Exultant Mining Defines 2.4km Copper-Zinc Corridor at Never-Drilled Watsons Prospect
Key Takeaways
- Exultant's pXRF survey defined a roughly 2.4km copper-zinc corridor at Watsons, open to the north and south, on a prospect that has never been drill tested.
- The modern survey reproduced and infilled copper-zinc anomalism first identified in the 1970s, giving the company a firmer base for planning its next phase.
- A new lead-copper-zinc anomaly of about 100m × 300m in the north returned up to 758ppm Pb, above the historic 410ppm peak.
- These are preliminary pXRF readings, not laboratory verified, and the current peaks of 330ppm Cu and 529ppm Zn sit below the historic 1,250ppm and 3,300ppm.
- Next steps are survey extensions, laboratory checks and possible magnetic and IP surveys, with no timelines or budgets disclosed and some work subject to land access agreements.
2.4km copper-zinc corridor defined at undrilled Watsons prospect
Exultant Mining (ASX: 10X) has reported results from a portable X-ray fluorescence (pXRF) soil survey at the Watsons prospect, within EL9332 at its 100%-owned Black Hammer Project in the Macquarie Arc, New South Wales. The survey defined a copper-zinc soil anomaly along an approximately 2.4km north-northeast trending corridor that remains open to the north and south.
These are early-stage readings, so context matters. The results are preliminary field measurements, not laboratory verified, and soil anomalism does not establish the grade, thickness, continuity or economic significance of underlying bedrock mineralisation.
Key figures from the survey:
- 190 pXRF readings on a nominal 50m × 100m grid
- An approximately 2.4km north-northeast corridor, open to the north and south
- Peak readings of 330ppm Cu, 529ppm Zn and 758ppm Pb
- Watsons has never been drill tested
Notably for the project’s story, the survey reproduced and infilled copper-zinc anomalism first identified in the 1970s. A modern dataset matching the historic pattern gives the company a firmer base for planning the next phase of work.
Brett Grosvenor, Executive Chairman
“Our soil work has reproduced the copper-zinc pattern first identified in the 1970s and tightened it into a corridor extending approximately 2.4 kilometres, open to the north and south, with a new lead-copper-zinc anomaly in the north… That’s the approach we’ve committed to: low-cost, focused fieldwork to build the evidence, then advance the best positions toward drilling.”
When big ASX news breaks, our subscribers know first
What did the survey find?
Copper-zinc anomalism and geology
The strongest responses sit over outcropping and subcropping altered volcanic rocks with abundant quartz veining. They also coincide with subtle features in total magnetic intensity (TMI) data, which measures variations in the earth’s magnetic field.
The principal copper and zinc responses occur in the northern and southern parts of the prospect. The peak copper reading of 330ppm came from the southern zone.
The swampy central drainage left gaps in coverage, because excessive soil moisture prevented measurements. Those gaps are not low or background results, since the unsampled locations provide no evidence of either anomalous or background metal concentrations.
The company interprets drainage cover as potentially masking the surface expression of an underlying bedrock source. Continuity of anomalism through this covered interval remains to be tested.
New northern lead anomaly
A newly identified lead anomaly of approximately 100m × 300m sits in the northern part of the prospect. It returned pXRF readings up to 758ppm Pb and coincides with copper and zinc anomalism, which the company describes as an additional focus for follow-up investigation. Lead readings were otherwise generally subdued across the survey.
The table below sets the current peaks beside the historic peaks reported from 1970s soil sampling.
| Element | Current pXRF peak | Historic peak | Note |
|---|---|---|---|
| Cu | 330ppm | 1,250ppm | pXRF, not laboratory verified |
| Pb | 758ppm | 410ppm | Northern anomaly |
| Zn | 529ppm | 3,300ppm | Excludes a ~2% Zn result near a galvanised fence |
Do not read this as a like-for-like contest. The company states that differences in sample preparation and analytical methods limit direct comparison of concentrations, so the comparison is of spatial pattern only.
The historic 2% Zn result was collected close to a galvanised fence. It was considered potentially affected by contamination and is excluded from the quoted maximum.
Why does soil geochemistry matter, and what is the 1970s history?
What is soil geochemistry and pXRF?
Soil geochemistry means measuring the metals in soil to spot patterns that may point to rock beneath. An anomaly is simply an area where readings stand out from their surroundings.
Portable X-ray fluorescence (pXRF) uses a handheld instrument to measure metal content directly in the field. It is fast, but it is not a laboratory assay, which is why the company flags that later laboratory results may differ.
For investors, this is cheap early-stage work. It helps rank targets before the much larger expense of drilling is committed.
Historic exploration
Platina Developments first identified Watsons through regional stream sediment sampling in 1971. Follow-up soil sampling by Platina covered approximately 800m of strike.
Asarco later completed five additional soil lines, two south and three north of the original program. This extended the strike length covered by soil sampling to approximately 2.4km.
The project sits in the Macquarie Arc, which the company notes hosts Cadia-Ridgeway, Northparkes, Lake Cowal and Boda. That is regional context only, and nothing in the announcement suggests Watsons is comparable to those deposits.
The next major ASX story will hit our subscribers first
What are the next steps for Watsons?
The company intends to progress exploration through the following activities:
- Extend the pXRF soil survey to the northeast and south, where the anomalism remains open, subject to securing additional land access agreements
- Assess options for follow-up soil sampling and laboratory analysis to further evaluate selected pXRF anomalies
- Assess the suitability of ground magnetic and induced polarisation (IP) surveys to investigate potential sulphide accumulations at depth
A land access agreement is in place over the majority of the Watsons target, with access over the remaining portion progressing toward formalisation. The company states no material impediment to the proposed initial exploration work is known other than completion of required land access arrangements and standard regulatory approvals.
For you as an investor, the plan reads as staged and low-cost: extend the surveys, verify in a laboratory, then refine targets. The announcement does not disclose timelines or budgets for this work, and any follow-up laboratory sampling or geophysical surveys remain subject to land access agreements and finalising the scope of work.
Ready To Learn More About The Watsons Prospect At Black Hammer?
A 2.4km copper-zinc soil corridor that has never been drill tested and remains open to the north and south gives Exultant Mining a clear base for its next phase of exploration. The newly identified lead-copper-zinc anomaly adds a further target within the Macquarie Arc.
Explore the Exultant Mining company page to see the latest announcements and project updates. Find out how the Black Hammer Project could progress from low-cost fieldwork towards drilling.