Lightning Minerals Ltd (ASX:L1M) has finalised the acquisition of 100% of Lotus Minerals Pty Ltd, securing two advanced brownfields projects: the Mt Turner gold project in Queensland and the Lachlan Fold copper porphyry project in New South Wales.
The transaction involved the issue of 30 million consideration shares and up to 60 million deferred consideration shares, subject to milestone achievements. Shareholder approval was granted at the Extraordinary General Meeting held on August 26, 2025, with completion and issue of the initial 30 million shares occurring on September 5, 2025.
The acquisition provides Lightning with exposure to buoyant gold and copper markets through near-term, drill-ready targets supported by strong prospectivity, historic mining, and encouraging prior results.
Drilling is scheduled to start on high-priority gold targets along the Drummer Fault at Mt Turner from September 15, 2025.
Lightning Minerals to begin maiden drill campaign at Mt Turner
Lightning Minerals start its first drilling campaign at the Mt Turner Gold Project in Queensland in just over a week from now, targeting five priority zones of mineralisation beneath historic open pits.
The campaign will comprise up to 1,300 metres of diamond drilling across the Rocky Reward, Drummer Girl, Drummer Boy, Drummer West and Drummer East prospects. All targets sit along the Drummer Fault, a 14-kilometre mineralised corridor. GeoDrill Australia has been appointed as drilling contractor following a competitive tender.
The project has a history of small-scale oxide gold mining during the 1980s and 1990s, with historical intercepts including 16 metres at 3.56 g/t gold, 12 metres at 6.5 g/t gold and 3 metres at 5.1 g/t gold with 51 g/t silver. The company noted limited drilling below 100 metres, leaving scope for deeper discoveries.
Soil sampling and broader exploration
A soil sampling program is nearing completion across 12.5 kilometres of the Drummer Fault, with assays expected within four to six weeks. Lightning also flagged copper prospectivity at Mt Turner and is advancing exploration across its lithium portfolio, including the Esperança project in Brazil and assets in Quebec, Canada.
The company said the acquisition of Lotus Minerals complements its broader strategy, providing exposure to gold, copper and lithium in key jurisdictions.