, at the Yule River Project, located about 35 km west of Port Hedland, Mantle continues to negotiate native title access agreements ahead of a planned drilling campaign targeting priority gold and Volcanogenic Massive Sulphide (VMS) deposits. The project’s geological setting is structurally complex, hosting targets prospective for intrusive-style gold, orogenic gold, VHMS, and magmatic nickel-copper-PGE mineralisation, drawing parallels to De Grey Mining’s nearby Hemi deposit.

High-resolution gravity and aeromagnetic surveys have delineated several priority targets, including discrete gravity highs and coincident gravity-magnetic anomalies. However, exploration progress hinges on finalising heritage access arrangements, with heritage surveys or monitors expected to be prerequisites before drilling can commence.

Pardoo Nickel Resource Remains a Core Asset

At the Pardoo Project, approximately 120 km east of Port Hedland, Mantle reiterated the JORC 2012-compliant Mineral Resource Estimate for the Highway Nickel Deposit. The resource stands at 16.5 million tonnes grading 0.407% nickel, containing roughly 67,000 tonnes of nickel metal. The project lies within the Pardoo Shear Zone, a recognised corridor for iron-oxide and shear-related base metal mineralisation, maintaining its strategic value in Mantle’s portfolio.

Corporate Developments and Financial Position

On the corporate front, Mantle appointed Martin Helean as a Non-Executive Director, bringing over three decades of senior management experience across mining and related industries. This appointment followed the resignation of Johnathon Busing, who stepped down as Non-Executive Director and Joint Company Secretary. Kieran Witt remains as Company Secretary.

The company is also progressing its return of capital to shareholders, a process approved at the 2025 Annual General Meeting, with most payments completed and remaining distributions underway. Mantle’s application for a class ruling from the Australian Taxation Office regarding this return of capital remains pending.

Financially, Mantle reported a net cash outflow from operating activities of $113,000 for the quarter, with exploration expenditure concentrated at Carlton Hill ($182,000), Yule River ($24,000), and Pardoo ($44,000). The company ended the quarter with $5.5 million in cash and cash equivalents, providing an estimated 48.7 quarters of funding at current expenditure levels; an unusually strong runway for an exploration entity.