The Day’s Play Edition 75: ASX exploration and resource development updates | Namibia drilling, niobium growth, gold acquisitions and lithium progress

The Day’s Play Edition 75: ASX exploration and resource development updates | Namibia drilling, niobium growth, gold acquisitions and lithium progress

May 19, 2026 Off By MarketOpen

Kaoko Metals (ASX:KAO) mobilised field programmes across Namibia, accelerating drill readiness at Chalkos and Karibib. Chilwa Minerals (ASX:CHW) extended continuous niobium mineralisation at Nakombe, expanding the known footprint northward. LinQ Minerals (ASX:LNQ) confirmed shallow copper gold continuity at Monza, supporting scale across the Gilmore corridor. Australian Gold and Copper (ASX:AGC) progressed Evergreen drilling toward an initial Mineral Resource Estimate in NSW. Castle Minerals (ASX:CDT) secured a 90% interest in Nielle, adding a high grade gold system near Tongon in Côte d’Ivoire. Terrain Minerals (ASX:TMX) commenced metallurgy at Lightning, testing conventional processing pathways ahead of resource work. TG Metals (ASX:TG6) accelerated approvals, drilling and metallurgy at Burmeister, progressing lithium development workstreams. Stellar Resources (ASX:SRZ) delivered high grade tin near Heemskirk while advancing Prefeasibility Study activities. Evergold Minerals (ASX:EG1) commenced Mt Monger drilling, testing shear hosted and intrusive related gold targets. Miramar Resources (ASX:M2R) resumed drilling at Chain Pool, reassessing historic copper lead silver mineralisation.

Trading Halt Raising Capital: $LRM, $ORN

Runs on the Board: $CUF, $AT4, $WAK, $DTZ

Selection Table: $KNB, $KRM, $MEM, $DTZ

Kaoko mobilised teams and commenced maiden field programs across both Namibian projects following its ASX listing.

The Play

  • Maiden field programs commenced at the Chalkos and Karibib projects in Namibia.
  • Drill readiness works are underway at the Chalkos Copper Silver Project.
  • Kaoko’s in country technical team mobilised to Karibib with field activities underway.
  • Karibib field program includes drone surveys, trenching, sampling and drill site development.
  • Drilling contractors commenced site visits ahead of planned maiden drilling at Karibib.

The Pitch

  • Chalkos hosts outcropping copper mineralisation grading up to 69.6% Cu and 2,030g/t Ag.
  • Chalkos contains multiple high priority drill ready copper silver targets within the Kaoko Copper Belt.
  • Karibib hosts historical intercepts including 4m at 1.98% Cu, 0.92g/t Au and 0.72% W from 9m.
  • Karibib contains multiple priority walk up drill targets with broader regional exploration upside.
  • Kaoko controls copper, silver, gold and tungsten projects across Namibia’s Kaoko and Damara belts.

The Next Overs

  • Drill readiness works continue ahead of maiden drilling at the Chalkos Project.
  • Karibib field activities continue including trenching, mapping validation and tungsten target assessment.
  • Drilling contractors continue site visits ahead of planned maiden drilling programs.

Read full ASX Announcement here.

Chilwa Minerals (ASX:CHW)

Nakombe Delivers 385m Continuous Niobium From Surface

Chilwa confirmed continuous pXRF niobium mineralisation from surface while extending the Nakombe footprint 180m north.

The Play

  • MPYDD009 returned 0.17% Nb₂O₅ over 385.4m from surface using pXRF analysis.
  • Hole extended the mineralised footprint 180m north of discovery hole MPYDD006.
  • Porphyritic syenite returned 0.24% Nb₂O₅ over 60.5m from surface.
  • Included 0.34% Nb₂O₅ over 12m from 43m within the broader mineralised interval.
  • Mineralisation remains open northeast, south, east, southeast and at depth across the intrusion.

The Pitch

  • Nakombe forms part of Chilwa’s broader Mpyupyu niobium REE tantalum gallium intrusive target.
  • Drilling intersected a previously unmapped peralkaline syenite intrusion hosting substantial niobium mineralisation.
  • Two drill rigs currently operate across pre resource drilling at the Nakombe target.
  • Total drilling across the target reached approximately 1,550m across 8 drill holes.
  • Chilwa controls multiple critical mineral programmes within its Lake Chilwa licence in Malawi.

