Lightning Minerals Ltd (ASX:L1M) is accelerating preparations for its first drilling campaign at the Mt Turner Gold Project in Queensland, with works under way ahead of a planned 1,000-metre program expected to begin within the next two months.
The move comes as part of Lightning’s proposed acquisition of Lotus Minerals, announced earlier this week, which brings several advanced-stage gold and copper assets into the company’s portfolio. While the transaction remains subject to final approvals, site preparations and soil sampling at Mt Turner are progressing under a funding agreement with Lotus to advance near-term exploration.
“We are aggressively making preparations for our first round of drilling at the Mt Turner Gold Project,” said Lightning Minerals managing director Alex Biggs. “With strong targets and excellent previous results, we are confident that this is the beginning of a strong period for the company.
“With gold at near all-time highs, now is the opportunity to make a discovery,” he added.
Drilling to target mineralisation beneath historic pits
The Phase 1 drill campaign will focus on testing mineralisation beneath several shallow open pits mined during the 1990s, including Rocky Reward, Drummer Girl and Drummer Boy.
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Indicative drill targeting at the Mt Turner Gold Project – Drummer Deposits (Digital Terrain Model showing existing open pits, previous drill locations and planned drill hole locations)
Indicative drill targeting at the Mt Turner Gold Project – Rocky Reward Deposit (Digital Terrain Model showing existing open pits, previous drill locations and planned drill hole locations)
Historical drilling has returned high-grade intercepts, such as:
- 16 metres @ 3.56 g/t gold (Hole UMDT95_D04)
- 16 metres @ 3.60 g/t gold (Hole UMDT95_D03)
- 12 metres @ 6.5 g/t gold (Hole UMDT95_D03)
- 3 metres @ 5.1 g/t gold and 51 g/t silver (Hole DH2)
These intercepts suggest strong potential for extensions of mineralisation below the oxide zones previously exploited at surface, with minimal historical exploration below 100 metres.
Lightning has submitted clearance permit applications and expects to mobilise drill rigs shortly after its upcoming extraordinary general meeting (EGM), the date for which will be confirmed soon.
Soil sampling to test 9-kilometre strike zone
A soil sampling program will also kick off in the coming week, targeting a 9-kilometre segment of the 14-kilometre-long Drummer Hill Fault System. Sampling will occur on 100-metre-spaced fence lines, with samples taken every 20 metres, aiming to identify coherent gold anomalies and inform future drill targeting.
Indicative soil sampling campaign along the Mt Drummer Hill Fault at the Mt Turner Gold Project (Digital Terrain Model showing soil sampling areas across total tenement area of EPM 27525 and EPM 27170)
Samples will be collected using a mechanical auger and sent to ALS Global’s Townsville lab for analysis.
Strong funding position for brownfields expansion
A recent $2 million placement, completed in conjunction with the Lotus acquisition, leaves Lightning well-funded for Mt Turner and its broader exploration strategy. The company says this is its first brownfields project and signals a strategic shift toward near-term gold development, complementing its portfolio of lithium and critical mineral projects across Australia, Brazil and Canada.
“Our priority is drilling at the Mt Turner Gold Project, but we are also evaluating the other assets to be acquired under the Lotus Minerals acquisition and will be beginning works on those imminently post deal completion.”
Lightning Minerals is expected to provide further updates following its EGM and as drilling begins at Mt Turner.