The Day's Play | Edition 109 | Record silver grades, copper resource growth and tungsten expansion | ASL, PVT, EQR
THE COIN TOSS
ASL – Andean Silver drilled the highest grades ever intersected at Cerro Bayo, supporting conversion of Inferred Resources across the Laguna Verde mine complex.
PVT – Pivotal Metals increased the Horden Lake Mineral Resource 42% to 52.4Mt at 1.05% CuEq, with 87% of total tonnage constrained within a pit shell.
EQR – EQ Resources secured agreements to acquire Aus Critical Minerals and TTTP1, expanding the proposed Mt Carbine tungsten footprint by 45%.
KZR – Kalamazoo Resources completed Mt Olympus resource definition drilling ahead of an updated Mineral Resource Estimate and ongoing Pre-Feasibility Study work.
ADD – Adavale Resources extended gold mineralisation beneath the 1.5km-long London-Victoria open pit ahead of an updated Mineral Resource Estimate.
BCA – Black Canyon extended Wandanya manganese mineralisation 400m south beyond the 3km base case target, with the southern extension remaining open.
WC8 – Wildcat Resources delivered maiden metallurgical results averaging 82.5% spodumene recovery as resource modelling commenced at Bolt Cutter Central.
GA8 – GoldArc Resources delivered its strongest Mt Stirling Well grade control results to date as mine planning advanced ahead of anticipated MDCP approval.
ILA – Island Pharmaceuticals secured regulatory and ethics approvals to deploy Galidesivir under the WHO MEURI framework during the Bundibugyo Ebola outbreak.
VRL – Verity Resources defined a new 1.1km intrusion-related gold target from maiden soil sampling at Gum Well, advancing the prospect toward drill testing.
MHC – Manhattan Gold completed project-wide LiDAR surveying and maiden channel sampling at Hook Lake while RC drilling advanced at the Jaws target.
Andean Silver (ASX:ASL)
Highest Cerro Bayo grades support resource conversion
THE PLAY
First drilling at Trinidad in over 10 years returned the highest grades at Cerro Bayo.
Best result returned 1.4m @ 25,340g/t AgEq, including 3,045g/t Ag and 268.6g/t Au.
Infill drilling demonstrates strong continuity across Inferred Resource areas within the Laguna Verde mine complex.
Delia SE drilling supports conversion of Inferred Resources to Measured and Indicated.
Results highlight gold-rich zones within parts of the Laguna Verde mine complex.
THE PITCH
The 100%-owned Cerro Bayo Silver-Gold Project is located in the Aysen region of southern Chile.
The project hosts a Mineral Resource of 20Mt @ 211g/t AgEq for 136Moz AgEq.
The accelerated drilling program is focused on the Laguna Verde mine complex.
The project includes the Trinidad and Delia SE mine areas.
Andean Silver held A$53.4M cash at the end of the March 2026 quarter.
THE NEXT OVERS
Resource growth drilling will commence across the wider Cerro Bayo district this quarter.
Priority drilling will target the Guanaco, Raul and Marcela deposits.
Ongoing drilling will support Resource growth, Resource conversion and feasibility study work.
Read full ASX Announcement here.
Pivotal Metals (ASX:PVT)
Horden Lake Mineral Resource increases 42%
THE PLAY
The Horden Lake Mineral Resource increased 42% to 52.4Mt at 1.05% CuEq for 549kt CuEq.
The pit-constrained Mineral Resource increased 46% to 45.5Mt at 1.07% CuEq for 485kt CuEq.
Contained copper increased to 292kt, including 257kt within the pit-constrained Mineral Resource.
Approximately 87% of MRE tonnage is constrained within a pit shell.
The updated Mineral Resource includes 549koz of 3E metals and 17.2Moz silver.
THE PITCH
Horden Lake is an advanced-stage Cu-Ni-Au-PGM-Co project in Québec, Canada.
The deposit extends more than 2.8km along strike and remains open along strike and at depth.
The updated Mineral Resource was prepared under the 2012 JORC Code by independent consultants.
