Industrial Minerals Identifies High-Grade Gold Target at Laverton

Geophysics Validates North Pool as Priority Drill Target

Industrial Minerals Ltd (ASX:IND) has elevated the North Pool prospect within its Laverton Gold Project to a top exploration priority after a reinterpretation of existing geophysical data revealed a discrete, coherent magnetic and gravity anomaly. This target sits squarely on the Chatterbox Shear Zone, a key structural corridor interpreted to extend at least 1,700 metres, and coincides with a cluster of historic high-grade gold drill intercepts.

The significance of this reinterpretation lies in its synthesis of multiple datasets, open-file aeromagnetic and gravity surveys combined with structural mapping and historic drilling, which together paint a compelling picture of a continuous, structurally controlled gold system. IND’s managing director Jeff Sweet highlighted the immediate drill readiness of the target, noting its proximity just 1.5 kilometres along strike from Genesis Minerals’ Beasley Creek deposit, which hosts 430,000 ounces at 2.0 g/t gold.

Historic Drilling Highlights Untapped Potential

Historic reverse circulation and diamond drilling at North Pool returned multiple standout intercepts, including 1 metre grading 82.2 g/t gold from 63 metres depth, 4 metres at 19.17 g/t from surface, and 8 metres at 4.06 g/t from 22 metres. These results, some dating back to the 1990s and early 2000s, were never systematically followed up, leaving a significant exploration gap that IND now aims to address.

Incoming managing director Warrick Clent emphasised the rarity of such a target, where high-grade intercepts align with a strong geophysical signature over a substantial strike length. “When you see intercepts like 1 metre at 82 grams and 4 metres at 19 grams from surface that were never followed up, sitting on 1,700 metres of prospective strike, you know exactly where the drill rig needs to go,” he said.

Exploration Plans and Project Context

IND’s immediate plan is to refine the target further and design a reverse circulation (RC) drilling programme to test both lateral extensions and depth potential along the Chatterbox Shear Zone. This forms part of a broader staged exploration strategy across the Laverton Gold Project, which covers approximately 205 square kilometres in Western Australia’s prolific Laverton Tectonic Zone, a region that has historically produced over 28 million ounces of gold.

The Laverton Gold Project is being acquired by IND through its takeover of Galleon Metals Ltd, with the transaction announced in May 2026. The project tenure comprises a mix of granted licences and pending applications, including North Pool, which remains subject to regulatory approval. The mineralisation style is typical orogenic gold hosted in banded iron formation and mafic volcanic units, structurally controlled by shear zones such as the Chatterbox.

While the historic drilling provides a strong foundation, the true widths of mineralisation remain estimated at 60–80% of downhole intercepts, and sample-level verification has yet to be completed. Nonetheless, the integration of geophysics and historic data offers a rare, drill-ready opportunity in a proven gold belt.