Trek Metals uncovers more high-grade manganese targets after Kuro discovery

Kuro drilling confirms shallow high-grade manganese

Trek Metals Limited (ASX:TKM) has moved its Kuro prospect from promising drill target to confirmed exploration discovery, with 38 of 72 maiden reverse-circulation holes returning significant manganese intercepts above 5% Mn. Nineteen holes produced intercepts above 20% Mn, including 10 metres at 42.3% Mn from 13 metres and 7 metres at 40.2% Mn from 7 metres.

The mineralisation is notably shallow. Every significant intercept reported in the quarter came from surface to no more than 37 metres down-hole, although the filing describes Kuro as a discovery rather than a resource or development project. A peak one-metre assay of 55.1% Mn was recorded in hole 26XCRC065, while other results included 4 metres at 44.6% Mn from surface and 6 metres at 39.0% Mn from 28 metres.

The results extend the thread established by Trek's Phase 1 Kuro drilling, which had already reported widespread shallow mineralisation. Laboratory results also pointed to favourable chemistry: intercepts averaging at least 20% Mn averaged 27.0% Mn and 3.28% iron, while composites above 30% Mn produced a manganese-to-iron ratio of about 14.4:1. Trek cautions that metallurgical testing and further technical work are still required to assess processing characteristics and potential product specifications.

Phase 2 drilling tests the wider Kuro system

Trek has completed a further 2,232 metres of RC drilling around the initial discovery area. The program targeted new induced-polarisation anomalies and possible extensions to the mineralised system, with assays expected in the December 2026 quarter. Those results should provide the next substantive test of whether the initial high-grade footprint extends beyond the areas already drilled.

Expanded IP surveying has identified multiple additional chargeability and conductivity anomalies around Kuro. The company is also assessing Leviathan, within an interpreted prospective manganese basin stretching for about 30 kilometres. A large chargeability anomaly there appears to correlate with an outcropping sedimentary unit, although first-pass rock chips only indicate anomalous manganese and further fieldwork and heritage clearance are needed.

Arizona option adds a second manganese bet

Trek also secured a nine-month exclusive option to acquire 100% of the Matrix Manganese Project in Mohave County, Arizona, building on the nine-month Matrix option announced earlier in September. Matrix comprises 154 unpatented claims covering about 12 square kilometres beside the Artillery Peak manganese deposits.

The option required an initial A$50,000 non-refundable payment, with a further A$150,000 payable if Trek exercises the option. The filing presents the US project as a potential way to maintain exploration activity during Western Australia's wet season and gain exposure to a jurisdiction focused on domestic critical-minerals supply. Historical work in the district considered in-situ and heap-leach methods, but the company says Matrix itself still requires technical evaluation.

Cash funds exploration but leaves a short runway

Trek ended September with A$10.27 million in cash after spending A$3.42 million on exploration and evaluation, largely on Kuro drilling, earthworks, geophysics, assays and heritage costs. The Appendix 5B calculates estimated funding of 2.61 quarters using the quarter's relevant outgoings of A$3.936 million. That figure is a mechanical cash-runway estimate, not a forecast of future expenditure or a financing commitment.

Beyond manganese, Trek completed 17 RC holes for 1,890 metres across gold, copper-gold and rare-earth targets, including three holes totalling 966 metres at the Coogan copper-gold prospect. Assays from that work were also pending at quarter-end, leaving the December quarter with two separate sets of exploration results that could shape how the company allocates its remaining cash and drilling capacity.