Golden Deeps Finds More High Grades as Graceland Drilling Goes Deeper

Graceland drilling confirms high-grade mineralisation

Golden Deeps Ltd (ASX:GED) has added another set of high-grade intersections to the exploration case for its Graceland prospect in Namibia, with new results confirming mineralised zones below the Gossan 1 and Gossan 1 East outcrops. The assays included up to 9.2% copper and 417g/t silver below Gossan 1 East, while drilling below Gossan 12 returned up to 23.2% zinc, 8.2% lead and 118g/t germanium.

“Golden Deeps Otavi Mountain Land Projects, Mineral Resources and key prospects with major mines.”

“Long Projection of Gossan 1 Corridor with shallow intersections and proposed drilling to test IP Sulphide Targets.”

Caption and image © Golden Deeps Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 28 Oct 2026.

The strongest reported intersections included 8.20 metres at 3.5% copper equivalent, or CuEq, from eight metres in hole GLBPD009 at Gossan 12. That result included 2.12 metres at 6.2% CuEq. At Gossan 1 East, hole GLBPD007 returned 4.48 metres at 4.0% CuEq from 2.52 metres, including 1.12 metres at 13.0% CuEq, with the interval carrying 8.16% copper, 270g/t silver and 561g/t antimony.

Deeper drilling tests the Gossan 1 corridor

The results arrive as Golden Deeps moves from shallow confirmation drilling into a deeper campaign across the 800-metre-long Gossan 1 corridor. The program is initially designed to test down-plunge extensions of Gossan 1 and Gossan 1 East, along with three priority sulphide targets identified through induced polarisation surveys. The company expects to drill up to 10 initial diamond holes, with further work dependent on the Stage 1 results.

“Graceland, Gossan 1 Corridor plan with Gossan 1 & Gossan 1 East channel sampling, IP Targets and proposed drilling.”

The program follows the August deeper drilling launch, which targeted three priority IP sulphide zones. Golden Deeps says later drilling may test targets below 100 metres depth, including Gossan 1 Far East, described in the report as the largest and strongest of the three IP anomalies identified to date. That target has no surface expression and remains open to the east and at depth.

Exploration spend remains concentrated in Namibia

Golden Deeps spent A$513,000 on exploration and evaluation during the September quarter, representing most of its A$670,000 net expenditure. Work outside Graceland continued at the South Ridge and Butterfly North prospects, where soil, rock-chip and channel sampling is feeding further targeting. At Butterfly North, the company is modelling an earlier IP survey along strike from the Khusib Springs high-grade copper-silver mine.

“East Lachlan Fold Belt, Macquarie Arc, with the location of the Company’s tenements and Projects.”

Caption and image © Golden Deeps Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 28 Oct 2026.

The wider portfolio remains active but less advanced. Golden Deeps is progressing uranium tenement applications south of the Langer Heinrich mine, reviewing its Havilah project before proposing further work or divestment, and assessing targets across its Acros and Crown joint venture interests in New South Wales. Its Professor and Waldman cobalt-silver projects in Ontario have been presented to Canadian companies for review and a possible sale transaction.

Cash runway reaches 5.3 quarters

Cash fell from A$4.218 million at 30 June to A$3.548 million at 30 September, with no financing proceeds recorded during the quarter. The company reported A$157,000 of operating cash outflow and A$513,000 of exploration spending, producing an estimated 5.3 quarters of funding at the reported expenditure rate. That provides room for the current drilling program, although the calculation is a point-in-time estimate rather than a commitment on future spending.

The grades are encouraging exploration results, not a mineral resource or an assessment of economic viability. Golden Deeps’ CuEq figures also rely on assumed recoveries, payability and commodity prices, including for germanium and antimony. The next decisive evidence will therefore come from the deeper holes and any follow-up work that can show whether the high-grade zones are sufficiently continuous and extensive to support a formal resource study.