Australian Critical Minerals has completed its maiden drilling at the Flint Gold-Silver Project in Peru, identifying a significant high-sulphidation hydrothermal system. Assay results are due in August, while progress continues at the Riqueza and Cooletha projects.
- Maiden drilling program completed with 1,773m drilled at Flint
- Hyperspectral analysis supports large-scale hydrothermal system model
- Three-year community access secured at Riqueza Copper-Silver Project
- Cooletha Project advances with access route and permitting milestones
- Company raised $3 million in April placement
Maiden Drilling Confirms Large Hydrothermal System at Flint
Australian Critical Minerals (ASX:ACM) has wrapped up its first diamond drilling campaign at the Flint Gold-Silver Project in northern Peru, delivering the first systematic subsurface test of what the company interprets as a large-scale high-sulphidation epithermal and porphyry-style hydrothermal system. The four drill holes, totaling 1,773 metres, targeted geophysical anomalies beneath a mapped quartz-alunite lithocap, with geological logging and hyperspectral data reinforcing ACM’s exploration model.
Hole FLDDH002 stood out, intersecting significant advanced argillic alteration from near surface to 47 metres and phyllic alteration from 389 metres to the end of the hole, accompanied by sulphide mineralisation. These findings suggest the hydrothermal system intensifies towards the east and south of the drill area, although the company cautions these observations remain preliminary pending laboratory assays expected in August 2026. All core has been transported to Lima for detailed analysis, with some processing delays due to a regional power outage now resolved.
Progress at Riqueza and Cooletha Projects
Beyond Flint, ACM secured a three-year community access agreement at the Riqueza Copper-Silver Project in Peru, a crucial step for advancing exploration in this district-scale copper-silver opportunity. Historical data highlight multiple mineralised structures and high-grade rock chip samples, underpinning the project’s potential. Engagement with local Andean communities has been pivotal in establishing this long-term access.
In Western Australia, the Cooletha Project continues to show promise for Channel Iron Deposits. The company marked out a 13-kilometre access route facilitating future drilling and has advanced tenement application E45/6375 by resolving prior objections and negotiating incorporation into an existing Heritage Agreement with the Palyku-Jartayi Aboriginal Corporation. Pending tenement grant, ACM plans to submit a Program of Work to test identified drill targets.
Capital Position and Upcoming Milestones
ACM’s recent $3 million capital raise completed in April underpins ongoing exploration activities, including follow-up drilling plans at Flint once assay results are interpreted. The June quarter saw net operating cash outflows of AUD 1.432 million, with cash reserves standing at AUD 1.316 million at quarter-end. The company acknowledges a cash runway under one quarter but expresses confidence in raising additional capital as required.
Looking ahead, ACM aims to integrate geological, geochemical, and hyperspectral datasets to refine exploration targets at Flint, progress heritage approvals and permitting at Cooletha, and continue exploration planning at Riqueza. The coming months will be critical for interpreting assay data that could shape the next phase of drilling and project development.
Bottom Line?
Assay results from Flint will be the key catalyst to validate the large hydrothermal system and guide ACM’s next exploration moves amid tight cash reserves.
Questions in the middle?
- Will assay results from Flint confirm economically viable mineralisation?
- How quickly can ACM secure further funding to sustain its exploration momentum?
- What impact will community agreements have on advancing drilling at Riqueza?