Antares Metals Confirms Vein System at Depth in Conglomerate Creek Maiden Drill

Antares Metals Puts First Drill Holes into Conglomerate Creek and Confirms Target Vein System at Depth

Antares Metals Ltd (ASX: AM5) has completed its maiden 780-metre, six-hole reverse circulation drilling program at the Conglomerate Creek Target 2 prospect within its 100%-owned Mount Isa North Copper Project in northwest Queensland. The program represents the first drilling undertaken across a 2km x 2.5km intrusive target that hosts seven untested geophysical anomalies, making this a significant milestone for the Antares Metals Conglomerate Creek maiden drilling results story.

The immediate outcome is geological rather than economic. Antares reported that drilling intersected the targeted quartz vein system at depth, consistent with the copper-gold-silver mineralisation previously mapped and sampled at surface. Assays are now underway at ALS in Mt Isa, with results for copper, gold and silver expected in the coming weeks.

"This maiden program marks the first time a drill bit has ever tested Conglomerate Creek's intrusive system, despite the strong copper, gold and silver grades we've mapped at surface. We've drilled beneath that mineralisation and intersected the same style of quartz veining seen at surface. With assays now underway we'll soon know the grade this system carries at depth."

— Terry Topping, Managing Director, Antares Metals

Why the Maiden Drilling Result Matters

The company framed the key objective clearly: test whether the surface mineralisation at Target 2 continues below outcrop and beneath cover. That question matters because surface rock chips can identify mineralised systems, but they do not by themselves demonstrate continuity at depth.

The reported intersection of the same style of quartz vein system in all six holes is, therefore, an important early-stage step. It suggests the structure mapped at surface may persist below ground, which is a prerequisite for any broader assessment of scale.

For investors, this is a de-risking event rather than a valuation endpoint. The market still needs laboratory assays to determine the grade of mineralisation at depth. However, confirmation that the target structure extends downward provides a stronger technical basis for follow-up drilling.

The Surface Evidence That Led to Drilling

Before this maiden drilling campaign, Antares had already assembled a notable surface dataset at Conglomerate Creek Target 2. The company mapped a mineralised quartz vein system over a 220-metre strike length before it disappeared under cover.

Key rock chip results reported from Target 2 are shown below.

In addition, Antares noted that the combination of copper, gold and silver, together with elevated pathfinder indicator minerals and proximity to a regional structure linking multiple geophysical targets, supports its interpretation of a broader mineralising system.

That interpretation had not previously been drill-tested. The latest program is the first direct attempt to determine whether the system seen at surface has meaningful depth continuity.

How the Six-Hole Drilling Program Was Designed

The maiden RC drilling program was completed in June 2026 and was designed to do two things:

1. Test beneath the known surface mineralisation at the Target 2 quartz breccia stockwork vein system
2. Investigate a dense gravity anomaly interpreted as a possible source for the mapped mineralisation

The completed drill collar details reported by the company are outlined below.

The holes were drilled perpendicular to the interpreted strike of the lodes, with the target lodes inferred to be near vertical. The company stated that this orientation is considered appropriate and unbiased, with mineralised intersections expected to be slightly longer than true width.

All six holes have been sampled and submitted for laboratory analysis. Furthermore, Antares confirmed that multi-element assays are being completed using ALS method ME-MS61, with gold determined by fire assay.

Understanding RC Drilling and Why Explorers Use It

Reverse circulation drilling is one of the most common first-pass drilling methods in mineral exploration. Instead of extracting a solid rock core, RC drilling uses a hammer and compressed air to bring rock chips to the surface through the drill rods.

That makes RC drilling well suited to early testing of broad targets such as Conglomerate Creek. It is generally faster and lower cost than diamond drilling, which allows explorers to test more ground in an initial campaign.

What Should Non-Specialist Investors Understand?

For those less familiar with technical exploration processes, several points are worth noting:

• Fast target testing: RC drilling can quickly determine whether a geological target identified from mapping, geochemistry or geophysics continues below surface.
• Representative sampling: Antares used a face-sampling bit and a cone splitter, both standard tools for collecting representative chip samples.
• Useful for early decisions: RC results can help a company decide where more detailed drilling should be directed.
• Not the final step: RC drilling is an exploration tool. It may confirm structures and identify mineralisation, but additional work is usually needed before any resource estimate can be considered.

