Vita Resources Expands Ninnis Gold Drilling After Strong Soil Anomalies
Vita Resources reports promising initial auger drilling results at Ninnis Gold Project, prompting an expanded program targeting key fault zones. The company also secured $2.9 million in a two-tranche placement to fund exploration across its diverse portfolio.
- Encouraging maiden auger drilling results at Ninnis Gold
- Expansion of drilling program with 300 infill holes
- $2.9 million placement secured with tranche 1 completed
- ICE Polymetallic Project reclassified with cobalt and silver
- Cash balance at $499,000 with $109,000 exploration spend
Ninnis Gold Project Shows Early Promise
Vita Resources NL (ASX:VTA) has unveiled highly encouraging initial results from its maiden auger drilling campaign at the Ninnis Gold Project in Western Australia's Northern Goldfields. The first 850 holes of a planned 1,200-hole program revealed multiple large gold-in-soil anomalies, including a 600-metre northwest extension in the northern sector and a substantial 500 by 300-metre anomaly in the southern sector.
These results have prompted Vita to expand the program, adding approximately 300 infill holes to better delineate two sub-parallel fault zones identified as major structural controls on mineralisation. Completion of the full maiden drilling campaign is now expected by the end of August 2026. Drilling was briefly interrupted due to Tropical Cyclone Narelle, but contractors are set to remobilise when resources permit.
Capital Raise to Accelerate Exploration
Backing its exploration ambitions, Vita secured firm commitments for a $2.9 million placement from sophisticated and professional investors. The placement is structured in two tranches, with the first tranche raising $535,000 completed by 30 June 2026. The second tranche, raising $2.365 million, awaits shareholder approval. Participants in the placement will receive free attaching options exercisable at $0.056, expiring in June 2031.
Oakley Capital Partners is managing the placement and will receive a 6% fee on funds raised, along with options and shares subject to shareholder approval. Proceeds are earmarked for advancing exploration at Ninnis Gold, the ICE Polymetallic Project in Canada, pursuing new gold acquisitions in Australia and New Zealand, and evaluating critical minerals opportunities.
ICE Polymetallic Project Gains New Metals
Meanwhile, Vita's ICE Project in Yukon, Canada, continues to offer upside with a confirmed JORC Mineral Resource Estimate of 6.43 million tonnes grading 1.07% copper. In February 2026, the project was reclassified as polymetallic, adding cobalt, silver, and indium to its copper and gold profile. Eleven priority targets remain untested, offering significant exploration potential beyond the existing resource.
Portfolio and Financial Position
Vita's portfolio spans five priority projects across Australia, Canada, and Sweden, covering gold, copper, and rare earth elements. The Gyttorp REE Project in Sweden and the Harley and Mariner copper projects in Canada remain under re-evaluation as the company refines its strategy.
At quarter end, Vita held $499,000 in cash, with exploration and evaluation expenditure of $109,000 during the June quarter. The company reported no mining or production activity during the period. The pro-rata bonus option issue completed in June rewards existing shareholders without impacting cash reserves, aligning with Vita's capital management approach.
Bottom Line?
Vita Resources' expanded drilling and fresh capital injection set the stage for a pivotal exploration phase, but the market will watch closely for assay results and shareholder approval of the second placement tranche.
Questions in the middle?
- Will the expanded infill drilling at Ninnis Gold confirm economically viable mineralisation?
- How will the addition of cobalt and silver at the ICE Project influence Vita's strategic focus?
- What timeline and terms will shareholder approval impose on the tranche two placement and attaching options?
