Axiant identifies fresh Shoobridge targets ahead of maiden drilling

Shoobridge drilling targets emerge from first-quarter geophysics

Axiant Resources Limited (ASX:AXR) has reached the point where its first major exploration test is close to starting: approvals are in place, site preparation is underway and induced polarisation surveys have produced three additional target areas at the Shoobridge Gold Project in the Northern Territory.

The gradient array and pole-dipole surveys, conducted between 17 September and 1 October, outlined a continuous low-resistivity and elevated-chargeability zone along or near the main Shoobridge gold-bearing shear. A narrow conductor extends to depth, while deeper chargeable zones to the east and west sit at about 125 metres below surface and have not previously been tested by drilling.

“Depth slice at 100 m through the 3D resistivity inversion model, the 2D resistivity sections and indicative location of past drilling (source: ASX announcement 20 October 2026).”

Caption and image © Axiant Resources Limited. From “Quarterly Activities Report and Appendix 5B”, 28 Oct 2026.

Axiant says it is combining those geophysical interpretations with historical drilling, soil geochemistry and structural data to finalise hole locations. The proposed targets include the central conductor beneath existing drilling, the eastern flank of the structure, and the deeper western and eastern chargeability zones.

Maiden drilling is the next test of the geological model

Shoobridge covers 230 square kilometres about 130 kilometres south of Darwin. Historical drilling has defined shallow gold mineralisation over roughly 800 metres of strike within a gold-anomalous trend extending approximately 4.5 kilometres along the Shoobridge Shear. Only part of that trend has been tested, and the company says mineralisation remains open along strike and at depth.

That makes the coming drilling campaign the key shift from interpretation to evidence. The targets are based on geophysical modelling and existing datasets, not new drilling results, and the quarterly report expressly contains no new Exploration Results. The timing of the programme also remains exposed to ordinary exploration risks including weather, site access and contractor availability.

IPO funding leaves Axiant room to advance exploration

Axiant listed on the ASX on 2 September after raising $8.0 million before costs at $0.20 a share. It reported $6.1 million in cash at 30 September, after IPO-related costs and early exploration spending, with $231,000 incurred on exploration during the quarter, predominantly at Shoobridge.

The Appendix 5B shows net operating and investing cash outflows of $1.018 million for the quarter, including $110,000 classified as exploration and evaluation spending, while the company reported estimated funding of 17.4 quarters based on its quarterly cash-flow calculation. Against its 24-month prospectus plan, cumulative expenditure stood at $1.932 million compared with the planned $7.1 million at this stage, leaving most of the planned exploration and administration spend ahead rather than already deployed.

Finniss, where Axiant holds exclusive gold rights across nine granted licences and one application within Core Lithium’s project area, remained in data compilation and review. No material field activity was reported at Finniss or the company’s other regional projects, including Jervois, Adelaide River, Albarta, Mt Freeling and Yerelina.