Brought to you by BULLS N’ BEARS
Doug Bright
Bulls N’ Bears Big Hits looks at notable drill hits recently reported to the ASX last week, led by Sun Silver, Manhattan Gold Corporation and QMines Ltd. So let’s dive in.
SUN SILVER (ASX: SS1)
Project: Maverick Springs project, Nevada, United States
Hit: 98.3 metres grading 120.3 grams per tonne silver equivalent from 173 metres
Sun Silver took out last week’s top spot after delivering a monster silver-equivalent intercept from its Maverick Springs project in Nevada, with drilling extending mineralisation beyond the boundaries of the current resource estimate and further strengthening the project’s growth credentials.
The headline result of 98.3m at 120.3g/t silver equivalent from 173m depth included a substantial higher-grade core running 47.6m at 200.6g/t silver equivalent. The main result combined 65.7g/t silver and 0.67g/t gold across the broader interval, with the higher-grade zone carrying 119.6g/t silver and 1.05g/t gold from 176.8m.
The width and grade combination immediately placed the hole among the most notable precious metal intercepts reported to the ASX during the week.
Importantly, the hole was drilled beyond the limits of the current mineral resource estimate, meaning the intercept is not merely confirming known mineralisation; it could also open the door to future resource growth. That distinction is particularly important in mature projects where investors are increasingly looking for additional ounces rather than simple resource conversion.
Wide intercepts are invariably more attractive than narrow high-grade hits because they can deliver more tonnes per vertical metre, provide greater mining flexibility and potentially lower operating costs. In this case, Sun Silver has delivered both width and grade, a combination that is not always easy to find.
The higher-grade core within the broader mineralised envelope is also encouraging, as it may support improved project economics in future development studies. Investors and mining engineers alike tend to focus on these richer zones because they often form the basis of early mine schedules and stronger cash flows.
Nevada remains one of the world’s premier mining jurisdictions and hosts numerous large silver and gold operations. Maverick Springs already features the scale necessary to attract market attention, but results like this suggest the project still has considerable room for expansion.
The company’s latest drilling suggests mineralisation remains open within the current target area and demonstrates the consistency of the Maverick Springs system. As further drilling continues to push beyond known boundaries, Sun Silver appears well-positioned to build on an already substantial resource base.
For sheer scale, grade and resource-growth potential, Sun Silver’s Nevada result is the clear standout drill hit of the week.
MANHATTAN GOLD (ASX: MHC)
Project: Jaws prospect, Hook Lake project, Nunavut, Canada
Hit: 41.15 metres grading 4.66 grams per tonne gold from 83.82 metres
Few things excite the market more than an outstanding maiden drilling result and Manhattan Gold delivered exactly that this week with a spectacular intercept from its Jaws prospect within the company’s Hook Lake project in Nunavut, Canada.
The standout hole returned 41.15m at 4.66g/t gold from 83.82m depth, including an exceptional 7.62m zone running 18.67g/t gold and even more eye-catching individual sample intervals included 1.52m assaying 41g/t gold from 89.92m depth and 1.52m going 33.40g/t gold from 86.87m, highlighting the presence of very rich mineralisation within the broader zone.
The top intercept was reported from the first batch of assays received from Manhattan’s maiden reverse-circulation drilling program, immediately exceeding expectations. Management noted that the result was both wider and higher grade than nearby historical drilling, suggesting that previous exploration may have significantly underestimated the scale and quality of the mineralised system.
One of the more interesting aspects of the announcement was the company’s revised geological interpretation arising from its improved spatial control across the Jaws system.
More recent drilling has indicated the principal mineralised structure sits some 20m to 30m northwest of where historical records suggested it was located. That shift may sound minor, but in exploration terms it can be the difference between intersecting the edge of a system and drilling directly through its most prospective zones.
The current interpretation is that the new hole may have intersected one of a series of high-grade shoots within a much larger gold-mineralised corridor. Such shoots often form the backbone of successful underground and open-pit gold operations and become priority targets for follow-up drilling campaigns.
