Lightning Minerals Ltd (ASX:L1M, FRA:YZ1) earlier this week outlined further progress at its Mount Turner Gold Project in Queensland, where recent soil sampling over the Drummer Fault area has helped sharpen the company’s drilling priorities and reinforced its view of the project’s district-scale potential.
CEO Troy Brice told Proactive that the company had completed 492 soil samples across a systematic 10-kilometre zone at Drummer Fault, an east-west system within Mount Turner. He said the results had been combined with petrology work and other exploration data to improve the company’s geological model.
Brice said the work had “beautifully reinforced there’s something there,” pointing to a 2.2-kilometre corridor between pits three and five within a six-pit historical mining area. He said earlier assumptions had treated the old workings as isolated surface pits, but the company’s recent exploration suggested the pits may be linked by a broader mineralised system.
The immediate catalyst for Lightning Minerals is the planned phase two drilling campaign, which Brice said was due to begin in mid-July. The Drummer Fault soil program has helped reduce and reaffirm six drill targets for that work.
Brice said the company is focused on building towards a mineral resource estimate for Mount Turner in 2027, with each exploration program designed to contribute to that goal. He said a further 600-sample soils campaign was also planned on the western side of Mount Turner, adding another layer of data ahead of further drilling.
The company’s next drill campaign is expected to test to around 120 metres, deeper than the historical work, which Brice said generally reached less than 80 metres. He added that deeper drilling may follow later to assess copper mineralisation potential linked to the porphyry system at Mount Turner.
Brice also confirmed that Lightning Minerals is moving ahead with the divestment of three lithium projects, located in Western Australia, James Bay in Canada and Brazil. He said data rooms were open and parties were reviewing the assets, with potential announcements in the coming weeks.
He said capital and exploration focus would now centre on Mount Turner, while the company also plans further follow-up work at its Mount Warby tungsten opportunity. Brice said the North Queensland region is “the centre of our little universe” for Lightning Minerals.
Interview highlights
- Lightning Minerals has completed a 492-sample soil program across the Drummer Fault area at the Mount Turner Gold Project in Queensland.
- The work has helped define and reaffirm six drill targets for phase two drilling, which Brice said is due to start in mid-July.
- Brice said the data supports the idea that six historical mining pits may be connected by a broader mineralised system.
- The company identified a 2.2-kilometre corridor between pits three and five within the historical mining area.
- Lightning Minerals is targeting a mineral resource estimate for Mount Turner in 2027.
- A further 600-sample soil campaign is planned on the western side of Mount Turner.
- Historical work reached less than 80 metres, while upcoming drilling is expected to reach around 120 metres at different angles.
- Brice said deeper drilling may come later to assess copper mineralisation potential within the porphyry system.
- The company is progressing the divestment of lithium assets in Western Australia, James Bay in Canada and Brazil.
- Brice said North Queensland is now the centre of Lightning Minerals’ focus, with Mount Turner and Mount Warby both part of its regional plans.
Proactive: Welcome back to Proactive Investors. I’m your host Kerry Stevenson, joined once again by Troy Brice, CEO of Lightning Minerals. The ASX code is L1M. The company has the flagship gold project in Queensland, the Mount Turner Gold Project, and it is turning its attention to it because it is the gift that keeps on giving. It has had previous work done and could become a district-scale project. There has been soil sampling and there is drilling planned. Today, I want to find out about the Drummer Fault soil sampling and how that will help focus where the company will carry out phase two drilling. Troy, welcome back. Give our audience an update on what Lightning Minerals is doing.
Troy Brice: Thanks, Kerry. Anyone who has ever done or been part of a soils program knows it is a lot of work physically to get geochemical results. You are digging, hauling, crushing and sampling, all to get a spreadsheet of results that shows the geochemical analysis of samples from an area.
The Drummer Fault is an east-west system on the Mount Turner project. Late last year, the company completed 492 samples on a systematic 10-kilometre zone. Those results have now been tied into a New South Wales petrology report and a number of other elements, and the company is ready to release the results.
What it has done is beautifully reinforce that there is something there. To be specific, there is a 2.2-kilometre corridor between pits three and five, and there is a six-pit historical mining area there. Previously, it was thought that those historical workings were just isolated surface pits, and that was the extent of the gold.
What Lightning Minerals has found with additional layered exploration activity is that there is a system connecting each of the six pits. The Drummer Fault soils program, with those 492 results, has reduced and reaffirmed six drill targets, which form part of the phase two drilling due to start in mid-July. It also supports a larger and deeper appreciation of the full geological model at Mount Turner.
The most important part for investors is that this reinforces the potential for Mount Turner to be a district-scale gold project.
Proactive: You mentioned that the old timers were mining there, but they were not going very deep. Is the plan with drilling to go deeper and find out where the gold is coming from? Is the ultimate strategy to find the sweet spot and work out the strategy going forward?
Troy Brice: It is indeed. This reinforces the model and adds depth to the model, showing that there is gold at depth. It also supports the idea of a system linking this extended area across 14 kilometres of the Mount Turner Drummer Fault region.
The phase three drilling later in the year will be on the back of this work and the next targeted 700-metre campaign. That will aim to find targets under existing pits three and five and better define the mineralisation.
The next steps are to start linking this up again. Lightning Minerals is mission-focused on establishing a mineral resource estimate, and it is chasing that for 2027. Every piece of activity at Mount Turner will contribute towards that.
The Drummer Fault soils have now been announced. Next week, the company has people on the ground doing another 600-sample soils campaign on the western side of Mount Turner. During that soil sampling campaign for the western zone, the company will begin the next phase of drilling. It is layering activity again and again. After that will come the third drilling campaign, as the company works to link up the pits and the mineralised system into what it believes is a district-scale gold project.
Proactive: How deep did the historical holes go, and how deep will Lightning Minerals be going?
Troy Brice: The historical work went less than 80 metres. It was surface pits, and it was targeted well for the time. Lightning Minerals will go to around 120 metres at different angles to define the mineralised body.
The company is not going too deep just yet. It will go deeper later on to look at the copper mineralisation capability on the porphyry system at Mount Turner. For now, the next few campaigns are very targeted, conservative and cost conscious, as they should be.
Proactive: Before we finish up, I want to ask about the lithium assets. The focus seems to be on Mount Turner now. Is Lightning Minerals going to divest those lithium assets? Is the full focus now on Mount Turner and this district-scale opportunity?
Troy Brice: It is indeed, Kerry. In the April announcement, the company outlined its strategic plan. Divestment approval was given by the board and is now in motion.
There are three key lithium projects being divested. One is in Western Australia, one is in James Bay, Canada, and the third is in Brazil. Data rooms are open and parties are in those now. The company hopefully has an announcement in the coming weeks on one or two of those assets as it puts capital investment focus on Mount Turner.
Lightning Minerals also has the Mount Warby tungsten opportunity sitting to the side, which it wants to explore and follow up shortly as well. The North Queensland region is the centre of the company’s universe.
Proactive: It has been great to have you back on. Ladies and gentlemen, this is not financial advice, but Queensland is very underexplored, with a lot of opportunity where people have mined in the past. New technology and new mining applications could be unlocking something there. Again, not financial advice. Do your own research. Thanks, Troy. We will see you next time.
Troy Brice: Thank you.