The Next Overs

  • Nine drill holes remain within the initial programme targeting intrusive geometry and continuity.
  • ICP MS assay results for MPYDD007 are expected in the coming weeks.
  • Chilwa is considering a third drill rig for the Nakombe drilling programme.

Read full ASX Announcement here.

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LinQ Minerals (ASX:LNQ)

Monza Delivers Thick Higher Grade Copper Gold

LinQ confirmed shallow copper gold mineralisation continuity at Monza following its maiden Central Zone drilling result.

The Play

  • MZACD003 intercepted 70.8m at 1.11% Cu Eq from 71.2m within Monza Central Zone.
  • Included 10m at 2.82% Cu Eq from 104m within higher grade mineralisation.
  • Additional 123m at 0.55% Cu Eq intersected from 150m in MZACD003.
  • Result confirmed shallow higher grade copper gold porphyry mineralisation continuity at Monza.
  • LinQ completed 8 Monza holes with assays pending from MZACD004 through MZACD010.

The Pitch

  • Monza forms part of a 17km mineralised porphyry copper gold corridor at Gilmore.
  • Gilmore hosts reported mineral resources at Estoril, Culingerai and Mandamah deposits.
  • Monza and Estoril complexes occupy approximately 2km of prospective mineralised strike.
  • Gilmore Project contains 516Mt hosting approximately 3.7Moz Au and 1.2Mt Cu metal.
  • LinQ controls approximately 597km² across a 60km belt containing +20 known prospects.

The Next Overs

  • Assay results remain pending for remaining intervals within hole MZACD003.

  • Results from Monza holes MZACD004 through MZACD010 remain pending from current drilling campaign.
  • Drilling continues testing strike and down plunge extensions across the Monza system.

Read full ASX Announcement here.

The Day's Play Sponsor - MPH Lawyers

Australian Gold and Copper (ASX:AGC)

Evergreen Delivers Broadest Visual Copper Zone Yet

AGC intersected a broad visible chalcopyrite zone at Evergreen while advancing drilling toward an initial Mineral Resource Estimate.

The Play

  • 26DDBR006 intersected 6.5m of visible semi massive chalcopyrite and pyrite sulfides.
  • Visible copper bearing sulfides occur within a broader 13.7m alteration zone from 361.5m.
  • AGC stated the interval appears the broadest observed copper zone in the district to date.
  • Seven Evergreen holes completed since mid April intersected variable visible sulfide mineralisation.
  • Current Evergreen drilling targets an initial Mineral Resource Estimate at the deposit.

The Pitch

  • Evergreen forms part of the Browns Reef Project acquired by AGC during 2025.
  • Browns Evergreen hosts more than 25,000m of historical drilling across a 6.5km strike length.
  • AGC currently operates an 8,000m resource definition drilling programme at Evergreen.
  • Browns Reef Project forms part of AGC’s 2,600km² South Cobar Basin landholding in New South Wales.
  • Achilles hosts an initial 38.5Moz AgEq Mineral Resource with 58% classified Indicated.

The Next Overs

  • Hole 26DDBR008 is testing down dip extensions beneath the chalcopyrite mineralisation zone.
  • Assay results from current Evergreen drilling are expected during July 2026.
  • AGC continues extension drilling beneath the Achilles Mineral Resource footprint.

Read full ASX Announcement here.

Terrain Minerals (ASX:TMX)

Metallurgy Testing Targets Lower Capital Processing Pathway

Terrain is testing whether Lightning gold supports conventional processing, shifting focus from drilling confirmation toward development economics.

The Play

  • Metallurgical test work commenced after IMO received all Lightning Gold sample material.
  • IMO program includes head assays, gravity concentration, cyanide optimisation and Carbon In Leach testing.
  • RC chip intervals from the 2026 drilling campaign supplied material for metallurgical testing program.
  • Prior geological assessment suggests Lightning gold mineralisation does not appear refractory in nature.
  • Terrain stated non refractory gold may support conventional gravity and CIL processing pathways.

