Exultant Mining Hits 65g/t Silver as Balerion Zone Widens 57% at Depth
Key Takeaways
- Five of six maiden drill holes at the Balerion Prospect intersected polymetallic mineralisation, confirming the validity of Exultant Mining's (ASX: 10X) integrated geophysical targeting approach.
- The mineralised shear zone is thickening with depth — estimated true thickness increases approximately 57% from ~6.4m in BLRCDD006 to ~10.1m in BLRCDD005 over just 100 metres down-dip.
- Peak intercepts include 6.65m @ 16.18g/t Ag and 1.56% Zn+Pb from 186m in BLRCDD006, with a high-grade sub-interval of 0.50m @ 65.40g/t Ag and 9.18% Zn+Pb.
- The system remains open at depth and along strike to the north, with historical hole PV002 returning 1.5m @ 188g/t Ag, 5.10% Zn, 3.25% Pb from 164.1m supporting a northern extension.
- The exploration team has redeployed to the Black Hammer Cu-Au Project in the Macquarie Arc, now identified as the company's principal near-term exploration focus.
Balerion delivers high-grade polymetallic hits as mineralised zone expands at depth
Final assay results from three drill holes at the Balerion Prospect have confirmed high-grade silver-zinc-lead-copper-gold mineralisation at Exultant Mining Limited’s (ASX: 10X) Peak View Project in New South Wales. Five of the six maiden holes intersected polymetallic mineralisation, and a key structural finding is emerging: the mineralised shear zone appears to be getting thicker with depth, not pinching out.
The estimated true thickness of the principal mineralised shear increases by approximately 57% down dip, from approximately 6.4m in BLRCDD006 to approximately 10.1m in BLRCDD005, with the two holes situated roughly 100m apart. The system remains open at depth and along strike to the north, leaving considerable ground untested.
Peak headline intercepts from the three holes include:
- BLRCDD005: 11.75m @ 9.12g/t Ag, 1.43% Zn+Pb, 0.12% Cu, 0.11g/t Au from 240.15m (~10.1m true thickness), including 0.70m @ 49.20g/t Ag, 10.22% Zn+Pb from 245.8m
- BLRCDD006: 6.65m @ 16.18g/t Ag, 1.56% Zn+Pb, 0.13% Cu, 0.29g/t Au from 186.0m (~6.4m true thickness), including 0.50m @ 65.40g/t Ag, 9.18% Zn+Pb from 189.4m
- BLRCDD004: 4.70m @ 5.01g/t Ag, 0.93% Zn+Pb from 224.15m (~4.2m true thickness), including 0.65m @ 16.45g/t Ag, 4.41% Zn+Pb from 224.15m
Note: Zn+Pb values in these highlights represent the arithmetic sum of separately assayed zinc and lead grades. They are not a metal equivalent and do not incorporate commodity prices, metallurgical recovery, or payability.
Executive Chairman Brett Grosvenor
“When we completed the maiden Balerion drilling program, we flagged that assays were pending from three remaining holes. Those results are now in, and they confirm that the sulphides contain meaningful polymetallic grades, with locally high-grade intervals up to 65g/t silver and 10% combined zinc-lead. Importantly, the data shows the mineralised zone is getting thicker at depth, increasing approximately 57% in estimated true thickness over 100 metres down-dip, and it remains open beneath our deepest holes and along strike to the north. Five of six holes hitting mineralisation in a maiden program is a strong validation of our targeting approach…”
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Drilling results at a glance — key intercepts from the maiden Balerion program
The table below summarises the principal intercepts from BLRCDD005, BLRCDD006, and BLRCDD004. “Including” sub-intervals overlap with their parent intervals and must not be added together or treated as cumulative widths. Estimated true thicknesses are preliminary and based on the current structural interpretation.
| Hole ID | From–To (m) | Downhole Width (m) | Est. True Thickness | Ag (g/t) / Zn+Pb (%) | Notable Sub-interval |
|---|---|---|---|---|---|
| BLRCDD005 | 240.15–251.90 | 11.75m (incl. 0.80m core loss) | ~10.1m | 9.12g/t Ag / 1.43% Zn+Pb | 0.70m @ 49.20g/t Ag, 10.22% Zn+Pb from 245.8m |
| BLRCDD006 | 186.00–192.65 | 6.65m | ~6.4m | 16.18g/t Ag / 1.56% Zn+Pb | 0.50m @ 65.40g/t Ag, 9.18% Zn+Pb from 189.4m |
| BLRCDD004 | 224.15–228.85 | 4.70m (incl. 0.50m core loss) | ~4.2m | 5.01g/t Ag / 0.93% Zn+Pb | 0.65m @ 16.45g/t Ag, 4.41% Zn+Pb from 224.15m |
All Zn+Pb figures are arithmetic sums of separately assayed zinc and lead grades. Cu and Au grades are reported separately in the source announcement. Estimated true thicknesses may change as the three-dimensional geological model is refined.
