Lightning Minerals Ltd (ASX:L1M) reported an active September quarter, marked by the start of drilling at its newly acquired Mt Turner gold and silver project in Queensland, continued lithium exploration in Brazil, and a capital raise to fully fund upcoming programs.
The company advanced its multi-commodity strategy through targeted exploration across both regions — launching its inaugural drill campaign at Mt Turner, progressing soil and rock sampling to define new targets, and receiving key assay results from its Brazilian lithium assets. Lightning also strengthened its board and balance sheet, positioning the company for a results-driven December quarter.
Mt Turner drilling underway in Queensland
The company kicked off diamond drilling at its newly acquired Mt Turner project in Queensland, targeting high-priority gold and silver prospects. Up to 1,300 metres of drilling is planned across five areas along the 14-kilometre Drummer Fault, where historic drilling returned results such as 16 metres at 3.6 g/t gold and 67 g/t silver.
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)
Soil and rock chip sampling was also completed to refine new targets for follow-up drilling in 2026.
“This quarter has been a positive step for the company,” said Lightning Minerals Managing Director Alex Biggs. “Completion of the acquisition of Lotus Minerals and the initial drilling of gold and silver targets at Mt Turner in Queensland demonstrates our commitment to testing opportunities in our portfolio quickly and effectively.”
Queensland, New South Wales and Victoria asset locations
Brazil lithium portfolio sees further progress
In Brazil, Lightning continues to advance its Esperança, Caraíbas, and Canabrava lithium projects in Minas Gerais. Assay results from drilling at Esperança confirmed the presence of a broad pegmatite system with intersections up to 94 metres, providing new insights for vectoring towards potential lithium-rich zones.
Esperança, Caraíbas and Canabrava project location, Minas Gerais, Brazil
Capital raising and corporate developments
The company completed a $2 million placement to fully fund drilling at Mt Turner and subsequent exploration work. Post-quarter, experienced mining executive David Vilensky joined the board as non-executive chairman.
Lightning closed the quarter with $1.2 million in cash, positioning it to deliver upcoming assay results from Mt Turner and continue advancing its multi-commodity exploration strategy.
Next steps
- Finalise and report assays from the Mt Turner diamond program in the December quarter.
- Use soil and rock-chip results along the Drummer Fault to prioritise Phase 2 drilling targets for 2026, including IP/porphyry copper holes.
- Continue geochemical vectoring and target generation at Esperança, Caraíbas and Canabrava in Brazil to define follow-up drill-ready lithium targets.
- Progress work-up on newly acquired Lachlan Fold Belt copper-gold projects (Boree Creek, Burdett, Manildra, Corryong) ahead of 2026 field programs.