Breakthrough Minerals has delivered promising assay results from its maiden drilling at Barbara, underpinning resource growth potential, while launching a new drilling campaign at Hazel Creek and securing A$5.15 million to fund an expanded exploration push.
- Maiden diamond drilling at Barbara confirms high-grade copper extensions
- New 4,000m drilling program starts at Hazel Creek's Turpentine deposit
- A$5.15 million institutional placement funds 10,000m drilling campaign
- Non-binding MOU signed for Mt Colin mine camp sale to support exploration
- Company ends quarter with A$5.55 million cash and growing resource base
Barbara Drilling Unveils Significant High-Grade Copper Intercepts
Breakthrough Minerals (ASX:BTM) has hit the ground running at its North Queensland Copper-Gold Project (NQCGP), with initial assay results from its maiden diamond drilling at the Barbara Copper-Gold Project delivering encouraging signs of resource growth. The first three holes in the ~4,000m program returned substantial copper intercepts, including a standout 35m at 1.34% copper with an 18m interval grading 2.18% Cu at hole 26BAR001. These results confirm extensions within and beyond the existing Mineral Resource Estimate (MRE), which currently stands at 6.5Mt at 0.97% CuEq containing 63,000 tonnes of copper equivalent.
The drilling targeted down-plunge extensions at Barbara North and South, aiming to expand the resource base and upgrade classifications. Notably, hole 26BAR002 intersected 36m at 0.52% Cu beyond the current resource boundary, with high-grade zones remaining open at depth. This maiden program marks the first operational milestone since Breakthrough’s March acquisition of the NQCGP, reflecting a rapid transition from acquisition to exploration execution.
Hazel Creek Drilling Targets Resource Expansion at Turpentine
Following the Barbara program, Breakthrough has commenced a ~4,000m diamond drilling campaign at the Turpentine Deposit within the Hazel Creek Copper-Gold Project, which hosts an Inferred Mineral Resource of 8.7Mt at 1.16% CuEq (101,000 tonnes contained copper equivalent). Drilling focuses on northern and down-dip extensions where mineralisation remains open, guided by gravity inversion modelling indicating a northward plunge beyond current resource limits.
This resource expansion effort is part of a broader 10,000m drilling campaign planned for 2026, which also includes further RC drilling at Hazel Creek targets such as Turpentine South and Eight Mile Creek. The Turpentine deposit represents over half of Breakthrough’s global NQCGP resource inventory, underscoring its strategic importance within the company’s portfolio.
Capital Raise and Asset Sale Plans Support Aggressive Exploration
To fund this ambitious drilling program, Breakthrough successfully raised A$5.15 million via an institutional placement priced at A$0.17 per share during the quarter. The capital injection bolsters the company’s balance sheet, which closed June with approximately A$5.55 million in cash. Exploration expenditure for the quarter was around A$845,000, primarily directed towards the NQCGP.
In parallel, Breakthrough signed a non-binding Memorandum of Understanding with Wolfram Limited for the potential sale of the Mt Colin mine camp and associated infrastructure. The camp, a fully equipped 66-person facility surplus to current needs, is expected to generate funds earmarked for further exploration activities at the NQCGP, aligning with the company’s strategy to optimise asset utilisation and capital allocation.
Corporate Developments and Outlook
Alongside operational progress, Breakthrough appointed Tom O’Rourke as Joint Company Secretary, adding to its governance capabilities. Managing Director Nigel Broomham emphasised the company’s strong position to capitalise on rising copper demand and strategic interest in North Queensland assets, with resource growth at Barbara and Hazel Creek central to this vision.
With drilling underway at two key deposits and a well-funded exploration pipeline, Breakthrough is poised to deliver further resource updates in the coming months. The market will be watching closely for assay results from the Turpentine program and developments regarding the Mt Colin asset sale, both critical to sustaining momentum in 2026.
Bottom Line?
Breakthrough Minerals’ robust drilling results and fresh capital position it well for resource growth, but upcoming assay releases and asset sale outcomes will be key to validating its expansion strategy.
Questions in the middle?
- Will the ongoing Turpentine drilling confirm the northern and down-dip extensions suggested by geophysical modelling?
- How quickly can Breakthrough monetise the Mt Colin mine camp to fund further exploration?
- What impact will the expanded resource base have on the company’s valuation and potential development timelines?