The Day's Play Edition 112: Project funding secured, gold mineralisation confirmed and uranium expanded | CVR, GDM, AMU
THE COIN TOSS
CVR - Cavalier Resources secured binding financing term sheets for approximately A$23M for the Crawford Gold Project through Gold Prepayment and Gold Loan facilities.
GDM - Great Divide Mining confirmed gold mineralisation across 730m at Banshee following completed drilling supporting progression toward a maiden JORC Mineral Resource Estimate.
AMU - American Uranium completed Lo Herma drilling with uranium continuity confirmed and mineralisation extended ahead of a planned Q3 2026 Mineral Resource Estimate update.
MAT - Matsa Resources returned multiple high-grade gold intersections from the first Fortitude North diamond drillholes, confirming stacked mineralised lodes across more than 1.7km.
KTA - Krakatoa Resources intersected multiple zones of visual antimony in initial Zopkhito drilling, with laboratory assays pending.
NRX - Noronex defined priority copper targets across the Kalahari Copper Belt by integrating drilling and regional geophysical results.
ICL - Iceni Gold expanded the Guyer West gold footprint to 1.6km of strike, with the >0.1g/t Au anomaly remaining open.
BSR - Bison Resources identified a 1.5km arsenic-antimony geochemical anomaly at Bald Peaks from maiden reconnaissance sampling.
EMT - eMetals returned high-grade tungsten channel sample results from the historic Garnet Mine to refine the current-quarter drilling program.
CAZ - Cazaly Resources commenced earthworks ahead of maiden Hastings aircore drilling to test 2.6km of the Bardoc Tectonic Zone.
ENP - Entropy Neurodynamics secured an Australian patent protecting proprietary psilocin crystalline forms until September 2043.
Cavalier Resources (ASX:CVR)
Binding financing secured for Crawford Gold Project
THE PLAY
Binding financing term sheets have been executed for the Crawford Gold Project.
The package comprises a US$13 million Gold Prepayment Facility and a A$5 million Gold Loan Facility.
The facilities provide approximately A$23 million in project debt funding.
Funding will support site establishment, procurement of long-lead items, project construction and working capital.
Completion of definitive financing documentation remains subject to conditions precedent.
THE PITCH
Crawford is a wholly owned gold project.
Javelin will provide a US$13 million Gold Prepayment Facility.
Ottomin will provide a A$5 million Gold Loan Facility.
Javelin and Ottomin will rank equally as senior secured lenders over the Crawford Gold Project.
Repayments are aligned with future project cash flows and gold production.
THE NEXT OVERS
Completion of definitive financing documentation.
Satisfaction of customary conditions precedent and due diligence requirements.
Progression of the facilities to financial close.
Read full ASX Announcement here.
Great Divide Mining (ASX:GDM)
Gold mineralisation confirmed across 730m at Banshee
THE PLAY
Gold mineralisation has been confirmed across 730m of strike at the Banshee Prospect.
The mineralised system remains open along strike and at depth.
Dart Mining completed a 4,100m drilling program at the Banshee Prospect.
Final assay results allow progression toward a maiden JORC Mineral Resource Estimate.
All drilling required for Dart Mining to earn a 45% Joint Venture interest has been completed.
THE PITCH
Banshee forms part of the Coonambula Antimony-Gold Joint Venture in Queensland.
The Joint Venture comprises 6 tenements within the Coonambula Project.
Great Divide Mining retains tenement ownership and a carried interest during the earn-in.
Dart Mining may earn up to a 51% Joint Venture interest by completing defined drilling and reporting milestones.
The project is currently held by GDM Coonambula Pty Ltd and GDM Yellow Jack Pty Ltd.
THE NEXT OVERS
Metallurgical test work on composite drill samples.
Three-dimensional geological modelling.
Preparation of a maiden JORC Mineral Resource Estimate.
Read full ASX Announcement here.
American Uranium (ASX:AMU)
Lo Herma drilling confirms uranium continuity and extension
THE PLAY
Uranium continuity confirmed within Mine Unit 1, with mineralisation extended south of Mine Unit 2.
Drilling is expected to support Inferred to Indicated Resource conversion within Mine Units 1 and 2.
21 of 50 drill holes intersected mineralisation above the 0.02% eU₃O₈ grade cut-off.
13 of 50 drill holes exceeded the target grade thickness threshold of 0.2 GT.
The drilling program comprised 50 drill holes totalling approximately 12,757m.
THE PITCH
Lo Herma is an ISR uranium project in Converse County, Wyoming.
The current Mineral Resource Estimate totals 9.45Mlbs U₃O₈ across 3 proposed mine units.
Hydrogeological and metallurgical testing has been undertaken across the proposed mine units.
American Uranium also holds uranium projects in Wyoming's Great Divide Basin and Green Mountain area.
