49 Metals Starts 3,500m Gold Mountain Drilling With Assays Due in 4-6 Weeks
Key Takeaways
- 49 Metals has started roughly 3,500m of fully funded follow-up RC drilling across 10-11 holes at Gold Mountain, Nevada, with first assays expected in 4-6 weeks.
- All 22 holes in the maiden 2026 campaign returned gold and/or silver, including DRC#9 at 27.4m @ 8.3g/t Au and 9.1m @ 21.9g/t Au inside it.
- DRC#22 delivered 170.7m @ 0.9g/t Au, the thickest continuous gold intersection the company has recorded at Gold Mountain.
- The Adit Zone remains open along strike and down dip, with step-out and infill holes designed to test both size and continuity.
- Cash stood at $6.8m at 30 June 2026, which the company says is enough to complete the program.
Follow-up RC drilling underway at Gold Mountain
49 Metals (ASX:49M) has commenced follow-up reverse circulation (RC) drilling at its flagship Gold Mountain Project in the Walker Lane Trend of Nevada, USA. The rig is turning, which means assay news flow is the next thing to watch.
The program comprises approximately 3,500m across 10-11 holes and is described as fully funded. It follows the decision to fast-track the work, as outlined in the Company’s announcement dated 24 September 2026.
Phil Carter, Managing Director
“It’s great to have the rig turning again at Gold Mountain following our decision to fast-track this program… We’re now building on those results, testing how far the Adit Zone discovery extends along strike and down dip…”
What the drilling will target
The Adit Zone gold discovery remains open along strike and down dip, which is why the holes are designed to extend it as well as tighten up what is already drilled. The program is designed to:
- Expand the Adit Zone through step-out drilling along the interpreted mineralised corridor
- Infill the existing drill pattern to improve confidence in the continuity and geometry of mineralisation
- Further define the relationship between the higher-grade structures and the surrounding broad mineralised envelope
- Provide additional geological and structural information to guide subsequent exploration and future resource evaluation
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Maiden campaign results set the platform
All 22 holes of the maiden drilling campaign, completed earlier in 2026, returned gold and/or silver mineralisation. That gives the follow-up program a broad base to build on.
DRC#9 was the discovery hole. The Company believes it represents a feeder zone to the much broader, lower-grade gold mineralised system at Gold Mountain.
Later holes showed the high-grade mineralisation sits within a considerably broader system. The Company also says the Oddie Rhyolite has emerged as an important host of gold mineralisation within the Adit Zone.
| Hole | Intercept | Including | Source announcement |
|---|---|---|---|
| DRC#9 | 27.4m @ 8.3g/t Au from 221.0m | 9.1m @ 21.9g/t Au from 224.0m | 3 June 2026 |
| DRC#19 | 67.1m @ 1.7g/t Au from 169.2m | 3.0m @ 20.0g/t Au from 189.0m | 27 August 2026 |
| DRC#22 | 170.7m @ 0.9g/t Au from 121.9m | 50.3m @ 1.2g/t Au from 207.3m | 27 August 2026 |
| DRC#16 | 15.2m @ 2.4g/t Au from 268.2m | 6.1m @ 5.0g/t Au from 274.3m | 1 July 2026 |
DRC#19 also returned a sub-interval of 10.7m @ 8.4g/t Au within its broader intercept, per the body of the announcement.
DRC#22 delivered the thickest continuous gold intersection recorded by the Company at Gold Mountain to date, at 170.7m @ 0.9g/t Au. For you as an investor, the pattern matters: narrow high-grade zones sitting inside a wide mineralised system is what supports the case for scale potential, though the follow-up drilling still has to test it.
Funding, timing and what’s next
The Company reported a cash balance of $6.8m as at 30 June 2026 and says it is well funded to complete the follow-up drilling program.
Initial assay results are expected approximately 4-6 weeks after drilling commences, subject to laboratory turnaround times, with results expected progressively thereafter. The catalysts to watch are:
- First assay results
- Step-out drilling results
- Infill drilling results
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Why Nevada matters
RC drilling uses a hammer-driven bit that returns rock chips to surface for sampling. It is a common way to test large areas of ground relatively quickly.
Step-out and infill holes answer different questions. Step-outs test how large a mineralised zone might be, while infill holes test how continuous it is. Both inform any future resource evaluation.
49 Metals is focused on gold assets in Nevada and holds three prospective gold projects in the Walker Lane Trend. According to the Company, Nevada offers:
- Tier 1 mining jurisdiction status
- Production in excess of 3mozpa (million ounces per annum)
- More than 64% of gold production in the United States
- The top ranking in the latest 2025 Fraser Institute Survey of the world’s most attractive mining investment destinations
Those are statements about the jurisdiction, not the Company’s projects. The Company notes that proximity to other deposits does not imply similar mineralisation, grades or tonnages will be found on its projects.
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