Neometals Hits 12m at 5.99g/t Gold as Ironclad Depth Drilling Lifts Grades
Key Takeaways
- Four of five RC holes at Ironclad returned significant gold mineralisation over widths exceeding 10 metres, with the standout intercept hitting 3m at 15.10g/t Au from 94m in hole 26ICRC003.
- The deepest holes in the programme — 26ICRC003 and 26ICRC004 — delivered the highest grade-width intersections recorded at Ironclad to date, supporting an interpreted high-grade corridor that may improve with depth.
- A ground gravity survey completed in July 2026 has identified a potential gold fluid feeder structure off the Youanmi Zone crustal structure, giving the September drilling programme a defined structural target 50 metres down plunge from current holes.
- Hole 26ICRC005 was discontinued due to water ingress and is planned for completion via diamond drill tail in September 2026, alongside a separate step-out diamond hole targeting the interpreted feeder structure.
- Native title agreement execution is targeted for October 2026, with mining lease grant expected to enable grade control drilling commencement in the December 2026 quarter — a key milestone toward potential production.
Ironclad delivers standout gold assays as high-grade corridor gains depth
Neometals (ASX: NMT) has received assay results from five RC drill holes at the Ironclad gold deposit within its 100%-owned Barrambie Gold Project in Western Australia, drilled in July 2026. All four holes that reached target depth returned significant gold mineralisation over widths exceeding 10 metres, with the deepest holes now sitting among the highest grade-width intersections recorded at Ironclad to date.
The drilling was designed to test interpreted extensions of higher-grade mineralisation plunging north below the current Mineral Resource Estimate (MRE), which stands at 15,000oz Au Indicated and Inferred. The three deepest holes are strengthening the case for a growing high-grade system at depth, with the results supporting an interpreted high-grade plunging corridor that may be increasing in gold grade as it extends further below the existing resource.
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July 2026 drill results at a glance
Four holes delivered meaningful gold intersections. The fifth, 26ICRC005, was discontinued due to water ingress before reaching its target zone and is planned to be completed with a diamond drill tail in September 2026.
Key intercepts from the programme:
- 26ICRC004: 12m at 5.99g/t Au from approximately 116m, including 4m at 10.13g/t Au from 118m
- 26ICRC003: 11m at 5.50g/t Au from approximately 94m, including 3m at 15.10g/t Au from 94m
- 26ICRC001: 18m at 2.14g/t Au from 89m, including 8m at 3.29g/t Au from 89m and 2m at 4.61g/t Au from 103m
- 26ICRC002: 15m at 1.12g/t Au from 69m, including 2m at 2.57g/t Au from 69m and 4m at 2.34g/t Au from 80m
| Hole ID | From (m) | Intercept | Grade (g/t Au) | Notable High Grade |
|---|---|---|---|---|
| 26ICRC004 | ~116m | 12m | 5.99 g/t Au | 4m at 10.13 g/t Au from 118m |
| 26ICRC003 | ~94m | 11m | 5.50 g/t Au | 3m at 15.10 g/t Au from 94m |
| 26ICRC001 | 89m | 18m | 2.14 g/t Au | 8m at 3.29 g/t Au from 89m; 2m at 4.61 g/t Au from 103m |
| 26ICRC002 | 69m | 15m | 1.12 g/t Au | 2m at 2.57 g/t Au from 69m; 4m at 2.34 g/t Au from 80m |
| 26ICRC005 | N/A | N/A | N/A | Discontinued due to water ingress — diamond drill tail planned September 2026 |
What is resource extension drilling and why does it matter?
Resource extension drilling tests whether known mineralisation continues beyond the boundaries of an existing Mineral Resource Estimate (MRE). Rather than drilling within a defined resource, the exploration team is asking a more ambitious question: does the deposit carry on, and does it get better?
A “plunging corridor” refers to a zone of mineralisation that dips at an angle into the earth rather than running horizontally. At Ironclad, the interpreted high-grade corridor is plunging north and downward, which means each successive deeper drill hole is testing ground that has never been sampled before. When the deepest holes in a programme return the best results, that is a meaningful signal that the system may improve with depth rather than pinch out.
Grade and width both matter when assessing a drill result. Grade (measured in grams per tonne of gold, or g/t Au) tells you how concentrated the gold is; width (measured in metres) tells you how much of it there is. A high-grade narrow intersection and a lower-grade wide intersection can carry similar total metal content, which is why geologists report both. In this programme, the ground gravity survey completed over the project area in July 2026 has assisted the exploration team in interpreting a potential gold fluid “feeder” structure associated with the Ironclad deposit, appearing to run off the Youanmi Zone crustal structure. That gives the team a defined structural target for the next phase of drilling.
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What comes next — September drilling and beyond
Management has outlined a clear sequence of near-term activity. The following steps are planned, subject to operational conditions and receipt of relevant approvals:
- Diamond drill tail on 26ICRC005 to extend the hole to its target depth — planned September 2026
- Additional diamond hole planned approximately 50m down plunge from current drilling, to test the interpreted high-grade mineralisation trend toward the potential fluid feeder structure
- Diamond drill tail at the Rinaldi T2 DDIP target — also planned September 2026
- Drone magnetic survey completed late August 2026 over Rinaldi — final processed images pending
- Soil geochemistry programme underway at Rinaldi, designed to verify and confirm potentially anomalous historic soil geochemistry over and adjacent to the T2 DDIP target
- Native title agreement execution targeted for October 2026, with subsequent mining lease grant expected to enable submission of approval documents and commencement of grade control drilling in the December 2026 quarter
Managing Director Chris Reed summarised the team’s assessment of the results:
Chris Reed, Managing Director
“We are very encouraged by these results. All four completed holes returned significant gold mineralisation over widths exceeding 10 metres and, importantly, the deepest drilling at Ironclad has delivered some of the best grade-width intersections we have seen to date. The results are strengthening our view that Ironclad hosts a higher-grade plunging corridor that may improve at depth. Our recent ground gravity survey has also identified a potential feeder structure off the Youanmi Zone, giving us a clear target for the next phase of drilling. The Company now plans to extend 26ICRC005 and complete step out of a further 50 metres down plunge towards that interpreted feeder. We are keen to see how far this system continues. We look forward to the execution of the native title agreement, targeted for October and subsequent grant of the mining lease which will enable submission of our approval documents and the commencement of grade control drilling in the December quarter.”
The combination of deepening high-grade results and an interpreted structural feeder target gives the September programme a specific geological hypothesis to test. Whether the plunging corridor connects to the Youanmi Zone feeder structure as interpreted is the key question the next phase of diamond drilling is designed to answer.
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