The planned study area comprises Mine Units 1, 2 and 3.
THE NEXT OVERS
Mineral Resource Estimate update targeted for Q3 2026.
Scoping Study targeted for Q3 2026.
Regional aquifer pump-test program planned at Mine Unit 1.
Read full ASX Announcement here.
Matsa Resources (ASX:MAT)
First Fortitude North diamond drillholes return multiple high-grade gold intersections
THE PLAY
First diamond drillholes at Fortitude North returned multiple high-grade gold intersections.
Drilling intersected multiple stacked gold lodes.
Results included 8.4m @ 3.62g/t Au, 15.2m @ 2.93g/t Au and 2.9m @ 8.67g/t Au.
Mineralisation has been intersected over a strike extent exceeding 1.7km.
The results support the current model of multiple stacked mineralised lode structures.
THE PITCH
Fortitude North is within the Fortitude Shear gold corridor at the Lake Carey Gold Project.
The prospect is immediately along strike from the 489koz Au Fortitude Gold Deposit.
Fortitude North forms part of an emerging gold system defined over more than 13.5km.
The gold system remains open to the north.
Seven holes for 2,521m have been completed, with assays received from the first 4 holes.
THE NEXT OVERS
Receive assay results from holes 26FNDD017 to 26FNDD019.
Use the results to inform an expanded RC and diamond drilling program.
Continue the initial 10,000m diamond drilling campaign.
Read full ASX Announcement here.
Krakatoa Resources (ASX:KTA)
Initial drilling intersects multiple visual antimony zones
THE PLAY
Initial drilling intersected multiple zones of visual antimony at Zopkhito.
2 surface diamond drill holes and 4 underground drill holes have been completed.
Drilling targeted known antimony and gold mineralised veins within historical underground workings.
Hole DD26ZOP-002 intersected a 2.86m visual antimony interval including 0.6m of massive quartz-stibnite.
Laboratory assays for all reported visual intervals remain pending.
THE PITCH
Zopkhito is an antimony-gold project covering 1,779ha in Georgia.
The project is held under a mining licence valid until March 2042.
Krakatoa holds an exclusive option to acquire up to 80% of the project.
Zopkhito hosts a foreign resource estimate for antimony and gold.
The project includes historical underground workings and historical exploration data.
THE NEXT OVERS
Underground panel and bulk sampling is expected to commence in the coming weeks.
Laboratory assay results are expected later in 2026.
Work will continue toward conversion of the current foreign resource estimate to a JORC 2012 Mineral Resource Estimate.
Read full ASX Announcement here.
Noronex (ASX:NRX)
Integrated exploration defines priority copper targets across the Kalahari Copper Belt
THE PLAY
Integrated drilling and geophysical results defined priority copper targets across the Kalahari Copper Belt.
Final assay results were received from the 7,112m RC drilling program at the Powerline Copper Project.
Regional gravity surveys identified additional priority structural corridors beneath Kalahari cover.
Integrated interpretation strengthened the regional exploration model across the northern Kalahari Copper Belt.
South32 continues supporting the Humpback-Damara and Cgae Cgae Earn-In Agreements.
THE PITCH
The projects are subject to Earn-In Agreements with a wholly owned subsidiary of South32.
The portfolio comprises project areas in Namibia and Botswana.
Powerline targets sediment-hosted copper-silver mineralisation within the Kalahari Copper Belt.
Cgae Cgae targets copper mineralisation beneath Kalahari cover.
The portfolio includes the Powerline, Humpback-Damara, Cgae Cgae and Damara North project areas.
THE NEXT OVERS
Commence a proposed 3,000m drilling program in November/December 2026, subject to final drill targeting.
Complete integration of geological, geochemical and geophysical datasets to optimise drill targeting.
Prioritise follow-up exploration across the highest-ranked regional targets, subject to final programme design.
Read full ASX Announcement here.
Iceni Gold (ASX:ICL)
Guyer West gold footprint expands to 1.6km
THE PLAY
The Guyer West gold geochemical footprint now extends 1.6km of strike and up to 500m wide.
The >0.1g/t Au anomaly remains open along strike.
A 33-hole, 1,900m aircore program followed up 2 priority gold anomalies.
Drilling returned 4m @ 0.33g/t Au, 4m @ 0.21g/t Au and 4m @ 0.15g/t Au.
Sovereign results remain under technical review, with validation work in progress.
THE PITCH
Guyer forms part of the 14 Mile Well Gold Project between Leonora and Laverton.
The Guyer Farm-In covers 154km² under a farm-in agreement with Gold Fields Australia.
The Guyer Trend extends along an 11.5km granite-greenstone contact.
A prospective 6km northwest-trending gold corridor lies beneath transported cover.
The project includes Guyer West, Guyer Main, Guyer Ridge and Guyer East.
