Constellation Resources has advanced its Western Australian exploration with granted permits targeting natural gas, hydrogen, and helium, alongside promising copper-gold drilling results at Ularring. The company is raising $3.22 million through an entitlement offer to fund further exploration.
- Special Prospecting Authorities granted in Edmund-Collier Basin
- High methane and helium gas indicators confirmed
- Ularring drilling reveals shallow copper-gold mineralisation
- Entitlement offer underway to raise $3.22 million
- No production activity reported during the quarter
Edmund-Collier Basin Permits Open Frontier Gas Exploration
Constellation Resources (ASX:CR1) has secured two Special Prospecting Authorities with Acreage Options (SPA 048 AO and SPA 049 AO) in the vast Edmund-Collier Basin, staking an early claim in a region with strong potential for natural gas, hydrogen, and helium. The basin’s 500-kilometre length shares geological traits with the Beetaloo Basin, a known emerging gas province, including organic-rich shales and structural traps. Notably, historical drilling at SPA 48 AO recorded a pressurised gas outburst with surface ignition, a rare sign of active subsurface gas accumulation.
Further bolstering the basin’s prospectivity, an awarded application (STP-SPA-0143) covers a drillhole (WHRD021) that exhibited methane concentrations as high as 97% and 0.24% helium at the surface, with ongoing gas venting suggesting connectivity to a reservoir rather than isolated pockets. Constellation plans to complete soil gas surveys and technical studies across these permits by year-end, aiming to prioritise play types and guide future seismic and drilling programs under the supervision of experienced geoscientists including Dr Mark Partington.
Ularring Copper-Gold Drilling Validates Regional Potential
The maiden reverse circulation (RC) drill campaign at the Ularring Copper Gold Project has returned encouraging shallow intercepts of copper and gold mineralisation near the Meenar Shear, a significant structural corridor. Highlights include 7 metres at 0.25% copper and 0.04 grams per tonne gold from surface, and 15 metres at 0.22% copper and 0.08 grams per tonne gold, both open along strike and below the base of oxidation. These results confirm the area’s prospectivity for intrusion-related copper-gold systems, akin to nearby major deposits such as Caravel Minerals’ project and the Boddington mine.
Ularring covers 24 kilometres of the Meenar Shear and benefits from historical geochemical anomalies and geophysical data indicating potential for large-scale mineralisation. The company has secured a $57,500 Western Australian Exploration Incentive Scheme grant to support further drilling, geophysics, and geochemistry planned for the upcoming field season.
Capital Raise to Fuel Exploration Ambitions
To underpin its exploration activities, Constellation Resources has launched a non-renounceable pro-rata entitlement offer priced at $0.12 per share, targeting approximately $3.22 million before costs. The offer, open until 6 August 2026, invites eligible shareholders to subscribe on a one-for-three basis. This capital injection is set to finance ongoing technical studies, drilling programs, and business development efforts as the company evaluates additional opportunities across the resources sector.
As of the quarter’s end, Constellation held over 80 million shares on issue and nearly 9 million unlisted options exercisable between $0.12 and $0.30. The company reported no mining or production activities during the period and disclosed related party payments totaling $275,000, covering executive remuneration and corporate services.
Bottom Line?
Constellation’s strategic permit acquisitions and early drilling successes position it well for advancing its Western Australian resource projects, with the upcoming entitlement offer critical to sustaining momentum.
Questions in the middle?
- Will soil gas survey results in the Edmund-Collier Basin confirm commercial-scale hydrogen or helium accumulations?
- How will further drilling at Ularring refine the scale and grade of copper-gold mineralisation beneath the oxidation zone?
- What new opportunities might Constellation pursue with the proceeds of its entitlement offer beyond current projects?