The Day's Play Edition 102: Recommended takeover, TGA approval and gold growth | CZR, 4DX, MAT
THE COIN TOSS
CZR - CZR Resources launched a unanimously recommended all-scrip takeover for Zuleika Gold, combining complementary Western Australian assets under a transaction valued at approximately $44.8M.
CXO - Core Lithium secured the spin-out of its gold and non-lithium exploration portfolio into Axiant while retaining a strategic equity interest.
4DX - 4DMedical secured Australian TGA approval for CT:VQ™, enabling commercial deployment across Australia and expanding regulatory clearance to a sixth market.
MAT - Matsa Resources confirmed AngloGold drilling defined a significant 2km mineralised gold trend at Lake Carey, with the trend remaining open north and south.
SLS - Solstice Minerals confirmed copper-gold mineralisation extends more than 300m below the Nanadie Mineral Resource Estimate boundary through its first diamond drilling program.
KTA - Krakatoa Resources commenced 2026 diamond drilling at Zopkhito targeting conversion and expansion of the foreign resource into a JORC Mineral Resource Estimate.
TSR - Turnstone Resources reported rock chip results up to 31.6g/t Au and 12.9% Cu at Glava, reinforcing its Swedish copper-gold exploration model.
SMS - Star Minerals secured a new 219km² Western Australian gold exploration project through minimal upfront tenure expenditure.
IVR - Investigator Silver strengthened Paris Silver Project delivery through senior finance, project and technical leadership appointments.
CZR Resources (ASX:CZR)
Recommended Zuleika Takeover Creates Larger WA Resources Group
THE PLAY
CZR launched a recommended all scrip takeover for Zuleika Gold.
The offer values Zuleika at approximately $44.8M.
Zuleika shareholders will receive 0.1742 CZR shares for each Zuleika share.
The implied offer represents a 32.9% premium to the agreed reference period.
The transaction combines complementary assets and balance sheets.
THE PITCH
The combined portfolio spans diversified commodities across Western Australia.
The merger combines exploration, development and mining assets.
Both companies hold cash reserves and established balance sheets.
The transaction is structured as an off market takeover offer.
Both independent boards unanimously recommend the transaction, subject to stated conditions.
THE NEXT OVERS
Dispatch the Bidder's Statement and Target's Statement in August 2026.
Seek CZR shareholder approval under ASX Listing Rule 10.1.
Open the takeover offer on 19 August 2026.
Read full ASX Announcement here.
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Core Lithium (ASX:CXO)
Core Spins Out Gold Portfolio Into Axiant
THE PLAY
Core will divest its gold and non lithium exploration portfolio to Axiant.
The divestment allows Core to focus on its lithium operations.
Core will receive 20M Axiant shares and up to 20M performance rights.
Axiant intends to raise $8M to $10M through an ASX IPO.
Eligible Core shareholders can participate through a priority IPO offer.
THE PITCH
The transaction includes exploration assets in the Northern Territory and South Australia.
Core will retain lithium rights across selected transferred tenements.
Core expects to retain a 29% to 33% equity interest after the IPO.
The Shoobridge Gold Project will be Axiant's initial exploration focus.
Axiant will be led by an experienced mining and exploration team.
THE NEXT OVERS
Lodge the Axiant IPO prospectus in July 2026.
Complete the IPO and ASX listing process.
Allocate Axiant shares under the IPO offers.
Read full ASX Announcement here.
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4DMedical (ASX:4DX)
TGA Approval Opens Australian CT:VQ™ Commercial Rollout
THE PLAY
TGA approved CT:VQ™ for commercial deployment across Australia.
CT:VQ™ was included in the Australian Register of Therapeutic Goods.
Australia becomes CT:VQ™'s sixth approved regulatory market.
CT:VQ™ generates ventilation perfusion imaging from standard non contrast chest CT scans.
The solution requires no contrast agents, radiotracers or nuclear medicine infrastructure.
THE PITCH
CT:VQ™ is a software only non contrast ventilation perfusion solution.
The technology operates using existing CT infrastructure.
CT:VQ™ holds regulatory clearance across the US, EU, UK, Canada and New Zealand.
Australia has more than 74 CT scanners per million people.
SimonMed Imaging provides an existing commercial deployment model for CT:VQ™.
THE NEXT OVERS
Prepare an MSAC application for Medicare Benefits Schedule reimbursement.
Progress implementation with Australian clinical sites.
Generate Australian deployment data to support reimbursement.
Read full ASX Announcement here.
Matsa Resources (ASX:MAT)
AngloGold Drilling Defines 2km Gold Trend
THE PLAY
AngloGold drilling defined a significant 2km mineralised gold trend.
Assays from 34 holes returned multiple high grade gold intercepts.
Best result returned 14m at 3.13g/t Au including 6m at 5.54g/t Au.
Gold mineralisation was intersected in 22 of 36 assayed holes.
The interpreted trend remains open to the north and south.
THE PITCH
The drilling forms part of the Lake Carey Tenement Option Agreement.
AngloGold completed 41 holes for 11,355m across M39/599.