Copper is the dominant metal within the Mineral Resource, supported by nickel and 3E metal by-products.
Metallurgical testwork demonstrated recovery into clean, high-grade concentrate products using conventional flotation.
THE NEXT OVERS
Complete the Horden Lake Scoping Study during Q3 2026.
Plan a significant exploration program to support more advanced technical studies.
Undertake step-out drilling to continue growing the Mineral Resource.
Read full ASX Announcement here.
EQ Resources (ASX:EQR)
Proposed acquisition expands Mt Carbine tungsten footprint
THE PLAY
EQ Resources signed agreements to acquire 100% of Aus Critical Minerals and TTTP1.
The proposed acquisition would add approximately 353km² of tungsten-focused tenure and applications.
Mt Carbine district tenure would increase from approximately 783km² to 1,136km², with a further 824km² under application.
The package includes the granted Mt White mining lease, 5 granted Exploration Permits for Minerals and multiple EPM applications.
Total consideration comprises A$900,000 cash and 30,000,000 EQ Resources ordinary shares, subject to completion.
THE PITCH
The acquired tenure surrounds the Mt Carbine tungsten operation in Far North Queensland.
Mt White is located approximately 67km from the Mt Carbine processing facility.
The acquisition package includes the granted Mt White mining lease and 5 granted Exploration Permits for Minerals.
The proposed acquisition supports the Mt Carbine hub-and-spoke strategy.
EQ Resources is a global tungsten producer with mining operations in Australia and Spain.
THE NEXT OVERS
Complete customary conditions precedent, including final legal due diligence.
Complete tenement transfers and applicable regulatory approval requirements.
Commence mapping, structural analysis, geochemical and geophysical follow-up, and staged scout drilling where warranted.
Read full ASX Announcement here.
Kalamazoo Resources (ASX:KZR)
Mt Olympus drilling reinforces resource ahead of MRE
THE PLAY
Mt Olympus resource definition drilling is complete, comprising 72 holes for 13,726m.
Latest assay results continue to reinforce geological continuity ahead of the updated Mineral Resource Estimate.
Six high-grade gold intersections exceeded 50 gram-metres, including 22.0m @ 3.6g/t Au from 61m.
Infill drilling reduced drill spacing to approximately 20m × 20m across key resource areas.
Growth drilling has commenced beneath Mt Olympus targeting underground resource extensions.
THE PITCH
The 100%-owned Ashburton Gold Project hosts a 1.44Moz Au Mineral Resource.
The Resource Definition Program was designed to increase confidence in the existing Mineral Resource.
Infill drilling supports potential conversion of additional Inferred Mineral Resources to the Indicated category.
The updated Mineral Resource and ongoing growth drilling will provide key inputs for the ongoing Pre-Feasibility Study.
Recent tenement applications are expected to expand Ashburton tenure to 519km².
THE NEXT OVERS
Remaining assay results are expected over the coming weeks.
Growth drilling continues at Mt Olympus and the nearby Peake Deposit.
The updated Mineral Resource Estimate is targeted for Q4 2026.
Read full ASX Announcement here.
Adavale Resources (ASX:ADD)
Resource expansion drilling extends gold below historic pit
THE PLAY
Gold mineralisation extends beneath the historic London-Victoria open pit in 14 reverse circulation drillholes.
Assays strengthen the geological model ahead of the Mineral Resource update.
Drilling continues defining the east-dipping gold-bearing shear zone below existing drilling.
Higher-grade intersections demonstrate continuity within the broader mineralised package.
Multiple mineralised intervals help refine lode geometry in the southern-central part of the system.
THE PITCH
London-Victoria forms part of the Belt-Scale Parkes Project in the Lachlan Fold Belt.
The project includes the Calarie Mining Licence and 10 granted exploration licences.
Project tenure spans approximately 610km² across 70km of contiguous strike.
London-Victoria and Calarie host a combined 166koz Au Mineral Resource.
Reverse circulation and diamond drilling programs are underway at London-Victoria.
