High-Tech Metals Lifts Mt Fisher Gold Resource 47% and Unveils Underground Zone
Key Takeaways
- High-Tech Metals has upgraded the Mt Fisher Gold Project JORC Resource by 47% to 800,000 tonnes at 2.0 g/t Au for 51,000 ounces, up from 34,700 ounces in the 2022 estimate.
- A newly defined underground Inferred Resource of 280,000 tonnes at 3.0 g/t Au for 27,000 ounces sits below the optimised pit shell, opening a second higher-grade mining pathway beyond open-pit extraction.
- Indicated ounces increased from 8,200oz to 13,000oz, lifting resource confidence and strengthening the technical basis for future development studies.
- Metallurgical testwork confirms the material is free-milling and non-refractory, with combined gravity and cyanide recoveries up to 92.8% on stockpile material.
- Phase 2 RC drilling is scheduled to commence in late September 2026, targeting down-plunge and northern extensions where mineralisation remains open.
Mt Fisher gold resource jumps 47% to 51,000 ounces as underground zone emerges
High-Tech Metals has delivered an updated JORC (2012) Mineral Resource Estimate for its 100%-owned Mt Fisher Gold Project in Western Australia. The total Resource now stands at 800,000 tonnes at 2.0 g/t Au for 51,000 ounces, a 47% increase in contained gold from the 2022 estimate of 464,400t at 2.32 g/t for 34,700oz. The upgrade reflects both an expanded open-pit Resource and a newly defined underground Resource beneath the historical pit. This marks a material de-risking and growth event for a near-term development story.
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Breaking down the upgraded Resource
The new MRE is an upgrade from the 2022 estimate, not a maiden resource. The lift in Indicated ounces from 8,200oz to 13,000oz signals a quality improvement, not just a quantity increase — higher-confidence material strengthens the basis for development studies.
The updated Resource comprises:
- Indicated: 230,000t at 1.8 g/t Au for 13,000oz
- Inferred (in-situ): 570,000t at 2.1 g/t Au for 38,000oz
- Inferred stockpile: 150,000t at 0.9 g/t Au for 4,300oz
- New underground Inferred: 280,000t at 3.0 g/t Au for 27,000oz
| Category | 2022 | 2026 | Change |
|---|---|---|---|
| Indicated | 8.2koz | 13koz | +4.8koz |
| Measured | 2.6koz | – | –2.6koz |
| Measured + Indicated | 10.8koz | 13koz | +2.2koz |
| Inferred | 23.9koz | 38koz | +14.1koz |
| Total Ounces | 34.7koz | 51koz | +16.3koz (+47%) |
| Tonnes | 464.4kt | 800kt | +72% |
| Grade | 2.32 g/t | 2.0 g/t | –14% |
The lower average grade reflects a broader mineralised envelope plus separate treatment of open-pit, underground and stockpile material, not a deterioration in the deposit. The grade dilution is structural: the new model now captures both a wider pit-constrained zone and a separate high-grade underground component.
The standout: a new high-grade underground Resource
The new 280,000t at 3.0 g/t Au for 27,000oz Inferred underground Resource sits below the optimised pit shell. It extends ~650m of strike and to ~240m below pre-mining topography, ~80m below the pit shell. This opens a second potential mining pathway beyond open-pit, expanding development optionality. Grade here (3.0 g/t) is notably higher than the open-pit average, which tells you the underground zone carries materially stronger economics per tonne if pursued.
What is a Mineral Resource Estimate, and why the classification matters
A JORC (2012) Mineral Resource Estimate is a statement of the amount and grade of mineralisation that has reasonable prospects for eventual economic extraction. Resources are classified by confidence: Inferred (lowest), Indicated, Measured (highest). Moving ounces into Indicated matters because higher confidence supports mining studies and development decisions. The open-pit shell is the boundary within which material can be economically extracted using surface mining methods, determined by applying a cut-off grade (the minimum grade required to cover costs and generate a margin). At Mt Fisher, the growth in Indicated ounces plus a separately defined underground Resource gives a stronger technical basis for evaluating development scenarios.
2026 drilling and metallurgy underpin the upgrade
The upgrade incorporates HTM’s completed 41-hole, 6,038m Phase 1 RC drilling program, revised geological interpretation, and pit optimisation using current economic parameters. Drilling confirmed continuity beyond the previous Resource envelope and beneath the historical pit. A standout intercept from hole 26MFRC010 returned 12m at 2.30 g/t Au from 171m, including 5m at 4.95 g/t Au. The open-pit strike now extends ~770m, up from ~600m.
Metallurgy supports conventional processing
- Historical Mt Fisher production (1987–1989): ~22,500oz recovered from 218,000t at 3.2 g/t Au (mined grade 4.3 g/t Au) at ~75% plant recovery
- 2012 testwork: gold recoveries up to 74.9% (sulphide); up to 96.6% (low-grade stockpile)
- Recent HTM confirmatory testwork on stockpile material: combined gravity + cyanide recoveries up to 92.8%, free-milling and non-refractory
The material is amenable to conventional processing, which reduces technical risk for future development.
CEO James Merrillees on the result
James Merrillees, CEO
“The updated Mt Fisher Mineral Resource is an important step forward for the Project, increasing contained gold by 47% to 51,000 ounces and providing a much clearer picture of the mineralised system. The key outcome is not only the increase in ounces, but the way the Resource is now defined. We have increased the Indicated Resource to 13,000 ounces and defined a 27,000-ounce underground Resource beneath the optimised pit shell.”
Merrillees emphasised remaining upside: mineralisation remains open to the north and down-plunge, with the next drilling program targeting further Resource growth and conversion.
What’s next for Mt Fisher
Phase 2 RC drilling is scheduled to commence in late September 2026. The program was rescheduled from a previously planned August start due to contractor rig availability.
Phase 2 targets include:
- Down-plunge extensions beneath the historical pit
- Northern extensions beyond the current Resource
- Interpreted higher-grade shoots
- Areas supporting Resource conversion and growth
Parallel workstreams include assessing closer-spaced drilling to lift Indicated ounces, further underground evaluation, and ongoing metallurgical and processing assessment including stockpile contribution.
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The bigger picture across HTM’s portfolio
Mt Fisher sits within HTM’s broader Western Australia gold portfolio: Mt Fisher + Mt Eureka projects, ~1,150 km² landholding in the Yilgarn Craton. The group total Resource across projects now stands at 202,000oz (combined figure includes Mt Fisher, Damsel, Wagtail, Taipan, and Southern deposits). The Mt Fisher upgrade strengthens the near-term production narrative and self-funding exploration strategy. Expanded Resource, improved geological model, new underground zone, and remaining open extensions position the project for continued growth and development assessment.
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