Moonlight maps 662,000oz Clermont gold target as drilling accelerates

Clermont gold target reaches up to 662,000 ounces

Moonlight Resources Ltd (ASX:ML8) has given investors a larger geological frame for its Clermont project, reporting a conceptual Exploration Target of 16.2-19.8 million tonnes at 0.94-1.15 grams per tonne gold for approximately 443,000-662,000 ounces of contained gold. The target spans Leo Grande, Goldfinger and Petersens in central Queensland, but it is not a Mineral Resource estimate and the company cautions that further exploration may not result in one.

“Clermont Exploration Target prospect locations”

“Moonlight Resources Clermont Gold Project”

Caption and image © Moonlight Resources Ltd. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

The target was announced after the September quarter and now sets the work programme for the next stage of Clermont’s evaluation. Moonlight has commenced approximately 13,000 metres of reverse circulation drilling across the three prospects, including about 5,000 metres at Goldfinger, 4,000 metres at Leo Grande and the balance at Petersens. Subject to drilling and technical work, the company plans an initial maiden Mineral Resource Estimate incorporating Leo Grande and Goldfinger.

Leo Grande drilling advances towards a maiden resource

“Leo Grande drilling plan”

Leo Grande remains the most advanced part of the project. Phase 2 reverse circulation drilling extended the identified gold system at Leo Grande Central over more than 1km of strike, with results including 24 metres at 1.22g/t gold from 87 metres and 19 metres at 1.95g/t from 99 metres. The latest programme also returned 19 metres at 1.36g/t from 142 metres, including a 1-metre interval grading 8.39g/t.

The result builds on the Leo Grande Phase 2 drilling, which had already extended the system beyond 1km of strike and supported the company’s resource-definition work. Moonlight completed four diamond holes for 494 metres during September to improve its understanding of geological structures, support modelling and obtain fresh-rock samples for metallurgical testwork. Assays from that programme were still pending at quarter-end.

Goldfinger and Peak Downs widen Clermont’s exploration scope

Goldfinger entered its first Moonlight drilling campaign during the quarter, with 20 reverse circulation holes completed for 2,045 metres by 30 September. The programme is testing historical mineralisation associated with the Central Zone shear, along with possible extensions and parallel lodes. No Goldfinger assay results were reported during the quarter, leaving the prospect’s contribution to the Exploration Target to be tested by the current drilling.

“Goldfinger historical drilling and current RC drilling targets.”

“Peak Downs drilling plan and historical workings. Historical drill collar locations completed by Straits Resources Limited, 1994–1995.”

Caption and image © Moonlight Resources Ltd. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

At Peak Downs, 56 reverse circulation holes covering 2,988 metres returned broad, shallow copper mineralisation. Highlights included 22 metres at 1.26% copper from surface, 14 metres at 1.50% copper from 52 metres and 6 metres at 2.64% copper from 52 metres, including 2 metres at 6.26%. Moonlight says follow-up work is expected to include diamond drilling, metallurgical testwork and geological modelling, although the continuity, grade distribution and scale of the system remain to be established. The programme follows the Peak Downs maiden drilling, which was launched to test the prospect’s historical copper mineralisation.

Cash position leaves limited room for delay

Moonlight spent A$2.524 million on exploration and evaluation during the quarter, alongside A$443,000 in operating cash outflows, leaving A$3.168 million in cash at 30 September. On the Appendix 5B calculation, that represents about 1.1 quarters of funding based on total relevant outgoings of A$2.967 million.

The company said it does not expect to maintain the current level of cash usage because heavy exploration expenditure is moving into a data-evaluation phase ahead of its maiden resource. It also said its existing cash position should enable it to complete current activities. That assumption is now central to the story: the next resource-definition results may arrive before the cash balance becomes comfortable, but a slower-than-expected reduction in exploration spending could bring funding requirements back into focus.