It’s another active session for small caps, with exploration updates rolling in across the gold, copper and uranium sectors. The momentum builds as the ASX looks to extend its winning streak amid firmer commodity prices and resilient investor sentiment.
Gold remains near record highs at around US$4,140 an ounce, uranium ETFs have surged to new multi-year peaks, and rare earths continue to attract strong inflows on supply security themes. Against that backdrop, several small-cap explorers are pressing ahead with drilling and development campaigns across Australia and the Americas.
Astral Resources drills high-grade gold at Theia
Astral Resources NL (ASX:AAR) has returned another round of strong in-fill results from the Theia Deposit within its 100%-owned Mandilla Gold Project near Kalgoorlie.
Assays from 29 holes — roughly half of the 10,000-metre in-fill program — revealed multiple high-grade intercepts, including 14 metres at 6.89 g/t gold from 57 metres (with 2 metres at 36.4 g/t) and 21 metres at 2.26 g/t from 104 metres (including 1 metre at 34.3 g/t).
The results continue to show a strong correlation with Astral’s 1.15-million-ounce resource estimate, reinforcing the Theia deposit’s consistency and scale. A 3,000-metre diamond drill program has now commenced to test extensions and high-grade structures to the east.
Far East Gold clears final hurdle to drill Mount Clark West
Far East Gold Ltd (ASX:FEG) has finalised access and drilling contracts for its upcoming program at the Mount Clark West copper-gold project in Queensland.
The company has signed a Conduct and Compensation Agreement with landowners and appointed Eagle Drilling NQ Pty Ltd to execute a 1,800-metre RC and diamond drilling campaign starting in early November.
The work will test three geophysical targets identified from deep-ground MIMDAS surveys, which highlighted circular magnetic lows encircled by strong copper-molybdenum anomalies — features consistent with porphyry-style mineralisation.
Solis Minerals confirms broad copper-gold zones in Peru
Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) has reported early assay results from its Ilo Este and Chancho al Palo projects in southern Peru, confirming the presence of a large, mineralised system.
Initial holes returned broad copper-gold-molybdenum intervals, including 120 metres at 0.13% copper, 0.07 g/t gold and 17 ppm molybdenum from 268 metres, while the presence of high-tenor sulphides such as bornite and chalcopyrite points to proximity to a higher-grade porphyry source.
At Chancho al Palo, the first hole intersected 19 metres at 0.31 g/t gold from 57 metres. Additional assays are due over the coming weeks as drilling continues into the untested southern anomaly.
American Uranium begins early drilling at Lo Herma
American Uranium Ltd (ASX:AMU, OTC:GTRIF) has mobilised a drill rig ahead of schedule at its Lo Herma ISR Uranium Project in Wyoming’s Powder River Basin, beginning a two-phase program to expand and upgrade its 8.57-million-pound resource.
Phase 1 drilling — commencing this week — targets near-term resource growth ahead of an updated mineral resource estimate in early 2026, while Phase 2, set for next year’s first quarter, will focus on infill drilling and resource classification upgrades.
The company holds full permits for up to 121 holes and 37,500 metres across two proposed mine units. Drilling will underpin a revised scoping study due in mid-2026, marking a key step in AMU’s path toward ISR uranium development in the US heartland.