THE NEXT OVERS
Assays are pending for 13 completed reverse circulation drillholes.
Two completed diamond holes await cutting and assay.
Updated Mineral Resource Estimate expected by mid-3Q CY26.
Read full ASX Announcement here.
Black Canyon (ASX:BCA)
Wandanya drilling extends manganese footprint 400m south
THE PLAY
Resource definition drilling confirms widespread, consistent shallow high-grade manganese and iron intersections across the central Wandanya mineralised footprint.
Expansion drilling extends the manganese mineralised horizon 400m south of the 3km base case target.
Northern expansion drilling extends manganese mineralisation 200m and iron mineralisation 500m beyond the base case target.
Significant manganese assays include 10m @ 35.8% Mn from 0m and 11m @ 32.5% Mn from 4m.
Significant iron assays include 17m @ 59% Fe from 1m and 16m @ 58.5% Fe from 2m.
THE PITCH
Wandanya is a 100%-owned high-grade manganese and iron discovery.
Resource definition and expansion drilling have tested 4.8km of the 9km mineralised system.
Resource definition drilling focuses on the 3km-long base case target.
The project hosts stratiform manganese and iron mineralisation.
The central Wandanya mineralised footprint demonstrates Direct Ship Ore (DSO) potential for manganese and iron mineralisation.
THE NEXT OVERS
Drilling is scheduled to recommence in August to further test the full 9km mineralised system.
Approximately 7,200 laboratory samples are expected over the next 4 to 6 weeks.
The maiden Mineral Resource Estimate remains on track for Q3 2026.
Read full ASX Announcement here.
Wildcat Resources (ASX:WC8)
Maiden metallurgy averages 82.5% spodumene recovery
THE PLAY
Maiden metallurgical test work averaged 82.5% spodumene recovery at a 5.66% Li₂O product grade.
Three composites returned recoveries of 79.3% to 87.1% using the Tabba Tabba process flowsheet.
Exploration and infill drilling expanded the mineralised footprint to approximately 2.3km by 0.8km.
Additional lithium mineralisation was identified 1.2km east of Bolt Cutter Central.
Resource RC drilling is complete and resource modelling is underway.
THE PITCH
Bolt Cutter Central is approximately 10km west of the Tabba Tabba Project in Western Australia's Pilbara.
The mineralised footprint comprises a stacked pegmatite system open in most directions.
Three metallurgical composites were collected from 10 separate pegmatite domains.
XRD analysis identified spodumene as the only lithium-bearing mineral in the composites.
Wildcat Resources held $43.3M cash at 31 March 2026.
THE NEXT OVERS
Resource modelling will progress, with estimation and reporting in Q3.
Continue receiving and interpreting remaining RC drill assays.
Undertake diamond drilling to collect samples for a PFS-level metallurgical program.
Read full ASX Announcement here.
GoldArc Resources (ASX:GA8)
Strongest Mt Stirling Well grade control results to date
THE PLAY
Mt Stirling Well delivers its strongest grade control results to date from the third results batch.
Standout intercept includes 4m @ 9.24g/t Au from 16m, including 1m @ 27.5g/t Au.
Multiple intercepts above 7g/t Au confirm high-grade shoots consistent with the deposit's geological model.
Grade control data is informing updated mining models and mine planning at Mt Stirling.
23,654m of the 34,000m grade control program has been completed.
THE PITCH
Mt Stirling Well hosts an Inferred Mineral Resource of 198,000t @ 2.3g/t Au for 15,000oz.
Gold mineralisation is hosted within narrow, flat-dipping quartz veins in a granitoid host rock.
The 34,000m grade control program is fully funded by BML Ventures under a 50/50 net profit share arrangement.
GoldArc retains 100% ownership of Mt Stirling (M37/1306) and Mt Stirling Well (M37/1305).
Mt Stirling and Mt Stirling Well form part of the Leonora North hub.
THE NEXT OVERS
Progress mine planning and updated mining models with BML Ventures ahead of anticipated MDCP approval.
