High-Tech Metals has lifted its Mt Fisher gold resource by nearly half, adding a significant underground component beneath the historical pit. This expansion sets the stage for further drilling and development.
- Mt Fisher gold resource increases 47% to 51,000 ounces
- Total tonnage rises 72% to 800,000 tonnes at 2.0 g/t Au
- New underground inferred resource of 27,000 ounces at 3.0 g/t Au
- Phase 2 drilling scheduled for late September 2026
- Metallurgical tests confirm amenability to conventional processing
Resource Expansion and New Underground Component
High-Tech Metals Ltd (ASX:HTM) has announced a 47% jump in the Mt Fisher gold Mineral Resource Estimate (MRE), now standing at 51,000 ounces, up from 34,700 ounces in 2022. This increase is driven by a 72% rise in total tonnage to 800,000 tonnes at an average grade of 2.0 g/t Au.
Crucially, the updated MRE introduces a new underground Inferred Resource of 27,000 ounces at a higher grade of 3.0 g/t Au, located beneath the optimised open-pit shell and historical mining pit. This underground component extends over approximately 650 metres of strike and reaches about 240 metres below surface, broadening the development options for the project.
Drilling Results Underpin Resource Growth
The resource upgrade incorporates results from High-Tech's 6,038-metre Phase 1 Reverse Circulation (RC) drilling program completed earlier in 2026. This drilling confirmed continuity of mineralisation beyond previous limits, including beneath the historical open pit, and extended the strike length of the open-pit resource to approximately 770 metres, from 600 metres previously.
Notable intercepts include hole 26MFRC010, which returned 12 metres at 2.30 g/t Au from 171 metres depth, including 5 metres at 4.95 g/t Au, demonstrating the potential for high-grade mineralisation down plunge. The updated geological model and resource wireframes reflect these findings, providing a more robust technical foundation for future evaluation.
Resource Classification and Metallurgical Confidence
The updated resource includes 13,000 ounces classified as Indicated and 38,000 ounces as Inferred in the open pit, with the underground resource entirely Inferred due to broader drill spacing. The lower overall grade compared to the 2022 estimate (2.0 g/t vs 2.32 g/t) reflects the inclusion of a broader mineralised envelope and stockpile material.
Historical mining at Mt Fisher between 1987 and 1989 recovered approximately 22,500 ounces at an average grade of 4.3 g/t Au with plant recoveries around 75%. Subsequent metallurgical testwork, including recent assays by High-Tech, confirms that the mineralisation and stockpile material are amenable to conventional gravity and cyanide leaching processes, with recoveries up to 92.8% and rapid leach kinetics.
Next Steps and Development Potential
High-Tech Metals plans to commence Phase 2 RC drilling in late September 2026, delayed from August due to rig availability. This program will target down-plunge and northern extensions, as well as interpreted higher-grade shoots, aiming to convert and expand the resource base.
The company is also evaluating opportunities to increase the Indicated resource through closer-spaced drilling and further assess underground mining scenarios. Metallurgical consultants are simultaneously reviewing processing options, including the potential contribution of existing stockpile material to future development.
With the expanded resource, improved geological understanding, and remaining open extensions, Mt Fisher is positioned for continued resource growth and comprehensive development studies.
Bottom Line?
The sizeable resource upgrade and new underground discovery at Mt Fisher provide a solid launchpad, but the upcoming Phase 2 drilling will be critical in defining the project's true scale and economic viability.
Questions in the middle?
- Will Phase 2 drilling convert significant Inferred ounces to Indicated or Measured categories?
- How will the underground resource impact the overall mine plan and capital requirements?
- What are the potential timelines and economics for advancing Mt Fisher toward production?