The Pitch

  • Lightning Gold Project forms part of Terrain’s 100% owned Smokebush Gold and Silver Project.
  • Smokebush Project sits within the Yalgoo Mineral Field 350km north of Perth, Western Australia.
  • Mining Lease M59/0796 has already been granted over the Lightning Gold Project area.
  • Vault Mining’s Rothsay Gold Mine is located approximately 10km south of the Lightning Project.
  • Terrain associates Lightning gold mineralisation with arsenopyrite within a broader structural corridor.

The Next Overs

  • IMO will complete metallurgical test work across 3 planned technical program phases.
  • Terrain expects progressive reporting throughout the approximately 13 week metallurgical program timeline.
  • Maiden Mineral Resource Estimate for Lightning Project remains targeted for July 2026.

Read full ASX Announcement here.

The Day's Play Sponsor - Topdrill

Castle Minerals (ASX:CDT)

Castle Secures High Grade Gold System Near Tongon

Castle will acquire a 90% interest in Nielle, securing a shallow high grade gold system defined across a 4.5km mineralised corridor.

The Play

  • Castle executed a binding terms sheet to acquire 90% of the Nielle Gold Project.
  • Historical drilling defined gold mineralisation across a broader 4.5km anomalous corridor at Nielle.
  • Historical drilling returned 5m at 15.42g/t Au from 7m including 2m at 31.54g/t Au.
  • Nielle covers approximately 212km² within Côte d’Ivoire’s highly prospective Senoufo greenstone belt.
  • Gold mineralisation remains open along strike and at depth across the drilled system.

The Pitch

  • Nielle is located approximately 50km north of the 5Moz Tongon Gold Mine.
  • Castle’s Côte d’Ivoire portfolio totals approximately 1,842km² of tenure and applications.
  • Historical drilling tested greater than 1km strike length using broad drill spacing.
  • Nielle hosts structurally controlled gold mineralisation associated with sulphides and quartz carbonate veining.
  • Castle’s West African leadership team brings more than 50 years regional mining experience.

The Next Overs

  • Castle intends advancing Nielle toward a maiden JORC Mineral Resource Estimate.

  • Follow up drilling will target strike extensions and broader geochemical anomalies at Nielle.
  • Shareholder approval for upfront consideration shares is expected during late June 2026.

Read full ASX Announcement here.

TG Metals (ASX:TG6)

Burmeister Development Activities Accelerate Amid Lithium Recovery

TG Metals progressed approvals, resource drilling and metallurgical work streams at Burmeister following improved lithium market conditions.

The Play

  • Mining and infrastructure lease applications covering Burmeister are scheduled for imminent lodgement.
  • Program Of Works approvals received for resource drilling recommencement at the Burmeister deposit.
  • Planned resource drill out includes 41 holes for approximately 4,809m of RC and diamond drilling.
  • Metallurgical testwork confirmed DMS spodumene concentrate grades up to 6.31% Li₂O.
  • Burmeister remains open in multiple directions with historical drilling limited to approximately 250m depth.

The Pitch

  • Burmeister hosts an Exploration Target of 15.6Mt to 20.1Mt at 0.97% to 1.19% Li₂O.
  • Lake Johnston Project is wholly owned and located approximately 190km east of Hyden, Western Australia.
  • Burmeister is positioned near road, port and lithium processing infrastructure in Western Australia.
  • TG Metals developed a hybrid DMS and flotation flowsheet for spodumene recovery processing.
  • Company continues progressing a provisional patent application linked to flotation enhancement technology.

The Next Overs

  • TG Metals intends lodging a Mining Lease application over the Burmeister lithium deposit.
  • Planned drilling will provide core samples for further semi continuous metallurgical testwork.
  • Company is investigating commercial opportunities from quartz and feldspar waste stream products.

Read full ASX Announcement here.

Stellar Resources (ASX:SRZ)

Montana Delivers High Grade Tin Beside PFS Area

Stellar intersected high grade tin at Montana adjacent to the Heemskirk PFS area while continuing Severn resource drilling.

