North Stawell Minerals Extends Gold Trend to 800m at Darlington with New Targets

Follow-Up Drilling Targets High-Grade Gold at Darlington

North Stawell Minerals (ASX:NSM) is pushing ahead with its most promising gold exploration efforts at the Darlington prospect in Victoria, where follow-up diamond drilling has commenced to test the strike extensions of a standout intercept from March 2026. The key intercept, NSD057, returned 2.3 metres at 29.2 grams per tonne (g/t) gold from 108.2 metres, signalling a structurally controlled high-grade system reminiscent of the historic Mariners Lodes about 6km south.

The ongoing diamond drilling program aims to clarify the geometry and continuity of this mineralised shoot within a broader vein system. Executive Director Bill Reid emphasised the significance of defining the orientation and extent of this mineralisation, which could underpin a larger gold system in the region.

Air Core Drilling Expands Gold Footprint to 800 Metres

Complementing the diamond drilling, air core (AC) drilling at Darlington has extended the gold mineralisation along strike to approximately 800 metres, remaining open in multiple directions. Notable AC results include 3 metres at 1.35 g/t Au and 1 metre at 2.18 g/t Au, with mineralisation hosted in quartz-veined sedimentary rocks.

Importantly, the AC program also uncovered a parallel mineralised structure about 100 metres west of the known system, with intercepts such as 1 metre at 2.52 g/t Au and 1 metre at 2.05 g/t Au, suggesting multiple stacked zones of mineralisation. These results reinforce the potential scale of the Darlington system.

Caledonia Geochemistry Unveils New Drill Targets

At the nearby Caledonia prospect, a detailed surface geochemistry program involving 412 samples has identified three fresh, untested targets along the 3.6-kilometre Darlington–Caledonia trend. Among these, a coherent arsenic anomaly extends under Murray Basin cover to the north, an area not previously drill-tested.

Air core drilling at Caledonia returned encouraging intercepts including 3 metres at 1.7 g/t Au and 1 metre at 1.86 g/t Au, associated with significant quartz veining. The geochemical anomalies, including a continuous 400-metre bismuth-tungsten anomaly often linked with gold systems, provide compelling follow-up opportunities for NSM.

Exploration Pipeline and Financial Position

North Stawell Minerals’ integrated approach combining drilling, geophysics, and geochemistry is steadily refining its target portfolio. The company spent approximately $330,000 on exploration during the quarter, focusing on advancing drill-ready targets along the Darlington–Caledonia corridor. Operating costs amounted to $204,000, including staff and corporate overheads.

At quarter end, NSM held just over $700,000 in cash, with no new equity raised during the period. Performance rights conversions added 277,778 shares to the register. No mining production or development activities occurred during the quarter.

Upcoming Exploration and Community Engagement

Looking ahead, NSM plans to complete the current diamond drilling program at Darlington and interpret induced polarisation (IP) geophysical surveys at Darlington and the Forsaken Prospect. The company also intends to test the newly identified geochemical targets at Caledonia and further evaluate geophysical anomalies.

NSM continues active engagement with the Victorian geoscience community, recently presenting exploration progress at the Australian Institute of Geoscientists Victoria Minerals Roundup 2026, underscoring its commitment to transparent and collaborative exploration.