Pivotal Metals Refines Shanty Lake Target as Horden Lake Scoping Study Looms
Key Takeaways
- Drill hole 26-PIV-08 passed below the Shanty Lake conductor rather than through it — a DHEM survey has now repositioned the target as a shallower, better-constrained 350x140m plate with significantly higher conductivity of 200–750 Siemens versus the original 70–160 Siemens estimate.
- The Shanty Lake conductor remains entirely untested by drilling and is now a more precisely defined future target, supported by elevated metal concentrations of up to 1,640ppm Zn and 1,065ppm Cu in surrounding core samples.
- Five holes totalling 988m at Lorraine Mine East are fully drilled with ~1,000m of core at the laboratory, representing the most immediate near-term catalyst — step-out drilling beyond 600m east of a mine that historically produced 600kt at 1.37% Cu and 0.62% Ni.
- The Horden Lake Scoping Study is in final review and expected imminently, set to deliver the first engineering-level economic framework for a 52.4Mt resource at 1.05% CuEq containing 549kt of total CuEq metal.
- Agnico Eagle's Canadian Malartic Mine has 14Mt per annum of spare milling capacity forecast from 2028, providing a potential toll-processing pathway for Belleterre production 85km away.
DHEM survey refines Shanty Lake conductor, preserving future drill target
Drill hole 26-PIV-08 at Pivotal Metals’ Shanty Lake target did not return significant assay results, but the story does not end there. A subsequent downhole electromagnetic (DHEM) survey has provided a technical explanation for the miss and, critically, has precisely relocated the conductor, keeping the target firmly in play.
The original surface fixed-loop electromagnetic (FLTEM) survey modelled a conductor measuring 400x150m with conductivity of 70–160 Siemens, interpreted to begin from 150m depth. The DHEM survey, run inside the completed drill hole, has now revised that picture materially: the conductor is modelled as a 350x140m plate with significantly higher conductivity of 200–750 Siemens, but positioned shallower than the trajectory of 26-PIV-08 (refer Figure 2, section view). The hole, drilled to 679m and designed to intersect the centre of the original surface-derived plate, passed below the conductor rather than through it.
Core samples from the hole did reveal elevated metal concentrations — up to 1,640ppm Zn in mafic volcanic and up to 1,065ppm Cu in iron formation. These are not ore-grade results, but they confirm an active mineralising system in the area. The Shanty Lake conductor remains entirely untested by drilling and now represents a materially better-constrained future target.
Ivan Fairhall, Managing Director
“Hole 26-PIV-08 did not return a significant assay result, but we may have just missed the target. The downhole EM indicates that the conductor has a greater conductivity, but is shallower than the original surface interpretation. The exploration thesis remains, and we now have a materially more constrained interpretation of the Shanty Lake conductive target to incorporate into our wider Belleterre targeting and follow up drilling program.”
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Understanding downhole EM and why it matters for exploration
DHEM stands for downhole electromagnetic survey — a geophysical technique run inside a completed drill hole to image conductive sources in the surrounding rock at close range. This is fundamentally different from a surface EM survey, which interprets conductors from the ground surface and carries more positional uncertainty the deeper the target sits.
The workflow follows a logical progression:
- Surface EM (FLTEM): Provides a broad interpretation of conductor location and geometry from the surface.
- Drill hole: Tests the interpreted target based on the surface model.
- DHEM: Run inside the completed hole to produce a higher-resolution, closer-range image that can reposition and resize the modelled conductor.
This is standard best practice in modern base metals exploration. By combining drilling with downhole geophysics, companies progressively reduce geological uncertainty before committing further capital to additional holes. In Pivotal’s own words, the approach reflects “disciplined capital allocation: advancing targets where the technical evidence supports further expenditure.” The DHEM result at Shanty Lake is a direct application of that discipline — the revised model now gives any follow-up programme a materially sharper target to drill.
Active catalysts across the Belleterre portfolio
Lorraine Mine East drilling underway
Following completion of 26-PIV-08, the drill rig moved directly to the Lorraine Mine East targets. Five holes totalling 988m were recently completed, and all samples are currently at the laboratory with assays pending for approximately 1,000m of core. These results represent a near-term catalyst for the company.
The Lorraine Mine East target area comprises 11 undrilled IP anomalies, supported by surface mineralisation and prospective structural signatures. The five holes drilled represent the first step-out drilling beyond 600m east of the past-producing Lorraine Mine, which produced 600kt @ 1.37% Cu and 0.62% Ni during the 1960s. Investors should watch for the assay results as the next material data point from the Belleterre portfolio.
High-grade copper discoveries across the Belleterre belt have consistently validated the prospectivity of the structural corridors Pivotal is now systematically testing with step-out drilling east of Lorraine Mine.
Horden Lake Scoping Study expected shortly
Pivotal’s flagship Horden Lake project is approaching a significant de-risking milestone. The Scoping Study is described as being in the final stages of review and is expected to be released shortly, representing an imminent catalyst for the stock.
Horden Lake underpins the company’s development thesis, with a JORC-compliant Mineral Resource Estimate released on 7 July 2026. Key resource metrics:
- Total resource: 52.4Mt @ 1.05% CuEq
- Metals included: Cu, Ni, Au, Ag, Pd, Pt, and Co
- Measured and Indicated (M&I): 24.3Mt @ 1.17% CuEq
- Inferred: 28.1Mt @ 0.95% CuEq
- Total contained CuEq metal: 549kt
The Scoping Study, once released, is expected to provide an initial economic framework for the project and inform the next phase of development planning.
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Why Belleterre underpins Pivotal’s long-term investment case
The Belleterre project area sits 85km south of Rouyn-Noranda, within the Abitibi greenstone belt — a geological province estimated to have produced 7 million tonnes of copper and 200 million ounces of gold since 1901. Pivotal has consolidated a 199km² package across this belt, hosting multiple Cu-Ni-PGE and gold deposits, occurrences, and past-producing mines.
The project benefits from structural cost advantages that matter at the feasibility stage:
- Low hydropower costs estimated at approximately 5.5c/kWh
- Proximity to Glencore’s Horne copper smelter and Sudbury nickel smelters
- Agnico Eagle’s Canadian Malartic Mine has a publicly noted 14Mt per annum of spare milling capacity forecast from 2028, providing a potential future processing pathway
The investment case at this stage rests on three converging elements: a well-defined and preserved exploration target at Shanty Lake, near-term assay results pending from Lorraine Mine East, and the imminent Horden Lake Scoping Study expected to provide the first engineering-level view of the flagship project’s economics.
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