Lightning Minerals Ltd (ASX:L1M, FRA:YZ1) earlier this week outlined independent validation of its exploration model at the Mt Turner Gold Project in northern Queensland, following a University of New South Wales petrology study on selected drill core from the company’s 2025 diamond drilling program.
Managing director Troy Brice told Proactive the study confirmed the presence of rhyolite intrusion-hosted gold mineralisation and supported the company’s interpretation of a broader system along the 14-kilometre Drummer Fault corridor.
Brice said the report provided “strong, independent validation” and indicated Lightning may have “a potentially large-scale district gold system” at Mt Turner. He said the petrology work, which was completed by the University of New South Wales, had examined samples supplied by the company and resulted in a report of more than 200 pages.
The key point for investors, according to Brice, was that the study pointed to a linked mineralised system rather than isolated occurrences. He said the report confirmed “a large-scale, long-lived mineralised system” and added that it was “not a series of independent pockets of mineralisation or bodies”.
That interpretation could prove important as Lightning moves into its next field program. Phase 2 drilling is scheduled to begin in mid-July 2026, with the company planning to use the petrology findings to refine targets across the Mt Turner system. Brice said the company had already been systematically surveying and drilling along the Drummer Fault, and that the latest work would help guide the next stage of exploration.
Potential catalysts for Lightning include the start of Phase 2 drilling, the receipt of further exploration data, follow-up Phase 3 drilling planned for November, and progress toward a mineral resource estimate. Brice said the company was “sprinting towards” a mineral resource assessment, with a conservative timeframe of mid-next year mentioned during the interview.
He said data from a current soils program was also being used to complement the zone targeted for drilling, adding that the various components of the exploration program were “all coming together”.
The Mt Turner Gold Project is located about six hours west of Cairns and near Georgetown, in what Proactive host Kerry Stevenson described as an underexplored part of Queensland. For investors, the coming drilling programs may provide the next evidence of whether the petrology findings translate into a larger defined gold system.
Interview highlights
- Lightning Minerals has received independent validation from a University of New South Wales petrology study for its exploration model at the Mt Turner Gold Project in northern Queensland.
- Troy Brice said the report supported the company’s view that Mt Turner may host a potentially large-scale, district-scale gold system.
- The study was based on selected drill core from the company’s 2025 diamond drilling program.
- Brice said the petrology work confirmed a large-scale, long-lived mineralised system, rather than separate or isolated mineralised pockets.
- Gold mineralisation is associated with rhyolite and dacite intrusions along the 14-kilometre Drummer Fault corridor.
- Phase 2 drilling is scheduled to begin in mid-July 2026, with Phase 3 drilling expected to follow in November.
- Brice said the company is working toward a mineral resource estimate, with a conservative target of mid-next year mentioned in the interview.
- The Mt Turner Gold Project is located in northern Queensland, around six hours west of Cairns and near Georgetown.
Proactive: Welcome back to Proactive Investors. Ladies and gentlemen, I’m your host once again Kerry Stevenson. Troy Brice is back. He’s the managing director of Lightning Minerals Ltd (ASX:L1M). The ASX code is L1M. The company has the Mt Turner Gold Project in Queensland and has recently commissioned a report out of the University of New South Wales. It’s a petrology report, which I really want to understand. One of the things it has brought out is the presence of rhyolite intrusion-hosted gold mineralisation. That’s a long-winded way of saying what? I’m not a geologist, so I want to find out from you, Troy. What does this mean? Shareholders and investors are watching. Why should they be looking at Lightning? What is this showing you?
Troy Brice: First and foremost, it is strong, independent validation. We’ve got our hands on a potentially large-scale district gold system, which is wonderful. The internationally regarded University of New South Wales has been terrific in the approach it has taken with the petrology examination of the samples that we provided. The 200-page-plus report is really interesting, and getting to the summary point to share the findings has been a process for the team. Our chief geologist, Lee Spencer, is also a visiting lecturer at the University of New South Wales, so his comfort with the department there to do this degree of analysis on our work is very, very high. The results are better than expected, and as we would hope.
Proactive: What are those results, and why are they better than expected? Are we showing higher grades? Are we showing a larger system? Is it district-scale? Again, people want to know, have you got your hands on something that they should be paying attention to?
Troy Brice: We do indeed. Going back to your first comment, petrology is a wonderful word, but it’s a highly specialised discipline within geology. There are many facets to that. Essentially, the petrology report confirms we have a large-scale, long-lived mineralised system. It’s not a series of independent pockets of mineralisation or bodies. It is a linked system across the 14-kilometre-long Drummer Fault that we’re systematically surveying and drilling again in a couple of weeks. What does it mean to investors? This is something substantial. It is district-scale plus, and we are executing the right exploration plan to drill in the right locations, given the data. This is very fast for us.
Proactive: This is like the first pass, if you like. Then you get into drilling to find out how big the system is. Remind us, when is drilling going to get started?
Troy Brice: We were pretty successful last year, in 2025, with our initial drilling campaign at Mt Turner. These are part of the results that the university has analysed for us. The second phase, Phase 2 drilling, commences in mid-July this year, and that will take us through to setting up Phase 3 in November. The objective is to link all the confirmed pits and start the infill program, because we are sprinting towards a mineral resource assessment being defined.
Proactive: Sprinting towards a mineral resource estimate. When am I allowed to ask that question?
Troy Brice: Conservatively, the guys like to say mid-next year. Things appear to be being expedited, given the data that is coming in. The soils program that the team is currently executing is underway now, complementing the particular zone that we’re drilling shortly. It’s all coming together with these facets to confirm. While we’re doing a second phase of drilling this coming month, July, that will give us a foundation for the mineral resource estimate, and Phase 3 will hopefully confirm that for publication next year.
Proactive: You’ve got a lot on your hands, but you’re very confident that you’ve got a good, strong gold mineralised system up there at the Mt Turner Project. Just remind us exactly where it is.
Troy Brice: It’s in the beautiful part of northern Queensland, about six hours west of Cairns and just near the town of Georgetown.
Proactive: Near Georgetown. Ladies and gentlemen, I know for a fact, I’m no Queenslander, but it is so underexplored. So who knows, maybe Lightning Minerals Ltd (ASX:L1M) has got its hands on something. But, as always, do your own research. Thanks for joining me on Proactive Investors today with Troy Brice, managing director of Lightning Minerals Ltd. Troy, good to see you.
Troy Brice: Thank you, Kerry.