The Play

  • ZM192 returned 4.7m at 1.29% Sn from 242.5m at the Montana deposit.
  • Montana drilling marked the first drilling completed at the deposit since 2012.
  • Montana hosts an Inferred Resource of 0.7Mt at 1.54% Sn for 10.4kt contained tin.
  • Severn wedge hole ZS187W2C returned 34.8m at 0.47% Sn from 530.7m.
  • Hole ZS191 intersected 4m at 1.78% Sn from 492m and 2m at 1.37% Sn.

The Pitch

  • Montana sits immediately north of Queen Hill and Severn within the Heemskirk Project area.
  • Heemskirk Prefeasibility Study remains on track for completion during 2H 2026.
  • Queen Hill Resource update increased total Heemskirk Mineral Resource to 9.5Mt at 0.93% Sn.
  • Heemskirk exceeds 100kt contained tin across project resources and St Dizier satellite deposit.
  • Stellar stated Heemskirk ranks as Australia’s highest grade undeveloped tin project.

The Next Overs

  • A second drill hole is already underway at the Montana deposit.

  • Stellar expects updated Severn Resources during the current quarter.
  • Prefeasibility Study completion remains targeted during 2H 2026.

Read full ASX Announcement here.

The Day's Play Sponsor - Lockton

Evergold Minerals (ASX:EG1)

Mt Monger Drilling Tests Shear And Intrusive Gold Systems

Evergold commenced RC drilling testing high grade shear hosted mineralisation and a newly defined intrusive related gold target at Mt Monger.

The Play

  • RC drilling commenced at Duchess of York within the Mt Monger Gold Project.
  • Historical drilling returned intercepts including 3m at 17.6g/t Au from 13m at Duchess of York.
  • RC drilling will test the newly defined Gladiator intrusive related gold target.
  • Gladiator contains an 800m+ coherent gold in soil anomaly with coincident gravity feature.
  • Current campaign comprises approximately 3,000m of RC drilling expected completed during May.

The Pitch

  • Duchess of York sits within the gold mineralised Bare Hill Shear Zone corridor.
  • Historical drilling at Duchess of York returned shallow and deeper high grade gold intercepts.
  • Gladiator was defined using regional soil geochemistry and high resolution gravity datasets.
  • Fleet Space Technologies identified albite biotite alteration with anomalous molybdenum and bismuth pathfinders.
  • Mt Monger sits near multiple operating mills and regional processing infrastructure.

The Next Overs

  • RC drilling will advance from Duchess of York to the Gladiator Prospect.

  • Assay results from the current RC programme are expected within 6 to 8 weeks.
  • Follow up diamond drilling is planned at Gladiator targeting the interpreted intrusive source at depth.

Read full ASX Announcement here.

Miramar Resources (ASX:M2R)

Historic SEDEX Prospect Returns To Drilling After 60 Years

Miramar restarted drilling at Joy Helen to test shallow copper lead silver mineralisation beneath alteration halos.

The Play

  • Auger drilling commenced at the Joy Helen copper lead silver prospect within Chain Pool Project.
  • Programme targets shallow copper lead silver mineralisation beneath carbonate alteration halos from soil sampling.
  • Joy Helen hosts high grade Cu Pb Ag mineralisation across approximately 300m of strike.
  • Miramar planned approximately 100 shallow vertical auger holes across 3 alteration halos.
  • Historic sampling and soil geochemistry identified strike extensions and parallel mineralised zones.

The Pitch

  • Joy Helen contains copper lead silver mineralisation hosted in silicified dolomite breccia.
  • Historic air blast drilling intersected sub horizontal copper and lead mineralisation during 1964 drilling.
  • Miramar rock chip sampling confirmed and extended high grade mineralisation during 2024 exploration.
  • Chain Pool Project comprises a single 100% owned Exploration Licence E08/3676 in Western Australia.
  • Project geology shares similarities with SEDEX mineralisation models including the Lady Loretta deposit.

The Next Overs

  • Auger drilling programme is expected to take approximately 2 weeks to complete.

  • Samples from the drilling programme will return to Perth for assay analysis.
  • Miramar stated future drilling could include aircore drilling and RC drilling programmes.

Read full ASX Announcement here.

 

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