5,000 m drilling leaves Infini with 0.43 quarters of funding

Portland Creek campaign reaches its largest scale

Infini Resources Limited (ASX:I88) is pushing ahead with its biggest exploration program yet at Portland Creek in Newfoundland, but the campaign is being funded from a cash position that the company says covers just 0.43 quarters of current outgoings. The 100%-owned project now has approximately 5,000 metres of Phase 3 diamond drilling underway, alongside up to 1,000 metres of trenching.

The expanded program follows 737 line-kilometres of airborne radiometric surveying, 283 kilometres of field traverses and three-dimensional magnetic modelling. Infini says the combined work has identified structural intersections, magnetic destruction boundaries and uranium anomalism as priority targets within what it interprets as a district-scale hydrothermal system. The company had previously outlined the 5,000 m Portland Creek program, including concurrent trenching to sharpen drill targeting.

Field measurements add geological encouragement, but not a resource estimate. Ground spectrometer readings were commonly 1,300 to 2,700 counts per second against host-rock backgrounds of 500 to 800, with isolated peaks up to 9,400 counts per second. Portable XRF screening produced indicative readings of up to approximately 2,800 ppm uranium at a fault-gouge location. Infini explicitly cautioned that these results are semi-quantitative, near-surface indicators requiring laboratory confirmation and should not be treated as representative grades or evidence of continuity at depth.

Saskatchewan drilling awaits delayed assays

At Reynolds Lake and Reitenbach Lake in Saskatchewan, Infini completed its maiden subsurface test of the 677 square kilometre project area with 16 holes for 3,314 metres. Drilling intersected paragneiss, graphitic schist, graphitic gouge and orthogneiss, with several conductive zones showing faulting, brecciation, fracturing and local shear development.

Chlorite, hematite, sericite, clay, epidote alteration, bleaching, recrystallisation and quartz veining were observed around interpreted faults. Those observations support the company’s basement-hosted uranium model, but the more consequential evidence is still missing: all core samples have been submitted for assay, with results now expected in the fourth quarter of calendar 2026 after laboratory congestion delayed the original timetable. Infini plans to combine the assays with downhole gamma data and geophysical interpretation before ranking the tested corridors and considering follow-up drilling across the broader 80 kilometre EM conductor network.

Exploration spending has outrun available cash

The financial arithmetic is less forgiving than the exploration narrative. Infini finished the quarter with A$1.897 million in cash after A$3.700 million of exploration and evaluation payments, A$695,000 of operating cash outflows and A$13,000 of financing repayments. On the Appendix 5B calculation, total relevant quarterly outgoings were A$4.395 million, leaving 0.43 quarters of estimated funding and no unused finance facilities.

The company said it will adjust operating and exploration expenditure as required and is seeking to fund future activity through a combination of cash management, expected C$744,600 in GST/HST refunds, a Newfoundland bond refund and government exploration grants. It also said junior explorers must continually assess the timing of future funding and expects to continue operations while reviewing expenditure against available funds. That leaves the next capital decision closely tied to the timing of assays and the pace of Portland Creek drilling.

Infini also confirmed the resignation of CFO Paul Hughes effective 15 August, with Jay Stephenson appointed to the role effective 1 August. The company relinquished the Valor Lithium Project after deciding to focus its strategic attention on Portland Creek, Reynolds Lake and Reitenbach Lake, while no significant work was reported at its other uranium and lithium projects during the quarter.