The Day's Play Edition 111: Gold intercept extends, Measured Resource grows and Matrix IPO advances | XPD, VMM, GRL
THE COIN TOSS
XPD - Xpedra Resources delivered its strongest Springfield gold intercept to date, extending mineralisation at depth and along strike.
VMM - Viridis Mining & Minerals upgraded the Colossus Mineral Resource with 31Mt of Measured Resources, advancing Ore Reserve conversion and project financing.
GRL - Godolphin Resources advanced the Matrix Critical Minerals IPO, assigning a $12.5 million value to the Narraburra Rare Earths Project.
TG6 - TG Metals confirmed widespread laterite gold beyond the current Van Uden Mineral Resource, expanding the mineralised footprint.
LSR - Lodestar Minerals returned high-grade oxide gold intersections confirming the Gidgee Flat shear zone, with assays keeping southern mineralisation open.
CZN - Corazon Mining completed the Chalice Gold Project acquisition, adding a 191,000oz JORC Mineral Resource and funding Phase 1 drilling through a $16.5 million placement.
EG1 - Evergold Minerals extended broad gold mineralisation at Duchess of York with further RC drilling confirming scale and continuity.
HRE - Heavy Rare Earths secured drilling approvals as mapping extended the South Ridge Shear to 1.85km ahead of an expanded tin drill program.
ADD - Adavale Resources secured 2 key tenements, consolidating the London-Victoria Gold Corridor and expanding drill-ready ground.
SVY - Stavely Minerals completed a 506.8m diamond hole confirming a low-sulphidation epithermal system at Freddy's Find ahead of assay results.
ADX - ADX Energy lifted net Austrian production 35% following behind-pipe well work across the Vienna Basin Fields.
Xpedra Resources (ASX:XPD)
Best Springfield Gold Intercept Extends Mineralisation
The Play
Drilling returned 94m @ 2.00g/t Au, including 13m @ 10.21g/t Au from 81m.
SFRC025 delivered the strongest intercept drilled at Springfield to date.
Drilling extended the defined strike of mineralisation to approximately 400m.
High-grade intervals exceeding 5g/t Au were returned from 13 of the 25 holes assayed.
Mineralisation remains open at depth and along strike.
The Pitch
Springfield is hosted within a mineralised intrusion mapped over more than 1.7km of strike.
The maiden RC drilling program comprises 27 holes targeting known mineralisation and new corridor targets.
The latest results comprise assays from 6 additional RC drill holes.
The Springfield Gold Deposit is located within the Lachlan Fold Belt of New South Wales.
Xpedra holds a 100% interest in the Springfield Gold Deposit.
The Next Overs
Report assays from the remaining 2 maiden RC drill holes.
Continue the approximately 1,000m follow-up RC drilling program testing depth extensions.
Receive follow-up RC drilling assay results in 4–6 weeks.
Read full ASX Announcement here.
Viridis Mining & Minerals (ASX:VMM)
Measured Resource Upgrade Advances Colossus Financing
The Play
Targeted infill drilling defined a 31Mt Measured Mineral Resource at 2,858ppm TREO and 758ppm MREO.
Measured and Indicated Resources increased to 305Mt @ 2,723ppm TREO and 659ppm MREO.
The updated Colossus Mineral Resource totals 473Mt @ 2,505ppm TREO and 592ppm MREO.
The Measured Resource supports conversion of the initial production schedule to Proven Ore Reserves.
The infill drilling program achieved its objective of defining Measured Resources for project debt financing.
The Pitch
Colossus is an ionic adsorption clay rare earth project.
The updated resource incorporates data from 1,684 drill holes across 5 prospects.
Measured and Indicated Resources comprise regolith ore, while Inferred Resources include regolith and transitional ore.
Magnet rare earth oxides comprise approximately 24% of TREO within the Measured and Indicated Resource.
Premium-grade mineralisation includes 97Mt @ >4,000ppm TREO and >1,000ppm MREO.
The Next Overs
Complete the updated Ore Reserve and mine plan for the DFS.
Advance the Definitive Feasibility Study toward Final Investment Decision in 2H 2026.
Continue step-out, infill and exploration drilling across the Colossus Project.
Read full ASX Announcement here.
Godolphin Resources (ASX:GRL)
Matrix IPO Values Narraburra at $12.5 Million
The Play
Matrix Critical Minerals is progressing toward a proposed ASX IPO.
Narraburra has been assigned an agreed value of $12.5 million.
GRL will receive 62.5 million Matrix consideration shares on transfer of the project.
The IPO is expected to raise $8–12 million at $0.20 per share.
GRL intends to distribute 50 million Matrix shares to existing shareholders on a pro-rata in-specie basis.
The Pitch
Narraburra hosts a JORC 2012 Mineral Resource of 94.9Mt, comprising 47.6Mt Indicated and 47.4Mt Inferred.
The resource includes a higher-grade core of 20Mt @ 1,079ppm TREO using a 600ppm cut-off.
GRL intends to retain 12.5 million Matrix shares following the IPO.
