Lightning Minerals Ltd (ASX:L1M) has finished its inaugural drill program at the wholly owned Mt Turner Gold Project in Queensland, completing 1,113 metres of diamond drilling across five targets along the 14-kilometre Drummer Fault.
The first assays, released to market on October 21, 2025, confirm significant gold mineralisation.
Peak results from hole 25L1MP3DD001 at Pit 3 (Drummer West) include 20.4 metres at 2.4 g/t gold and 14.3 g/t silver from 62 metres, with a higher-grade interval of 1.8 metres at 10.6 g/t gold and 27.1 g/t silver from 77 metres. Further assays are pending from the ALS laboratory in Townsville.
“Excellent results from the first round of assays at the Mt Turner project have demonstrated to us the grade and scale potential that this project represents to the company,” Lightning Minerals managing director Alex Biggs said. “Results demonstrate continuation of the gold-bearing ore zone down dip, and we are still only at shallow depths, with mineralisation open at depth and along strike.
“It should be noted that this is only one target area, and with 14 kilometres of strike along the Drummer Fault to explore, we have many other drill targets for execution,” Biggs added. “To have intersected epithermal-style mineralisation is also a big positive as we understand that typically this represents potential for higher gold grades.”
First Milestone shares
Following the company’s acquisition of Lotus Minerals (announced June 30, 2025) and shareholder approval at the Extraordinary General Meeting on August 26, 2025, Lightning will now issue the First Milestone shares tied to drilling progress.
A total of 10,000,000 ordinary shares — triggered by completion of more than 1,000 metres of drilling — will be allotted to the project vendors as follows: ESG Minerals Ltd, 5,515,616 shares; and FNQ Resources Pty Ltd, 4,484,384 shares. All Milestone 1 shares will be subject to a 12-month escrow period from the date of issue.