Release additional assay results as batches are received and QA/QC validated.
Subject to MDCP approval, advance toward anticipated commencement of mining at Mt Stirling.
Read full ASX Announcement here.
Island Pharmaceuticals (ASX:ILA)
Galidesivir approved for MEURI Ebola deployment
THE PLAY
Island secured all regulatory and ethics approvals for compassionate use of Galidesivir in Uganda.
Galidesivir will be deployed under the approved MEURI protocol during the Bundibugyo Ebola outbreak.
The program enables prospective collection of human clinical, safety and virological data.
The program is sponsored by the Uganda Ministry of Health and supported by the WHO and leading African infectious disease institutions.
Island's contribution is limited to supplying Galidesivir under the fully funded program.
THE PITCH
Galidesivir is a clinical-stage broad-spectrum antiviral targeting multiple RNA viruses.
There are no approved therapeutics for Bundibugyo Ebola or Marburg virus.
The study will be conducted with the ACCEPT-Africa Consortium, the Infectious Diseases Institute and the Uganda Ministry of Health.
Island continues advancing Galidesivir under the FDA Animal Rule pathway.
A recent GMP manufacturing campaign enables supply of clinical-grade Galidesivir.
THE NEXT OVERS
Deploy Galidesivir to participating treatment sites within CY26.
Collect prospective clinical, safety and virological data under the approved MEURI protocol.
Continue pivotal Marburg efficacy studies under the FDA Animal Rule.
Read full ASX Announcement here.
Verity Resources (ASX:VRL)
Maiden soil program defines new 1.1km gold target
THE PLAY
First-pass soil sampling defined a coherent 1.1km gold-in-soil anomaly at Gum Well.
The anomaly coincides with an interpreted high-level intrusive magnetic feature and remains open to the north and south.
Peak Gum Well soil values reached 64ppb Au from the maiden sampling program.
McKenzie Well confirmed gold-in-soil anomalism extending more than 2.2km along the eastern granite contact.
Korong Syenite returned a peak soil value of 264ppb Au, the highest individual result of the campaign.
THE PITCH
The Monument Gold Project is 100%-owned and located in the Laverton Goldfields, Western Australia.
Gum Well is within the newly granted 210km² E39/2558 tenement.
The project hosts a JORC (2012) Mineral Resource of 2.5Mt at 1.72g/t Au for 137.7koz.
The campaign combined first-pass sampling at Gum Well with infill sampling at Star Well, McKenzie Well, McKenzie Granite and Korong Syenite.
All samples were submitted to ALS Laboratories for gold and pathfinder multi-element analysis.
THE NEXT OVERS
Undertake detailed mapping and infill soil sampling at Gum Well.
Advance the McKenzie Well prospect towards first-pass drilling.
Calibrate historic sampling against 2026 soil results at McKenzie Granite.
Read full ASX Announcement here.
Manhattan Gold (ASX:MHC)
Hook Lake advances with LiDAR, sampling and drilling
THE PLAY
Project-wide LiDAR and orthophoto surveying was completed across the Hook Lake Project.
Maiden channel and rock chip sampling collected 47 samples at the Vanquish prospect.
Sampling targeted quartz-veined, sulphide-bearing mafic volcanic and quartz-gabbro rocks cut by shear zones.
RC drilling is underway at the Jaws target to confirm and expand historic results.
Vanquish samples have been submitted for assay, with results expected in the coming weeks.
THE PITCH
Hook Lake is located in Nunavut, Canada, within the Rankin-Ennadai greenstone belt.
The LiDAR survey captured 10 pulses/m² and 10–15cm resolution orthophotography.
The survey data will support structural interpretation, drill hole planning, collar control and future exploration.
The Hook Lake Project includes gold and VMS prospects.
The LiDAR survey was completed at a reduced cost using a specialist survey aircraft already mobilised in the region.
THE NEXT OVERS
Receive assay results from the Vanquish sampling program.
Continue RC drilling at the Jaws target.
Test additional exploration targets across the wider Hook Lake Project.