Key Technical Terms Explained

A few technical terms in the announcement can also be simplified:

• Quartz breccia stockwork means a dense network of quartz-filled fractures in rock, often associated with hydrothermal mineral systems.
• Geophysical anomaly refers to an area where magnetic, gravity or other survey data differs from surrounding rock, suggesting a possible change below surface.
• Intrusive complex is a body of igneous rock that moved into older rocks underground and later cooled. These settings can be associated with copper and gold mineralisation.

Conglomerate Creek Remains Largely Untested

One of the more relevant points in the announcement is that Conglomerate Creek is not being treated as a single narrow target. Antares described the prospect as a 2km x 2.5km semi-circular intrusive system identified through the company's 2024 geophysical survey, with seven high-priority geophysical anomalies interpreted to relate to a single intrusion.

Historical work in the area appears limited. Previous exploration was restricted to scattered stream sediment samples and one rock chip sample, leaving most of the intrusive system without systematic modern drilling.

That broader context matters considerably. Even if Target 2 proves encouraging, it is only one part of the larger system. Conversely, if assays are mixed, the wider target inventory may still justify additional work elsewhere within the same intrusive setting.

Target 5 Is the Next Focus Area

Antares has already signalled the next step at Conglomerate Creek. A follow-up RC drilling program is being finalised for Target 5, located immediately north of Target 2.

Target 5 has produced strong surface geochemistry in earlier work. The company previously reported rock chip results of up to:

• 22.0% Cu
• 7.4 g/t Au
• 394 g/t Ag

Moreover, Antares described Target 5 as having a stronger geochemical response than Target 2 at surface. For investors, that creates a second near-term drilling catalyst within the same intrusive complex, rather than reliance on a single prospect.

Broader Project Pipeline Across Queensland and Western Australia

The Conglomerate Creek update sits within a larger exploration portfolio. Antares is advancing two main district-scale hubs, with an additional early-stage gold project in Western Australia.

Project Snapshot

At Mt Isa North, Antares also lists Startle and Astound as copper prospects with field work ongoing, whilst Queens Gift is described as a uranium prospect where first-pass drilling has been completed.

At Quinns, field activities are underway and include mapping, expanded soil sampling, and geophysical review, with heritage surveys to be arranged ahead of maiden drilling. Previous sampling at Quinns reportedly returned up to 3.7 g/t Au from historic workings.

What Investors Should Watch Next

The next stage in this update is straightforward. The market now needs assay data. Key near-term items to monitor include:

1. Target 2 assay results from the six-hole maiden RC program
2. Finalisation of the Target 5 RC program at Conglomerate Creek
3. Ongoing field work at Quinns, including mapping and soil sampling
4. Preparation for maiden drilling at Quinns following approval of the Plan of Works
5. Further target advancement at Mt Isa North, including Startle, Astound and Queens Gift

The first of these is likely to be the most material in the short term. Geological logging has confirmed the presence of the target vein system at depth, but assay results will determine whether the grades justify a larger follow-up campaign.

What This Means for the ASX: AM5 Investment Case

This announcement does not report economic intercepts or a mineral resource. Instead, it reports a successful first-pass test of whether a previously mapped surface system continues below ground. In that sense, it is an early but relevant technical milestone for the Antares Metals Conglomerate Creek maiden drilling results narrative.

The investment case now turns on two related questions. First, do assays support the visual and geological interpretation that the drilled quartz veining carries meaningful copper, gold and silver grades at depth? Second, can Antares repeat or improve on those outcomes across other targets in the same intrusive system, particularly at Target 5?

Antares controls 100% of Mt Isa North, a large tenure package in a well-known mining district, and still has a substantial volume of untested ground across Conglomerate Creek alone. That gives the company multiple opportunities to build on the current program if assays are supportive.

For now, the key takeaway is clear. Antares has moved Conglomerate Creek from a surface geochemistry story to a drilled target with confirmed structural continuity at depth. The next set of assay results should provide the first direct evidence of grade below surface at ASX: AM5.

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