The program included RC, diamond core and diamond tail drilling.
Drilling was completed on 100m centres with 200m to 400m line spacing.
The interpreted trend coincides with a regional magnetic and gravity anomaly.
THE NEXT OVERS
Receive assay results from the remaining drill holes.
Continue exploration under the Tenement Option Agreement.
Report further drilling results as they become available.
Read full ASX Announcement here.
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Solstice Minerals (ASX:SLS)
Diamond Drilling Extends Nanadie Mineralisation At Depth
THE PLAY
First diamond hole returned multiple wide high grade copper gold intercepts.
Mineralisation extends more than 300m below the current MRE boundary.
The combined intercept returned 629.1m at 0.50% Cu and 0.17g/t Au from surface.
Assays closely matched previously reported visible chalcopyrite mineralisation.
Diamond drilling confirmed continuity of copper gold mineralisation at depth.
THE PITCH
Nanadie is a 100% owned copper gold project in Western Australia.
The current Mineral Resource Estimate totals 40.4Mt.
The mineralised system extends at least 1.2km along strike.
The system remains open north, south and at depth.
Nanadie is located on a granted Mining Lease.
THE NEXT OVERS
Continue Phase 2 RC and diamond drilling.
Process remaining diamond core and RC samples.
Report assays from 12 completed diamond holes over the coming months.
Read full ASX Announcement here.
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Krakatoa Resources (ASX:KTA)
2026 Drilling Begins At Zopkhito
THE PLAY
Surface diamond drilling commenced for the 2026 season at Zopkhito.
Drilling targets antimony and gold mineralised panels identified from historical adits.
The program targets conversion and expansion of the foreign resource estimate.
Underground drilling and bulk adit sampling will commence in the coming weeks.
The 2026 program includes resource drilling, metallurgical optimisation and preliminary mining studies.
THE PITCH
Zopkhito is held under a mining licence valid until March 2042.
Krakatoa holds an option to acquire up to an 80% project interest.
The project contains foreign resource estimates for antimony and gold.
The project includes approximately 27km of historical underground exploration adits.
The exploration period was extended by 2 years under the mining licence.
THE NEXT OVERS
Commence underground drilling and bulk adit sampling.
Undertake metallurgical optimisation and preliminary mining studies.
Continue environmental baseline studies and permitting activities.
Read full ASX Announcement here.
Turnstone Resources (ASX:TSR)
High Grade Glava Rock Chips Reinforce Copper Gold Model
THE PLAY
Rock chip sampling returned up to 31.6g/t Au and 12.9% Cu at Glava.
Results confirmed a strong copper gold association across sampled mineralisation.
Geological mapping supports a larger concealed mineralised system at depth.
Core resampling validated historic drilling results at Torsby West.
Fieldwork refined exploration priorities across the Swedish licence portfolio.
THE PITCH
The portfolio comprises seven granted exploration licences in south west Sweden.
Glava hosts historic high grade copper workings and visible copper sulphides.
Torsby West exhibits IOCG style geological characteristics.
Turnstone has exercised its option to acquire the Swedish portfolio.
Licence transfer applications have been submitted to Swedish regulators.
THE NEXT OVERS
Complete planned EM or IP geophysical surveys.
Finalise the 12 month exploration plan.
Progress licence ownership transfer approvals.
Read full ASX Announcement here.
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Star Minerals (ASX:SMS)
Star Secures New WA Gold Exploration Project
THE PLAY
Star secured a new 219km² gold exploration project near Merredin.
The project was secured through minimal upfront tenure expenditure.
A granted exploration licence forms the project's initial landholding.
A further exploration licence application extends the northern project area.
Geological interpretation identified a 14.5km folded magnetic trend prospective for gold.
THE PITCH
The project lies about 30km from the Edna May processing plant.
The tenure is prospective for gold, iron ore and base metals.
The project contains interpreted mafic ultramafic and BIF lithologies.
Established road and rail infrastructure services the project area.
Mining is underway at the Tumblegum South Gold Project.
THE NEXT OVERS
Secure land access and stakeholder agreements.
Complete historical data review and target generation.
Undertake reconnaissance and remote sensing programs.
Read full ASX Announcement here.
Investigator Silver (ASX:IVR)
Senior Appointments Strengthen Paris Project Delivery
THE PLAY
Investigator strengthened Paris Project delivery with senior executive appointments.
Joe Sutanto was appointed Chief Financial Officer and Joint Company Secretary.
Project Director roles were added across construction and technical delivery.
A Principal Mining Engineer joined to support mine planning and operational readiness.
A Senior Exploration Geologist joined to support Paris Resource growth.
THE PITCH
The Paris Definitive Feasibility Study confirmed a financeable silver development project.
The Paris Project has an initial 11 year mine life.
The project is expected to produce more than 30Moz of silver.
Investigator holds approximately $60M in cash.
Investigator owns 100% of the Paris Silver Project.
THE NEXT OVERS
Progress permitting and approvals.
Advance detailed engineering and execution readiness activities.
Continue financing, drilling and optimisation programs.