Recharge adds Ironstone Well as Sunset Well drilling approaches

Ironstone Well expands Recharge’s Leonora gold footprint

Recharge Metals (ASX:REC) has completed the 100% acquisition of the Ironstone Well Gold Project in Western Australia, adding three mining leases directly adjacent to its Sunset Well project near Leonora. The move increases Recharge’s continuous exposure to the Prospero Shear Zone by 50%, taking the trend beyond 15km, while adding 4km of the separate Portia Gold Trend.

The transaction converts a previously fragmented exploration story into a larger contiguous land position around Recharge’s 94,500-ounce Inferred Prospero Gold Resource. The company had outlined the Ironstone Well acquisition in July alongside plans for an aggressive Sunset Well drilling campaign; the current announcement confirms that the transaction has now closed, although it does not disclose the acquisition consideration.

Historical drilling supplies targets, not new discoveries

Ironstone Well brings a substantial archive of historical exploration, with nearly 450 RAB and RC holes identifying multiple gold anomalies along strike from Prospero. Reported historical intercepts include 6 metres at 3.35 grams per tonne gold from 76 metres, including 2 metres at 7.58 grams per tonne, and 2 metres at 4.11 grams per tonne from 4 metres, including 1 metre at 7.82 grams per tonne.

Those results are encouraging exploration targets rather than new drilling results. The Portia prospect, where the strongest highlighted intercepts sit, was last drilled more than 25 years ago. Recharge says the mineralisation appears to share structural similarities with Prospero and Flanders, but the company will need to test continuity, geometry and grade with modern drilling before the historical evidence can support a larger resource interpretation.

Sunset Well drilling becomes the immediate catalyst

The nearer-term event is the start of Recharge’s maiden 30,000m drilling program at Sunset Well, scheduled to commence in October. The campaign will target the Prospero deposit and the wider Prospero Trend, marking the first exploration drilling at the 94,500-ounce deposit and along the broader trend since the mid-1990s. The company finished FY2026 with approximately $5.6 million in cash after a capital raising, providing the stated funding base for the work.

Ironstone Well is on a slower timetable. Recharge has started the process of bringing the acquired tenements into its Heritage Protection Agreement with the Darlot People, a step towards the grant of two pending mining tenements. A heritage survey is planned for the new year, with drilling targeted for mid-2027. That sequencing leaves the market with two separate tests: near-term assays from Sunset Well, and a longer permitting and heritage pathway before Ironstone Well can move from historical evidence to fresh results.

Funding must cover a widening exploration program

Recharge is also progressing work at its Brandy Hill South copper-tungsten-molybdenum project, including drone magnetic data processing, further tungsten re-assaying, metallurgical test work and planning for aircore, RC and diamond drilling. The expanded project pipeline gives the company more potential news flow, but also places greater importance on how its approximately $5.6 million cash balance is allocated across programs.