The Jaws prospect already hosts a substantial historical, non-JORC compliant 1980’s resource estimate of 3.4Mt at 2.38g/t gold for 285,000 ounces of gold, but the latest drilling points to significant potential upside beyond what has previously been recognised.
Adding to the excitement, the hole also finished in mineralisation, intersecting another gold-bearing zone near the bottom of the drill hole, suggesting the system may continue at depth, but for now it remains incompletely tested.
With additional assay results still pending from the broader drilling program, Manhattan Gold now finds itself in the enviable position of having delivered an outstanding discovery-style intercept while still retaining considerable near-term news flow.
For a maiden campaign, it is hard to ask for much more than a shallow, wide, high-grade gold intersection backed by a compelling exploration narrative. This result firmly establishes Jaws as one of the more intriguing gold stories to emerge this week.
QMINES (ASX: QML)
Project: Mt Chalmers project, Queensland
Hit: 35 metres grading 2.88 per cent copper, 0.75 grams per tonne gold and 3.3 grams per tonne silver from 107 metres.
Rounding out this week’s Big Hits podium is QMines, which delivered a powerful copper-gold intercept from its Mt Chalmers project, 25 kilometres northeast of Rockhampton in Queensland, reinforcing the project’s credentials as one of Australia’s more significant emerging base-metal opportunities.
The company’s headline result returned 35m grading 2.88 per cent copper, 0.75g/t gold and 3.3g/t silver from a depth of 107m. Within the broader zone, an even higher-grade core delivered 31m at 3.22 per cent copper and 0.83g/t gold from 110m.
A second hole delivered 16m assaying 1.17 per cent copper and 1.58g/t gold from 66m, which included 2m going 4.22 per cent copper and 5.38g/t gold.
A further broad zone in the same hole returned 21m at 0.84 per cent copper and 0.83g/t gold from 89m, including 5m at 1.52 per cent copper and 1.09g/t gold.
The drilling also produced exceptional individual samples grading up to 10.45 per cent copper and 7.02g/t gold in the first hole, while the second hole gave up 5.12 per cent copper and 9.52g/t gold, numbers guaranteed to attract attention in any exploration program.
As with Sun Silver, what makes the results particularly impressive is the combination of width and grade. QMines has also reported both, pointing to a robust mineralised system capable of supporting further resource growth.
The accompanying gold values provide an additional bonus, as the occasionally hefty precious-metal credits offer the potential to improve project economics materially.
The intercepts also include silver and zinc, highlighting the polymetallic nature of the Mt Chalmers system and demonstrating the persistence and continuity of mineralisation within the target area. The strong copper grades over substantial widths increase confidence in the project’s development potential, particularly when ongoing drilling continues to confirm the geological model.
Copper remains one of the most sought-after commodities globally as demand from electrification, renewable energy generation, electric vehicles and power transmission infrastructure continues to grow. As a result, high-quality copper discoveries and expansions continue to attract considerable market attention.
The latest result strengthens QMines’ position within Australia’s copper exploration sector and suggests further upside remains available as drilling advances across the broader project.
The current Mt Chalmers estimated resource stands at a combined inferred, indicated and measured 11.3 million tonnes averaging 0.75 per cent copper, 0.42g/t gold, 0.23 per cent zinc and 4/6g/t silver, of which 88.5 per cent is in the two higher resource categories.
The company also has a combined total of 10.5 million tonnes in three other resources at Woods Shaft, near Mt Chalmers and at Develin Creek and Mt Mackenzie, 100km and 150km northwest of Rockhampton, respectively.
QMines has maintained continuous drilling at Mt Chalmers since March and has so far completed 24 holes for 2890m, including 18 diamond and RC pre-collar holes for 2351m across the deposit. More than 1200 samples have been submitted to ALS, providing a strong pipeline of upcoming assay results.
The company says it expects further significant news, with assays still awaited from another seven drill holes amid its ongoing 10,000m multi-rig drilling campaign.
While precious-metals stories may have dominated headlines this week, QMines’ thick, latest high-grade copper-gold intercepts ensure it has earned its place among this week’s most significant drill results.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
