Exultant Mining Advances Maiden Drilling at Balerion with Early Sulphide Hits
Exultant Mining has kicked off its first drilling campaign at the Balerion Prospect in NSW, intersecting promising sulphide mineralisation while expanding tenure at Black Hammer with the Swatchfield licence grant.
- Maiden 12-hole RC drilling program underway at Balerion Prospect
- Initial drill holes intersect chalcopyrite, sphalerite, and galena mineralisation
- Swatchfield licence granted, expanding Black Hammer tenure to 390km²
- Historic Tuglow drill core reveals gold and silver anomalism in unsampled intervals
- Company holds A$3.5M cash with no debt and spent A$175k on exploration
Early Sulphide Mineralisation Confirms Targeting Model at Balerion
Exultant Mining (ASX:10X) has moved swiftly from target generation to drilling, commencing a 12-hole reverse circulation (RC) program at its newly renamed Balerion Prospect within the Peak View Project, New South Wales. The maiden drilling campaign, designed to systematically test multiple high-priority geophysical and geochemical anomalies, has already intersected sulphide mineralisation including chalcopyrite, sphalerite, and galena in the first two diamond drill holes.
These initial visual results, reported post-quarter end, provide encouraging geological validation of Exultant's integrated targeting approach that combined soil geochemistry, induced polarisation (IP), gravity, magnetic data, and historical drilling. While laboratory assays are pending, the presence of these base metal sulphides aligns well with the company's model and has allowed refinement of the remaining five drillholes to focus on down-dip extensions of historic high-grade intercepts.
Integrated Geophysical Surveys Define Multiple Drill Targets
The Balerion Prospect's evolution from the former Peak View Prospect reflects the progression from exploration to drill-ready status. Exultant’s comprehensive surveys delineated several compelling targets, including a 1.1km gravity high coincident with a western chargeability anomaly adjacent to the Peak View Thrust, strong coincident chargeability-resistivity highs beneath the broad soil anomaly, and resistivity lows interpreted down-dip of known massive sulphide mineralisation.
Notably, the Peak View Thrust is interpreted as a southern extension of the Narongo Fault, which hosts the Captains Flat VMS deposit, providing regional geological context though not necessarily indicating mineralisation at Balerion itself.
The 3,425m drilling program, approved by the NSW Resources Regulator in May, represents the first systematic test of these modern integrated targets, advancing Exultant’s exploration beyond historic sporadic drilling. The company is submitting samples progressively for laboratory analysis, with results to be released as they become available.
Black Hammer Project Expanded with Swatchfield Licence Grant
Meanwhile, Exultant has expanded its footprint in the Black Hammer Project near Oberon, NSW, with the grant of EL9913 "Swatchfield", adding approximately 53km² of prospective ground to bring the total project area to around 390km². This new licence covers Macquarie Arc volcanic and sedimentary rocks intruded by granitic bodies such as the Isabella Granite, with historical exploration identifying gold anomalism including rock chip samples up to 10.67g/t Au.
The Swatchfield licence secures underexplored gold targets, potentially related to intrusion-related mineralisation associated with granite contact aureoles. Exultant plans follow-up work including geological mapping, rock chip sampling, soil geochemistry, and ground geophysics to further assess these targets.
Historic Drill Core at Tuglow Reveals Untapped Gold and Silver Anomalism
Adding to the Black Hammer Project’s momentum, assay results from previously unsampled intervals of historic 1974 Le Nickel diamond drill core at the Tuglow Copper Mines have returned broad, low-grade gold and silver anomalism in quartz veining previously considered barren. Notable intervals include 21.1m @ 0.18g/t Au and 2.1g/t Ag and narrower base metal intervals such as 0.35m @ 3.05% Zn.
These findings suggest a broader mineralised system at Tuglow than historic explorers recognised, prompting plans for further exploration along the broader lode corridor.
Financial Position Supports Ongoing Exploration
Exultant ended the quarter with A$3.5 million in cash and no debt, having spent A$175,000 on exploration activities during the period. The company maintains a market capitalisation of approximately A$6.17 million with 37.4 million shares on issue and 7 million options outstanding.
The company’s exploration expenditure to date remains below the two-year forecast, reflecting only nine months of activity since ASX admission in December 2025. Exultant continues to allocate capital prudently across its Peak View, Black Hammer, and Deep Dykes projects while advancing its drill programs and tenure position.
Bottom Line?
Exultant’s early sulphide intersections at Balerion validate its integrated targeting approach, setting the stage for assay results that could reshape the Peak View Project’s exploration potential.
Questions in the middle?
- Will assay results from Balerion confirm economically viable mineralisation grades?
- How will the expanded Black Hammer tenure influence Exultant’s exploration priorities?
- What follow-up work will be triggered by the newly identified gold and silver anomalism at Tuglow?