Retained shares are expected to represent approximately 10%–12% of Matrix shares on admission.
Existing GRL shareholders will receive a priority allocation in the Matrix IPO.
The Next Overs
Lodge the in-principle ASX listing application for Matrix.
Complete the prospectus, shareholder approvals and remaining IPO requirements.
Target ASX admission for Matrix during H2 CY2026.
Read full ASX Announcement here.
TG Metals (ASX:TG6)
Laterite Drilling Confirms Resource Growth Potential
The Play
Auger drilling confirmed widespread near-surface laterite-hosted gold beyond the current resource footprint.
The 213-hole auger program identified extensive from-surface laterite gold mineralisation outside the current resource.
Drilling confirmed laterite mineralisation within previously identified soil anomalies.
The mineralised footprint is substantially larger than the existing laterite Mineral Resource footprint.
Results increased confidence in expanding the current laterite Mineral Resource through shallow infill drilling.
The Pitch
The current laterite Mineral Resource totals 1.053Mt @ 0.52g/t Au for 17,700oz.
The auger program comprised 213 holes for 382m of drilling.
All gold assays above 0.1g/t Au occurred within laterite material.
The proposed heap leach operation is based on the existing laterite Mineral Resource.
Metallurgical testwork returned gold recoveries exceeding 90% for the proposed heap leach operation.
The Next Overs
Commence shallow Aircore resource definition drilling within 4–6 weeks, subject to approvals.
Release the Heap Leach Study within 2–4 weeks.
Receive assays from recent diamond drilling testing the down-dip extensions of the Van Uden deposit.
Read full ASX Announcement here.
Lodestar Minerals (ASX:LSR)
High-Grade Oxide Gold Confirms Gidgee Flat Extension Potential
The Play
RC drilling returned 16m @ 3.23g/t Au, including 8m @ 6.06g/t Au, at Gidgee Flat.
RC drilling confirmed the targeted shear zone and associated oxide gold mineralisation.
Assays confirmed mineralisation remains open to the south.
High-grade oxide mineralisation in hole LNRC159 confirmed historical RAB drilling results.
Current drilling continues to support the December 2025 Exploration Target.
The Pitch
The Ned's Creek Gold Project comprises the Gidgee Flat, Contessa and Central Park prospects.
The published Exploration Target is 250,000–300,000oz Au within 5–7Mt at 1.0–1.7g/t Au.
The completed RC drilling campaign was designed to support a maiden Mineral Resource Estimate.
The project hosts oxide and fresh-rock gold mineralisation.
Partial assay results remain outstanding for multiple drill holes.
The Next Overs
Complete resampling of positive 4m composite samples exceeding 0.2g/t Au.
Receive the remaining assay results from the current RC drilling program.
Complete geological modelling for the maiden Mineral Resource Estimate in CY2026.
Read full ASX Announcement here.
Corazon Mining (ASX:CZN)
Chalice Acquisition Secures 191,000oz Gold Resource
The Play
Completed the acquisition of the 100%-owned Chalice Gold Project from Westgold Resources.
Completed a $16.5 million placement to fund Phase 1 drilling, technical studies and working capital.
Westgold now holds approximately 19.9% of Corazon's expanded issued capital.
Chalice adds a JORC 2012 Mineral Resource of 191,000oz at 2.7g/t Au.
Chalice is held on granted Mining Lease ML15/786 in the Higginsville district.
The Pitch
The Mineral Resource remains open along strike and at depth across 4 mineralised zones.
The resource was estimated using a US$1,700/oz gold price and 1.3g/t Au cut-off.
Chalice is located within 130km of 7 operating processing facilities.
Westgold's 1.6Mtpa Higginsville CIL plant is located 22km from Chalice.
Acquisition consideration totals approximately $25.7 million, including deferred milestone payments.
The Next Overs
Complete planning for the initial 10,000m Phase 1 drilling program.
Progress cut-off grade and pit-shell re-optimisation studies.
Continue exploration and drilling programs at the Feather Cap and Two Pools projects.
Read full ASX Announcement here.
Evergold Minerals (ASX:EG1)
Further RC Assays Confirm Scale and Continuity at Duchess of York
The Play
Further RC assays confirmed broad, structurally controlled gold mineralisation at Duchess of York.
High-grade intercepts included 2m @ 7.90g/t Au and 3m @ 5.11g/t Au.
Broad intercepts included 19m @ 1.48g/t Au and 18m @ 1.23g/t Au.
Assays have been received for 2,180 of 2,667 submitted samples, representing approximately 80% of the program.
Gold mineralisation extends from surface to depths exceeding 100m at Duchess of York.
The Pitch
Duchess of York is the most advanced prospect within the Mt Monger Gold Project.
Gold mineralisation is associated with a felsic, sanukitoid-affinity intrusive adjacent to the Gladiator Fault.
The 2026 RC program targeted down-dip and along-strike extensions within the Gladiator Fault corridor.
This geological setting forms the basis of the Company's exploration model.
The Mt Monger Gold Project is located approximately 70km southeast of Kalgoorlie.
