Lightning Minerals Ltd (ASX:L1M) earlier this week announced the second set of assays from its inaugural drill campaign at the Mt Turner Gold Project in Queensland.
The company told Proactive the new results confirm shallow epithermal gold mineralisation at Pit 5 (Drummer Girl), while also identifying high-grade zinc, silver, and lead at the Cobar prospect. Managing Director Alex Biggs told investors the latest assays strengthen the company’s understanding of the broader mineral system at Mt Turner.
One intercept in the second round returned 3.6 grams per tonne (g/t) gold, including a component of nearly 11 g/t, from shallow depth. This followed earlier results such as 20.4 metres at 2.5 g/t. The company said the drilling tested below historical open pits mined in the 1980s and 1990s, confirming continuity of mineralisation along the Drummer Fault.
At the Cobar prospect, located four kilometres south of the main Drummer Fault, the company reported 12.5 metres at 6.2% zinc, including sections of nearly 20% zinc and 150 g/t silver. The company said this supports a broader exploration model comprising a central copper-molybdenum porphyry, surrounded by base metal zones and an outer epithermal gold system.
All drill holes completed to date have intersected mineralisation, which the company described as a strong outcome from the first phase of activity.
Proactive: Lightning Minerals has intercepted more high-grade gold at Mt Turner in Queensland. For more on this, the company's managing director, Alex Biggs, joins me now. Alex, it's good to see you again. How are you?
Alex Biggs: I'm very well, thanks. Good to see you.
Proactive: Alex, the first round of assays, which you had put out nearly three weeks ago, yielded significant gold intersections and high-grade assays, and this one today seems to be no different. Walk us through some of those results.
Alex Biggs: Yeah, that's right. Our first round of assays intersected up to 20.4 metres at 2.5 grams per tonne, which is really good. And these are very shallow results — that was from around 70 metres below surface.
This is our second round of assays. Similarly, we’re again intersecting epithermal gold. One of the better results is 3.6 grams per tonne, with a component in there of nearly 11 grams per tonne. So, we're demonstrating the presence of epithermal gold along the Drummer Fault at Mt Turner, which is great.
We’re drilling below these historic pits that were mined back in the 1980s and 1990s, and we're trying to demonstrate the continuity of mineralisation below those pits — which we've done. As far as the first two sets of results go, this is a fantastic outcome for us as a business.
Proactive: Now, gold is our focus today, and I think investors have a fair bit to digest from this announcement. But on the sideline, you've also intercepted high-grade zinc, silver and lead at the Cobar prospect. How important is that?
Alex Biggs: Yeah, so the Cobar prospect is about four kilometres south of the Drummer Fault, which itself is about 14 kilometres long. We're seeing gold all the way along that fault. If we look at historic mining there, we’ve got a number of open pits we’re targeting.
Cobar is located on the southern side of the Mount Turner porphyry — a copper-molybdenum deposit. Our exploration thesis is this: we have the porphyry in the centre, and moving outward from there we see the zinc-silver-lead system, and then beyond that, the gold system along the Drummer Fault.
The intersections at Cobar are significant — 12.5 metres at 6.2% zinc, including nearly 20% zinc and 150 grams per tonne silver. So, we’re seeing a very rich mineral system here with multiple phases. Gold is our primary focus, but when we go into our Phase Two drill campaign, we’ll also be targeting the porphyry and the base metals zones further. It’s great to have that multi-commodity opportunity. All of our holes so far have hit mineralisation, which is a fantastic outcome.
Proactive: Alex, assays are still pending for the final two holes of the drilling program. When should investors expect those results, and what comes next at Mt Turner?
Alex Biggs: Yes, two holes are still to come. They’re from the Rocky Rebel prospect, about six kilometres west of our current drilling. Those results will be out very soon — we’re waiting on them now. We expect to see gold there as well. That was a historically mined open pit, and we’re testing the down-dip extension.
Fingers crossed we get some good results. That will round out the drilling assays from this first phase of drilling.
We’ve also got soil sampling and rock chip assays coming in — that’s part of our regional targeting program. After this, we’re looking at a Phase Two drill campaign in early 2026, following up these targets and seeing how we can grow the resource. So there’s a lot happening.
Proactive: A lot happening, and certainly quite a bit to keep investors hooked in the next few weeks as we wrap up the year. Great having you, as always.
Lightning Minerals managing director, Alex Biggs. Thank you so much.