Elk Range Mining Sees Visible Gold at Five Depths in Maiden Friday Hole
Key Takeaways
- Elk Range's maiden Friday hole, 26FRD001, hit 1,105ft (336.8m) and logged visible gold at five separate depths.
- Three occurrences at about 455ft, 524.5ft and 767ft sit beyond the 450ft end of historical hole PFR2014_06, with the deepest roughly 97m below it.
- These are visual observations only, so grade, continuity and true width stay unknown until assays arrive in late October to early November 2026.
- The hole delivered Friday's first oriented structural dataset tied to visible gold, a step up from the historical data, which lacked oriented core.
- Second hole 26FRD002 is drilling 24 hours a day, part of an eight-hole, roughly 2,850m Phase 1 programme aimed at a future JORC-compliant resource.
Maiden Friday hole complete with visible gold at five depths
Elk Range Mining (ASX: ELK) has completed 26FRD001, its maiden diamond drill hole at the Friday Gold Project in Idaho, USA, to a final depth of 1,105ft (336.8m). Additional visible gold was logged at four more depths, taking the total to five for the hole.
The new occurrences sit at about 407ft, 455ft, 524.5ft and 767ft downhole. They add to the 402ft occurrence the company reported in its ASX announcement of 17 September 2026.
The hole was drilled beside historical hole PFR2014_06, which ended at 450ft, and then continued about 200m beyond it. Assays from 26FRD001 are expected in late October to early November 2026, and the second hole is already drilling.
Edward Keys, Chief Executive Officer
“We couldn’t have asked for a better start at Friday. Our very first hole, and we’re seeing visible gold in the core at five different depths…”
“…it’s rare to see this many distinct occurrences in a single drill hole.”
Key highlights from the update:
- Maiden hole completed to planned depth at 1,105ft (336.8m)
- Additional visible gold logged at about 407ft, 455ft, 524.5ft and 767ft
- The 455ft, 524.5ft and 767ft occurrences lie beyond the end of the historical hole
- Second hole, 26FRD002, already underway with 24-hour drilling
These are visual observations only. They are not assay results, so they say nothing yet about grade.
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Visible gold beyond the historical hole signals extensional potential
Seeing visible gold both alongside the historical results and well below them is, in the company’s words, an encouraging sign of extensional potential. For investors, “extensional” simply means the mineralised system may continue beyond where earlier drilling stopped.
Where the gold sits
The table below reproduces the company’s Table A observations. The occurrences at about 402ft and 407ft lie close to the historically mineralised intervals in PFR2014_06, while the deeper three lie beyond its 450ft end-of-hole.
| Depth (ft) | Depth (m) | Visible gold | Pyrite | Position vs PFR2014_06 (450ft end-of-hole) |
|---|---|---|---|---|
| ~407 | ~124.1 | Trace | 0.3%, disseminated to blebby | Close to historically mineralised intervals |
| ~455 | ~138.7 | Trace | 0.2%, patchy to blebby | Beyond end-of-hole |
| ~524.5 | ~159.9 | Trace | 0.1%, disseminated | Beyond end-of-hole |
| ~767 | ~233.8 | Trace | 0.3%, patchy to disseminated | Beyond end-of-hole |
The deepest occurrence, at about 767ft (233.8m), shows native gold lining a narrow (~1mm) veinlet or fracture heal extending for more than 1cm. It sits about 317ft (97m) further downhole than the end of the historical hole.
The company stresses these occurrences should not be interpreted as continuous mineralised zones or as an indication of grade.
Why the structural data matters
At each occurrence, the gold sits within structurally deformed rock and quartz-carbonate veining, locally with pyrite-bearing sericite-silica alteration. That repeated association matters because the hole was designed to improve understanding of the structural controls on Friday’s high-grade gold.
26FRD001 recovered oriented HQ3 triple-tube core through the entire drilled interval, with recovery qualitatively assessed as good. The company describes this as Friday’s first oriented structural dataset tied directly to visible gold, a material improvement on the historical dataset, which lacked oriented core.
Because the new hole runs in parallel, historical grades and textures in PFR2014_06 can be compared directly with the structures measured in the new core. That comparison will be carried forward into targeting the remaining holes. For you, the takeaway is a stronger framework for targeting and predictability, though assays are still needed before grade, continuity or true width can be interpreted.
Understanding visible gold and why assays matter
Visible gold is a geological observation, not a grade measurement. Spotting a grain in core is encouraging, but coarse or nuggety gold can make a small amount look larger than it is.
Assays are laboratory measurements of how much gold is actually in the rock. Until they arrive, the following remain unknown:
- The gold grade of any interval
- Whether the occurrences are continuous
- The true width of the gold-bearing structures
Elk Range has also completed quarter-core sampling of the 113m historically mineralised interval in PFR2014_06, using a charge of ~500g. The larger charge is intended as a modern comparison with the historical 50g fire assays and to improve understanding of short-range variability. Results are pending.
Paragon Laboratories is the primary laboratory for current samples, with PhotonAssay™ intended for gold analysis using a larger sample mass than the historical 50g charge.
The company’s cautionary statement is plain: visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses, and no inference should be drawn about the grade or continuity of gold mineralisation in 26FRD001.
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Second hole underway with 24-hour drilling
26FRD002 is drilling around the clock from a separate pad about 760ft to the north-east. It is designed to infill historical drilling, increasing drill density to support a future JORC-compliant Mineral Resource estimate, and to test up-dip and southern extensions of historically reported high-grade mineralisation.
Much of 26FRD001 was drilled on a single shift during start-up, with progress further moderated by sheared ground requiring shorter runs. With two shifts operating from day one on the new hole, the company expects improved drilling rates, subject to ground conditions.
Catalysts to watch:
- 26FRD001 assays, expected late October to early November 2026
- Quarter-core assays from PFR2014_06, with timing not disclosed
- Progress on 26FRD002
- Six further planned holes in the Phase 1 programme, which totals eight holes for approximately 2,850m
The announcement does not disclose timing for 26FRD002 results or the remainder of the programme.
Keys said the assays “…will tell us the real results, and they’re only weeks away.” He added that with a second hole progressing around the clock, “…Friday is about to get very busy…”
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