G11 Resources Lines Up Copper-Gold Drill Test Near Mt Lyell With State Funding
Key Takeaways
- G11 Resources has secured up to $120,000 in co-funding under Tasmania's Exploration Drilling Grant Initiative (EDGI) to drill-test the Northeast Pyrite copper-gold prospect within EL11/2025.
- Northeast Pyrite sits 4.5km from the Mt Lyell copper-gold mine and 14km south along strike of the Henty gold mine, hosted within the same Mount Read Volcanics geological sequence.
- Three drill holes have been designed to vector below and adjacent to historic hole LMD01A, which intersected hanging wall alteration consistent with Mt Lyell and Henty-style systems but never tested the mineralised core.
- The MRT drilling approval submission has been lodged, with Grant Deeds expected to be finalised in coming weeks and drilling planned for the late 2026 to early 2027 southern hemisphere summer field season.
- The IP chargeability anomaly, resistivity low, and rock chip samples returning up to 988 ppm Zn and 0.16 ppm Au provide converging multi-dataset evidence for an untested mineralised system at depth.
Copper-gold target locked in at Northeast Pyrite as drilling approvals sought
G11 Resources has identified a compelling copper-gold drill target at its Northeast Pyrite prospect within the Sedgwick Bluff Project (EL11/2025) in western Tasmania, and secured up to $120,000 in co-funding under the Tasmanian Government’s Exploration Drilling Grant Initiative (EDGI) to help test it. Three drill holes have been designed, and a submission has been made to Mineral Resources Tasmania (MRT) seeking approvals to commence drilling.
The Northeast Pyrite prospect sits approximately 4.5km from the northernmost deposits of the Mt Lyell Mine and around 14km south along strike of the Henty Gold Mine. The EDGI award comprises up to $100,000 for direct drilling costs and an additional $20,000 for helicopter support, reflecting the state government’s active backing of greenfield exploration in the region.
This marks a meaningful transition for G11: from desktop analysis and geophysics work to physical drill testing of a target that has been building a multi-dataset case for years.
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Why Northeast Pyrite is worth drilling
A geological address that mirrors world-class deposits
Northeast Pyrite sits directly adjacent to the Great Lyell Fault, which acts as the primary fluid conduit for mineralising hydrothermal systems in the region. The prospect is hosted within the middle Cambrian Mount Read Volcanics, the same geological sequence that hosts both the Mt Lyell copper-gold mine and the Henty gold mine.
The boundary between the Central Volcanic Complex (CVC) and the Tyndall Group is considered the host horizon for a number of ore deposits within the Mount Read Volcanics, including Henty, Tasman Crown, Copper Chert, and Lyell Comstock. Locally, the rocks are sheared and altered porphyritic felsic volcanics, a textbook setting for this style of mineralisation.
Converging signals pointing to a mineralised system
The exploration case at Northeast Pyrite rests on several converging lines of evidence:
- A strong IP chargeability anomaly coincident with sheared, sericite-pyrite-silica altered CVC felsic volcanics
- An IP resistivity low approximately 200m west of the chargeability anomaly
- Rock chip samples returning elevated pathfinder elements, including sample 1082794 (0.16 ppm Au, 855 ppm Zn) and sample 1082796 (988 ppm Zn)
- Silica, sericite, and pyrite alteration observed in outcrop and in historic drill hole LMD01A, interpreted as the hanging wall alteration halo of an untested mineralised system
The folded and faulted stratigraphy at the prospect provides an ideal structural pathway and trap for mineralised fluids.
What the only historic drill hole tells us
Only one drill hole exists at Northeast Pyrite. LMD01A was drilled in 2006 by Copper Strike Ltd to a depth of 242.3m, designed to test the centre of the IP chargeability feature. The hole intersected a broad alteration zone characterised by pyrite-chlorite-sericite altered andesites and rhyolites with disseminated pyrite and trace veinlets of galena and chalcopyrite. This is consistent with the outer alteration halo of Mt Lyell and Henty style systems, not the mineralised core itself.
Peak assay results from LMD01A serve as pathfinder indicators of a proximal mineralised system. They are presented below, but readers should note the mandatory cautionary statement: these are historical results not subject to modern quality assurance and quality control practices and are not JORC 2012 compliant. A Competent Person has not done sufficient work to classify these results under the JORC Code 2012. They are regarded as indicative of exploration potential only.
| Hole ID | From (m) | To (m) | Element | Peak Value |
|---|---|---|---|---|
| LMD01A | 34 | 36 | Au | 0.15 ppm |
| LMD01A | 138 | 140 | Cu | 739 ppm |
| LMD01A | 144 | 146 | Pb | 2,170 ppm |
| LMD01A | 120 | 122 | Zn | 1,220 ppm |
Copper Strike was encouraged by these results and proposed further exploration but was unable to secure a joint venture partner. No follow-up drilling has been completed since 2006, leaving the core of the anomaly untested.
What is the Mt Read Volcanic Belt?
Western Tasmania’s Mt Read Volcanic Belt is one of Australia’s most significant mineral addresses. It hosts a suite of operating and historical mines across multiple commodities:
- Mt Lyell (Cu, Au)
- Henty (Au)
- Roseberry (Zn, Pb, Cu, Ag, Au)
- Hellyer (Zn, Pb, Cu, Ag, Au)
- Renison Bell (Sn)
Despite this track record, the belt remains largely underexplored, predominantly due to access constraints. That means genuine discovery upside exists for explorers willing to do the work.
Mining is the largest contributor to Tasmania’s GDP, and the state government is actively supportive of exploration, as evidenced by the EDGI grant programme. Tasmania is also powered 100% by renewable energy, a meaningful consideration for ESG-conscious investors assessing project jurisdictions.
For G11, having a drill target on the Great Lyell Fault, directly along strike from operating and historical mines in this belt, is a strategically significant address.
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What comes next for G11
The path forward is well defined and near-term:
- Grant Deeds between G11 and Mineral Resources Tasmania are expected to be finalised in the coming weeks
- The MRT drilling approval submission has been lodged, with the company awaiting the green light
- Drilling is planned for the upcoming southern hemisphere summer field season (late 2026 to early 2027)
- Three drill holes have been designed to test the IP chargeability and resistivity anomaly in the hanging wall of the Great Lyell Fault, vectoring below and adjacent to historic hole LMD01A
The target is defined, the funding is partially secured, and the approvals process is underway. For investors watching G11’s progress, the commencement of drilling at Northeast Pyrite represents the next concrete catalyst on the horizon.
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