THE NEXT OVERS
Infill and extensional aircore drilling at Guyer West is scheduled for the September quarter.
Multi-element Bottom of Hole results remain pending for Guyer West and Sovereign.
Further work at Sovereign will be determined following completion of technical investigations.
Read full ASX Announcement here.
Bison Resources (ASX:BSR)
1.5km arsenic-antimony anomaly identified at Bald Peaks
THE PLAY
A 1.5km arsenic-antimony surface geochemical anomaly has been identified at Bald Peaks.
Initial assays have been received from 66 rock chip and float samples.
The anomaly is associated with decalcification, silicification, gossanous breccias and jasperoidal alteration.
Coincident mercury, sulphur, lead and zinc geochemical anomalism was identified.
Initial reconnaissance sampling has been completed across the project.
THE PITCH
Bald Peaks is 1 of 4 projects within Bison's Nevada portfolio.
The Nevada portfolio comprises 312 unpatented lode mining claims covering approximately 26.1km².
Bald Peaks comprises 40 unpatented lode mining claims covering approximately 3.3km².
The project is 100% held by Bison Nevada LLC, a wholly owned subsidiary of Bison Resources.
The project targets carbonate-hosted precious metal deposits within Nevada's Carlin Trend.
THE NEXT OVERS
Systematic soil sampling with multi-element analysis.
Additional rock chip sampling and detailed geological mapping.
Airborne magnetic and ground gravity geophysical surveys ahead of future drill testing.
Read full ASX Announcement here.
eMetals (ASX:EMT)
High-grade tungsten channel samples returned at Garnet
THE PLAY
High-grade tungsten channel sample results have been returned from the historic Garnet Mine.
Channel sampling returned 1.22m @ 0.76% WO₃, 5.5m @ 0.18% WO₃ and 1.5m @ 0.27% WO₃.
The Company re-entered the 40ft and 100ft underground levels and sampled accessible workings.
Mineralisation was observed underground using shortwave UV.
The results will refine a drilling program scheduled for the current quarter.
THE PITCH
The Mineral Range Tungsten Project comprises 109 mineral claims covering approximately 838ha in Utah.
eMetals holds a 100% interest in the project.
The project covers approximately 12km of strike within the Mineral Range batholith.
The project includes the historic Garnet, Big Pass and Two R's tungsten mines.
The Garnet prospect hosts the most productive mineralisation identified from historical data and earlier reconnaissance.
THE NEXT OVERS
Refine drill targets using the latest sampling results.
Commence the planned drilling program during the current quarter.
Guide follow-up exploration aimed at expanding known mineralised zones.
Read full ASX Announcement here.
Cazaly Resources (ASX:CAZ)
Earthworks underway ahead of maiden Hastings drilling
THE PLAY
Earthworks have commenced ahead of Cazaly's maiden aircore drilling at the Hastings gold prospect.
A 3,000m aircore program will test approximately 2.6km of the Bardoc Tectonic Zone corridor.
Drilling is designed to follow up and extend the historical 38m @ 3.1g/t gold intercept.
Line clearing is underway to establish drill access and planned traverses.
Drilling approvals are complete ahead of rig mobilisation.
THE PITCH
The Hastings prospect forms part of the Goongarrie Gold Project in Western Australia's Eastern Goldfields.
The project is located 90km north of Kalgoorlie.
Goongarrie covers 70km² of greenstone sequence within the Kalgoorlie Terrain.
The project covers 12km of the Bardoc Tectonic Zone.
Bedrock gold mineralisation lies beneath shallow alluvial cover.
THE NEXT OVERS
Aircore drilling is expected to commence shortly.
Cazaly will announce the commencement of drilling.
Assay results will be reported after receipt and validation.
Read full ASX Announcement here.
Entropy Neurodynamics (ASX:ENP)
Australian patent granted for proprietary psilocin crystalline forms
THE PLAY
An Australian patent has been granted for proprietary psilocin crystalline forms.
The patent provides composition-of-matter protection for multiple proprietary psilocin salt and cocrystal forms.
Claims cover manufacturing methods, pharmaceutical formulations and therapeutic applications.
The patent complements the Company's international Patent Cooperation Treaty application.
The patent remains in force until September 2043, subject to payment of applicable renewal fees.
THE PITCH
Entropy Neurodynamics is a clinical-stage biotechnology company.
The Company is developing proprietary psilocin formulations for administration with psychotherapy.
Its lead program is the IV-infused psilocin formulation TRP-8803.
The patent supports the Company's proprietary psilocin platform.
The Company is developing next-generation psilocin-based therapeutics.
THE NEXT OVERS
Patent prosecution across key global markets through the Patent Cooperation Treaty application.
Development of next-generation psilocin-based therapeutics.
Maintenance of the Australian patent through payment of applicable renewal fees.