Moonlight Resources Defines 443 to 662koz Exploration Target at Clermont
Key Takeaways
- Moonlight has defined a 443–662koz Exploration Target at Clermont, covering 16.2–19.8Mt at 0.94–1.15g/t Au across three prospects.
- Leo Grande holds the bulk at 281–420koz, while Goldfinger (1.20–1.50g/t) and Petersens (1.00–1.22g/t) offer higher-grade upside.
- The target is conceptual, not a JORC resource, and carries a stated range of -19% to +21%.
- A 13,000m RC programme is underway at Goldfinger, with the full programme due to finish by Q2 CY2027.
- A maiden MRE for Leo Grande and Goldfinger is targeted near-term without a firm date, and a Peak Downs copper MRE is expected in Q4 CY2026.
Exploration Target of 443–662koz defined at Clermont Gold Project
Moonlight Resources (ASX: ML8) has defined an Exploration Target (ET) across the Leo Grande, Goldfinger and Petersens prospects at its 100%-owned Clermont Gold Project in central Queensland. The target totals approximately 16.2–19.8Mt at 0.94–1.15g/t Au for 443–662koz of contained gold.
The company describes the opportunity as predominantly near-surface. It builds on approximately 15,000m of drilling completed at Leo Grande, and gives investors a quantified framework for expanding the gold Mineral Resource base.
One point matters before the numbers. The ET is conceptual, insufficient exploration has been undertaken to estimate a Mineral Resource in the target areas, and it is uncertain whether further exploration will result in one.
A 13,000m reverse circulation (RC) drilling programme is underway, with drilling ongoing at Goldfinger. Moonlight is targeting near-term delivery of a maiden Mineral Resource Estimate (MRE) incorporating Leo Grande and Goldfinger, following completion of the 5,000m Goldfinger programme and final validatory work.
Greg Starr, Managing Director
“This Exploration Target puts some significant numbers around exactly what excites us about Clermont…”
Greg Starr, Managing Director
“…our focus now is on demonstrating that potential through the drill bit.”
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Where the ounces sit across three prospects
Leo Grande carries most of the target, with Goldfinger and Petersens adding smaller but higher-grade components. The table below uses the ranges from the company’s Exploration Target table. The company notes the prospects do not sum perfectly to the total due to rounding.
| Prospect | Tonnage (Mt) | Grade (g/t Au) | Contained gold (koz) | Planned RC drilling |
|---|---|---|---|---|
| Leo Grande | 11.1 – 13.6 | 0.87 – 1.06 | 281 – 420 | ~4,000m |
| Goldfinger | 2.7 – 3.3 | 1.20 – 1.50 | 95 – 142 | ~5,000m |
| Petersens | 2.3 – 2.8 | 1.00 – 1.22 | 67 – 100 | ~4,000m |
| Total | 16.2 – 19.8 | 0.94 – 1.15 | 443 – 662 | 13,000m |
Leo Grande, the foundation for scale
Leo Grande is the largest component at 281–420koz. The target is centred on an interpreted mineralised mylonitic shear, and mineralisation is interpreted to remain open along strike and down dip beyond the drilling Moonlight completed during 2026.
Approximately 4,000m of RC drilling is planned to test extensions to the principal shear and investigate potential higher-grade positions.
Goldfinger and Petersens, higher-grade potential
Goldfinger contributes 95–142koz at 1.20–1.50g/t. Historical work by Noranda during 1986–1987 identified gold mineralisation associated with the Central Zone shear, and approximately 5,000m of RC drilling has been allocated, with drilling underway.
Petersens adds 67–100koz at 1.00–1.22g/t. Historical exploration included 24 RC holes for approximately 959m completed in 1988, which identified mineralisation associated with the interpreted Main Zone, and approximately 4,000m of RC drilling is planned.
How an Exploration Target works
An Exploration Target is a range estimate built from existing data and geological interpretation. It is not a Mineral Resource under the JORC Code. What it tells you is where a company is looking and roughly how big the opportunity could be, not what is in the ground.
Moonlight built the ET from discrete, interpreted mineralised lenses and zones within each prospect. Individual assumptions were applied across three categories:
- Geometry: strike length, down-dip extent and mineralised thickness.
- Density: 2.785t/m³ across all three prospects.
- Grade: assumed gold grades for each lens.
The conceptual volumes and grades were aggregated into a modelled tonnage and weighted average grade for each prospect. A variation of ±10% was then applied to the modelled tonnage and contained gold to set the reported ranges, reflecting uncertainty in geometry, continuity and grade distribution.
The company states the result is a range up to -19% to +21%, which flows through to the total Clermont ET.
For investors, the drilling is designed to test whether these assumptions hold. Results will be integrated into geological models to support delineation of a maiden MRE.
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Drilling programme and next steps to Q2 CY2027
The planned RC drilling is split across the three prospects.
| Prospect | Planned drilling | Objective |
|---|---|---|
| Leo Grande | 4,000m | Test strike and down-dip extensions outside the current extent of drilling, including continuation of the principal shear and higher-grade positions |
| Goldfinger Extensions | 5,000m | Test Central Zone continuity and interpreted strike and depth extensions of the mineralised shear |
| Petersens | 4,000m | Test Main Zone continuity between and beyond historical intersections, and strike and down-dip extensions |
| Total | 13,000m | Test the three conceptual ET components |
Key exploration activities are scheduled to include:
- Completing the approximately 5,000m RC programme at Goldfinger.
- Integrating drilling results into updated geological models and delineation of a maiden MRE at Leo Grande and Goldfinger.
- Progressing approximately 4,000m of RC drilling at Petersens, as the rig subsequently moves there.
- Undertaking approximately 4,000m of RC drilling at Leo Grande.
- Integrating results to assess additional drilling and delineation of Resources across all three prospects, with MRE updates expected to follow progressively.
The broader programme is expected to be completed by Q2 CY2027, with interim results released along the way. Results from recent drilling are also pending, according to Starr.
The announcement does not give a date for the maiden MRE, saying only that delivery is targeted near-term. A second catalyst sits in the portfolio, with a copper MRE at the Peak Downs Copper Project expected in Q4 CY2026.
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