ActivEX finds new high-grade targets while Georgetown work accelerates

Georgetown samples deliver the quarter’s strongest results

ActivEX Limited (ASX:AIV) has produced its most eye-catching exploration numbers at Georgetown, where 41 surface rock samples returned multiple gold, silver and base-metal anomalies across six Queensland tenements. The standout sample graded 14.4 grams per tonne of gold and 150 g/t silver at the Bridle Creek prospect, while a Leichardt Creek sample returned 5.81 g/t gold and 221 g/t silver.

Other reported results included 7.32 g/t gold at Stockman and about 5.2 g/t gold at Cleanskin Creek, with associated lead, copper and zinc. ActivEX said the results would guide follow-up soil sampling, ground geophysics and potential reverse-circulation drilling during its 2026/27 exploration program. The company’s earlier Georgetown rock sampling results had identified the same project as a collection of high-grade gold, silver and base-metal targets.

These are surface rock-chip results, not a mineral resource estimate, and the company noted that transported sand cover complicates exploration at some prospects. Southern Geoscience Consultants has begun prospectivity modelling and target generation using geological, geochemical, geophysical and metallogenic data from the project.

Aramac assays and Westgrove approvals remain pending

At Aramac, ActivEX completed Phase 1 grid-based soil sampling across the northern 8 kilometres of a 55-kilometre target zone near the Dunns Road goethitic gossan. The program covered 101 soil samples and seven rock samples, which have been sent for laboratory analysis after handheld pXRF readings showed elevated barium, iron, manganese, phosphorus, sulphur, cobalt and zinc.

The company’s Aramac rare earth anomalies previously came from preliminary handheld pXRF readings, with laboratory confirmation still required. ActivEX said it is considering a drone magnetic survey and plans further geochemical work, mapping and possible aircore drilling along the broader trend.

At Westgrove, all statutory agreements for exploration permit applications 29159, 29220 and 29221 have been finalised, but the company is still waiting for Queensland government decisions before those tenements can be granted. The project is focused on the Westgrove Ironstone Member, which ActivEX is evaluating for rare earth element potential.

Cash runway falls below two quarters

The more immediate issue is funding. ActivEX ended September with $442,000 in cash after $165,000 of operating outflows and a further $62,000 spent on exploration and evaluation. On the company’s Appendix 5B calculation, that leaves an estimated 1.95 quarters of funding, with no unused finance facilities reported.

Management said it does not expect to maintain the quarter’s cash-flow level because the higher exploration expenditure related to tenement activities that have now been completed. It also said a further capital raising is being considered and expects to proceed when required, describing the proposed fundraising as achievable based on previous experience and access to funding sources. The company previously completed a $393,505 placement in March, although no size, timing or structure has been disclosed for the next raising.

Exploration pipeline now meets financing constraint

ActivEX has several potential catalysts in front of it: Georgetown follow-up work, Aramac laboratory assays, possible geophysical surveys and drilling, and decisions on the Westgrove applications. But most remain at the target-generation or approval stage, while the cash balance makes the timing and terms of any future equity raising material to shareholders.

The next useful evidence will be more than another isolated high-grade sample. Investors will need to see whether the Georgetown anomalies hold together through systematic follow-up, whether Aramac’s laboratory results validate the pXRF indications, and how ActivEX funds that work without materially changing its capital structure.