What is a polymetallic shear zone — and why does thickening at depth matter?
Understanding the geological setting helps put these results in context. Balerion sits within the Lachlan Fold Belt, 35km northeast of Cooma, NSW, in a region known for structurally complex volcano-sedimentary sequences.
What is a mineralised shear zone? A shear zone is a feature formed by intense deformation, where rocks of contrasting stiffness are squeezed and concentrated along a narrow structural boundary. At Balerion, regional shortening produced deformation focused along the base of a competent rhyolite unit, creating a talc-rich shear at the contact between that rhyolite and the underlying volcaniclastic rocks. Local dilation within the shear enhanced permeability, which the geological interpretation suggests focused metal-bearing hydrothermal fluids and created sites for sulphide deposition. This differs from a volcanic-hosted massive sulphide (VMS) deposit, where metals are deposited directly on the seafloor by volcanic venting. The evidence at Balerion is now considered more consistent with a structurally controlled epigenetic system, meaning the mineralisation formed after the host rocks, guided by structural pathways rather than contemporaneous volcanic activity.
Why does thickening at depth matter? When a mineralised zone grows wider as drilling goes deeper, it signals that the system has not been closed off or narrowed by erosion or structural pinching. The increase from approximately 6.4m true thickness in the shallower BLRCDD006 to approximately 10.1m in BLRCDD005 — located roughly 100m further down dip — supports this interpretation. The historical drillhole PVI006 at shallow depth previously returned 4.4m @ 342.7g/t Ag, 4.00% Pb from 48.7m, providing the original rationale for testing the down-dip extension. That the system appears to be widening, not narrowing, as depth increases is a meaningful geological signal.
What does “open at depth and along strike” mean? It means the mineralisation has not been intercepted at its boundary in either direction. Drilling has not closed the system below the deepest holes, and the northernmost historical drillhole PV002 returned 1.5m @ 188g/t Ag, 5.10% Zn, 3.25% Pb from 164.1m, indicating mineralisation may continue beyond the current northern limit of drilling.
Multi-metal exposure within a single system. The presence of silver, zinc, lead, copper, and gold across the same structural host means the project carries commodity diversification within a single mineralised target. The relative contribution of each metal varies by interval, as the separate assay grades in Table 2 of the announcement illustrate.
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Geophysical targeting validated — and what comes next for 10X
A targeting approach that’s earning its keep
Five of six maiden holes intercepting mineralisation is not a routine outcome for an early-stage program. The result validates the integrated methodology used to define drill targets: combined geological mapping, surface geochemistry, induced-polarisation (IP) chargeability and resistivity, and gravity data. It is worth noting, as the source announcement explicitly states, that these datasets assist with target definition but are not direct indicators of grade.
Next steps for Balerion, as outlined by the company, include:
- Integrating assay results, geological logging, and oriented-core structural data into an updated 3D geological model
- Analysing multi-element assay data in ioGAS to assess alteration and trace-element vectors toward additional mineralisation
- Documenting potential down-dip and northern strike extensions to provide a technical basis for evaluating future work at Balerion
- The northern open-strike extent is supported by historical intercept PV002 (1.5m @ 188g/t Ag, 5.10% Zn, 3.25% Pb from 164.1m), indicating the mineralised contact may continue beyond current drilling
Any further exploration at Balerion will be considered within the company’s broader portfolio priorities.
Focus turns to Black Hammer Cu-Au in the Macquarie Arc
The exploration team has already redeployed to the Black Hammer Cu-Au Project, which the company has identified as its principal near-term exploration focus. Black Hammer is situated in the Macquarie Arc, a structurally distinct setting from Balerion, and carries a copper-gold commodity profile rather than the silver-zinc-lead polymetallic exposure at Peak View.
Executive Chairman Brett Grosvenor
“…the team has already redeployed to Black Hammer, which remains our principal near-term exploration focus in the Macquarie Arc.”
The company has not disclosed specific timelines or anticipated results for the Black Hammer program beyond confirming the redeployment and its stated priority status. Investors should note that the Balerion maiden program is now complete, with further work at that prospect subject to evaluation within the company’s broader strategic priorities.
Ready to Explore the Expanding Balerion Polymetallic System at Depth?
Exultant Mining’s maiden drilling program at the Balerion Prospect has confirmed high-grade silver-zinc-lead-copper-gold mineralisation, with the mineralised shear zone thickening by approximately 57% over just 100 metres down-dip — a compelling geological signal that the system remains open and untested at depth and along strike to the north.
For a deeper look at the Peak View Project and Exultant Mining’s broader exploration portfolio, visit the Exultant Mining (ASX: 10X) investor profile on Discovery Alert to stay across the latest developments as the company shifts focus to its next priority target at Black Hammer Cu-Au.