The Next Overs
Receive the remaining assays from the 2026 RC drilling program over the coming weeks.
Commence the regional aircore drilling program at Mt Monger in approximately 2 weeks.
Undertake Phase 2 RC drilling at Duchess of York to test down-dip, along-strike and offset extensions.
Read full ASX Announcement here.
Heavy Rare Earths (ASX:HRE)
Drilling Approvals Secured as South Ridge Extends to 1.85km
The Play
Surface mapping extended the South Ridge Shear to a mapped strike length of 1.85km.
Surface mapping identified multiple previously unmapped structures parallel to the South Ridge Shear.
All approvals have been received for the maiden South Ridge drilling program.
The drilling program increased to up to 36 holes for 3,400m to collect material for metallurgical testwork.
Camp site and collar pegs are complete, with mobilisation awaiting road reopening.
The Pitch
South Ridge is the most advanced tin prospect within the Prospect Hill Project.
The South Ridge Shear is mapped up to 10m wide before truncation by a younger shear zone.
The Prospect Hill Project comprises 3 exploration tenements covering 75km².
Previous exploration outlined mineralisation within a linear, steeply dipping structural zone over 600m.
The expanded program comprises reverse circulation and diamond drilling.
The Next Overs
Commence the expanded drilling program once heavy vehicle access resumes.
Collect material for metallurgical testwork during drilling.
Undertake follow-up work, including potential drill testing, on the newly identified parallel structures.
Read full ASX Announcement here.
Adavale Resources (ASX:ADD)
Strategic Tenure Consolidation Expands Walk-Up Drill Targets
The Play
EL9918 grant and EL9178 transfer consolidated the London-Victoria Gold Corridor.
Surface sampling returned 9.2g/t Au from the newly granted EL9918 at Ashes.
EL9178 secures the southern extension of the London-Victoria Gold Corridor.
Surface sampling confirmed mineralisation extends into EL9918.
Consolidated tenure removes boundary constraints across the broader Ashes Prospect.
The Pitch
The Parkes Project comprises the Calarie Mining Licence and 10 granted exploration licences across approximately 610km².
London-Victoria and Calarie contain a combined historical Mineral Resource of 166,000oz Au.
Ashes is supported by surface geochemistry, IP geophysics and porphyry fertility geochemical indicators.
EL9178 covers approximately 20km² immediately south of the London-Victoria Gold Mine.
Adavale holds 100% ownership of EL9918 and EL9178.
The Next Overs
Extend high-resolution magnetic surveys across the newly acquired Ashes tenure.
Continue systematic soil and rock-chip sampling across the expanded Ashes tenure.
Undertake first-pass drilling on priority greenfields targets generated from geophysics and geochemistry.
Read full ASX Announcement here.
Stavely Minerals (ASX:SVY)
Diamond Hole Confirms Epithermal System
The Play
Diamond hole STDD0002 reached a final depth of 506.8m beneath previous gold-silver intersections.
Geological logging confirmed a low-sulphidation epithermal system at Freddy's Find.
Multiple sulphide zones were interpreted as depth extensions of mineralisation intersected in STRC0132.
Geological observations indicate STDD0002 tested the upper portion of the hydrothermal system.
Laboratory assay results for STDD0002 are expected within approximately 1 month.
The Pitch
Freddy's Find is part of the 100%-owned Stavely Copper-Gold Project in Victoria.
STDD0002 tested beneath gold-silver mineralisation previously intersected in RC hole STRC0132.
Previous RC drilling intersected multiple epithermal gold-silver mineralised intervals within hydrothermal breccia.
Gold and silver grades are not correlated with absolute sulphide abundance across previous RC drilling.
Mineralisation is interpreted as a low-sulphidation epithermal system.
The Next Overs
Receive laboratory assay results for STDD0002 within approximately 1 month.
Complete approximately 10–12 reconnaissance RC holes across Freddy's Find and nearby targets.
Consider further diamond drilling following receipt of STDD0002 assay results.
Read full ASX Announcement here.
ADX Energy (ASX:ADX)
Behind-Pipe Program Lifts Austrian Production 35%
The Play
Behind-pipe perforation added approximately 75 BOEPD from the Vienna Basin Fields.
Net Austrian production increased 35% to approximately 285 BOEPD.
Vienna Basin field production increased from approximately 150 BOEPD to 220 BOEPD.
GA-10A and GA-93 added 24 BOPD oil and 52 BOEPD gas, respectively.
ADX commenced a workover program to improve field production.
The Pitch
ADX holds a 100% interest in the Vienna Basin Fields in Lower Austria.
The Vienna Basin Fields comprise the Zistersdorf and Gaiselberg fields.
The fields contain 18 active wells and liquid processing capacity above 4,000 BPD.
The fields are connected to the OMV refinery and the local gas grid.
ADX owns 13.7ha of land suitable for solar park development.
The Next Overs
Continue the behind-pipe perforation program across existing wells.
Commence infill and appraisal drilling during 2027.
Continue the existing well workover program to improve field production.