Lightning Minerals Phase 2 Drilling Advances at Mt Turner Ahead of Assays
Key Takeaways
- Phase 2 drilling at Mt Turner is on schedule, with mineralised zones intersected at the depths the geological model predicted.
- The evidence is visual only, so grades, widths and economic significance stay unproven until assays land, with progressive results expected from November.
- The four-hole, roughly 650-metre program tests a priority section of a 14-kilometre Drummer Fault gold corridor.
- Phase 2 builds on end 2025 drilling in which 8 of 9 holes intersected breccia-hosted gold below the historical oxide pits.
- A maiden JORC gold resource is targeted for calendar year 2027, subject to results, further work, funding and JORC requirements.
Mt Turner Phase 2 drilling advances toward 2027 maiden gold Mineral Resource Estimate
Lightning Minerals (ASX: L1M) is advancing Phase 2 diamond drilling at its wholly owned Mt Turner Project in North Queensland, with the program progressing on schedule in excellent drilling and site conditions. The work is a step towards a maiden gold Mineral Resource Estimate (MRE) targeted for calendar year 2027.
The early signal is geological rather than numerical. The technical team reports that mineralised zones have been intersected at depths predicted by the geological model, which the company says provides early support for its geological interpretation.
These are visual field observations only, and assays are pending. Nothing in the update establishes grades, widths or economic significance, so treat it as a progress marker, not a result.
The maiden MRE target remains subject to results and further work. Key facts from the update:
- A four-hole program of approximately 650 metres
- A 14-kilometre Drummer Fault gold corridor
- GeoDrill as the drilling contractor
- Progressive assay results expected from November
Troy Brice, Managing Director
“…it is encouraging to see visible geology consistent with our model.”
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What is Phase 2 testing along the Drummer Fault?
Program design
The program tests strike and depth extensions to known gold mineralisation on a priority section of the Drummer Fault corridor. It also aims to improve understanding of structural controls and refine the design of subsequent infill drilling.
For investors, the logic is straightforward. Demonstrating continuity of mineralisation along strike and at depth is, in the company’s words, fundamental to establishing the potential scale of the Drummer Fault system.
Building on the end 2025 drilling
Phase 2 builds on the company’s end 2025 drilling, in which 8 out of 9 holes intersected breccia-hosted gold mineralisation below the historical oxide pits. Those results were covered in ASX announcements dated 21 October 2025, 10 November 2025 and 17 November 2025.
The Mt Turner exploration programme first set out the high-priority gold targets ahead of drilling, framing the work that Phase 2 now extends.
Core handling and logging
Systematic core logging and sampling are underway, with assay submission planned to occur progressively. The photographs in the announcement document operational activities only and are not evidence of grade.
What is a maiden JORC Mineral Resource Estimate?
A maiden MRE would be the first JORC Code-reported measure of gold mineralisation at Mt Turner. The JORC Code is the Australian standard for publicly reporting mineral resources.
Lightning describes a maiden MRE as a key value milestone. For you as an investor, it marks the shift from drilling that suggests mineralisation to a formally quantified estimate of it.
The company says the following will still be required:
- Further drilling
- Assays
- Geological modelling
- Competent Person assessment
Timing and achievement of an MRE remain subject to exploration results, sufficient data, funding and satisfaction of the applicable JORC requirements.
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What are the next steps and what should investors watch?
The company set out four next steps:
- Complete the planned Phase 2 drilling sequence
- Continue systematic geological logging, sampling and laboratory assessment
- Integrate results into the geological model and determine priorities for follow-up drilling
- Progressive assay results expected from November
Assays are the next key data point. Laboratory results are required to confirm grade and width, which is what turns visual observations into evidence.
| Milestone | Status | Timing |
|---|---|---|
| Phase 2 drilling | Underway, on schedule | Planned hole sequence in progress |
| Assays | Pending | Progressive results expected from November |
| Maiden MRE | Targeted | Calendar year 2027, subject to results and further work |
Mt Turner sits within the Etheridge Goldfield in North Queensland. Current exploration is focused on the Drummer Fault corridor and other priority targets within the broader Mt Turner gold, copper and molybdenum project.
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