The Day's Play Edition 123: Gold discovery, maiden resource and commercial execution | XEN, TLM, TMX
THE COIN TOSS
XEN - Xenitra Ltd secured a 3-year pharmaceutical procurement agreement with Kangsheng Hong Kong International Trading carrying a minimum A$12M sales commitment.
TLM - Talisman Mining identified an emerging large-scale gold system across an unconstrained 800m strike at the Sheepyard Prospect.
TMX - Terrain Minerals delivered a maiden 54koz gold Mineral Resource at Lightning with mineralisation open along strike and at depth.
GML - Gateway Mining extended continuous high-grade gold mineralisation at Cowza to a 3.5km strike with mineralisation open in all directions.
AWJ - Auric Mining completed an integrated Scoping Study supporting redevelopment of the Burbanks processing facility and standalone mining at Munda.
PTN - Patronus Resources confirmed high-grade gold mineralisation extends below the Tally Ho Mineral Resource and identified a new mineralised structure at depth.
SMI - Santana Minerals delivered a bonanza 24.4m @ 10.9g/t Au infill intercept and confirmed a deeper stacked high-grade trend at Rise and Shine.
JAV - Javelin Minerals secured EIS funding to drill two major intrusive gold-copper targets at Coogee North and Coogee West.
PEC - Perpetual Resources confirmed high-grade tungsten mineralisation across three target areas with rock chip assays up to 1.53% WO₃.
GA8 - GoldArc Resources identified two gold mineralised trends extending more than 600m beyond the existing Yttria REE Mineral Resource footprint.
NES - Nelson Resources extended high-grade gold-silver mineralisation to a second underground level with 113.5g/t Au over 1.83m.
Xenitra Ltd (ASX:XEN)
Three-Year OTC Agreement Secures A$12M Sales Commitment
THE PLAY
Xenitra signed a 3-year pharmaceutical procurement agreement with Kangsheng Hong Kong International Trading.
The agreement carries a minimum A$12M sales commitment over 3 years through the Fukang subsidiary.
The agreement is Xenitra's first major commercial agreement for its OTC pharmaceuticals division.
The agreement transitions the OTC pharmaceuticals business into contracted commercial execution.
Initial commercial orders are expected following operational onboarding this quarter.
THE PITCH
The agreement is a 3-year strategic cooperation framework running from July 2026 to July 2029.
Kangsheng will procure not less than A$12M, or the US dollar equivalent, over the agreement term.
Products include prescription medicines, OTC medicines and broader health products sourced from international markets.
Fukang is designated as Kangsheng's core priority pharmaceutical supply-chain partner.
Payment terms comprise a 20% deposit, 30% after dispatch and 50% after receipt, inspection and document verification.
THE NEXT OVERS
Individual purchase orders are expected following operational onboarding this quarter.
Orders are intended to progress quarterly and annually throughout the agreement term.
The agreement is scheduled to run from July 2026 to July 2029.
Read full ASX Announcement here.
Talisman Mining (ASX:TLM)
Emerging Gold System Defined Across 800m Strike
THE PLAY
Emerging large-scale gold system identified across an unconstrained 800m strike at Sheepyard Prospect.
Aircore drilling intersected broad zones of shallow gold mineralisation at the Sheepyard Prospect.
Gold mineralisation is interpreted along the margins of an untested IP chargeability anomaly.
Best result returned 9m at 0.94g/t Au from 42m, including 6m at 1.28g/t Au.
Sheepyard forms the southern portion of an approximately 5.5km-long gold soil anomaly.
THE PITCH
Walkers Hill Gold Project is 100%-owned and located within the Lachlan Fold Belt, NSW.
Walkers Hill extends across approximately 90km of prospective mineralised litho-structural domains.
Sheepyard Prospect is defined by an approximately 5.5km-long geochemical anomaly exceeding 25ppb Au.
Gold mineralisation is hosted within sheared, veined and brecciated quartz-pyrite altered sediments.
The interpreted IP chargeability anomaly plunges north-west beneath the Sheepyard Prospect.
THE NEXT OVERS
Additional aircore drilling planned to extend the gold mineralised system footprint.
Reverse circulation drilling planned to test the IP chargeability anomaly at depth.
Planned drilling will evaluate the broader approximately 5.5km-long gold anomaly.
Read full ASX Announcement here.
Terrain Minerals (ASX:TMX)
Maiden 54koz Gold Resource Established at Lightning
THE PLAY
Maiden Inferred Mineral Resource totals 677,000t @ 2.5g/t Au for 54koz at Lightning.
The resource is contained within an optimised pit shell with underground mining assumptions applied.
Mineralisation starts from surface and remains open along strike and at depth.
The current Mineral Resource excludes mineralisation targeted by planned infill and expansion drilling.
The maiden resource comprises 157,000t of open pit material and 520,000t of underground material.
THE PITCH
Lightning forms part of the 100%-owned Smokebush Gold & Silver Project in Western Australia.
The Mineral Resource is classified entirely as Inferred under the JORC Code.
The defined mineralised system extends approximately 850m and has been defined to depths of 75m to 175m below surface.
The Mineral Resource is based on 98 drill holes comprising 94 RC and 4 diamond holes.
No Ore Reserves have been estimated for the Lightning deposit.
THE NEXT OVERS
RC drilling will commence in September 2026 to infill and extend the existing Mineral Resource.
Stage one metallurgical test work is scheduled for completion during Q3 2026.
Further drilling will target mineralisation currently outside the maiden Mineral Resource.
Read full ASX Announcement here.
Gateway Mining (ASX:GML)
Cowza Gold Strike Extends to 3.5km
THE PLAY
Continuous high-grade gold mineralisation at Cowza has been extended to 3.5km of strike.
Step-out aircore drilling returned 4m @ 11.1g/t Au, 8m @ 3.1g/t Au and 4m @ 3.3g/t Au.
Every drill traverse completed to date intersected gold mineralisation along the target corridor.
Mineralisation remains open in all directions following the latest drilling.
Drilling confirmed mineralisation along the key mafic-intermediate contact within the Cowza system.
THE PITCH
Cowza forms part of the Yandal Gold Project in Western Australia.
The current program comprises wide-spaced, first-pass aircore drilling across the Celia Shear structure.
Gold mineralisation is associated with shearing, quartz veining and silica-carbonate alteration.
Mineralisation is hosted along the contact between mafic and intermediate volcanic units.
The mineralised footprint lies within a broader zone of intense demagnetisation.
THE NEXT OVERS
Assay results are pending from approximately 1km of additional drilling to the north.
A second RC rig will commence drilling to test Cowza's fresh rock potential.
Further exploration updates will be released as additional assay results become available.
Read full ASX Announcement here.
Auric Mining (ASX:AWJ)
Integrated Study Supports Standalone Gold Development
THE PLAY
Integrated Scoping Study supports redevelopment of the Burbanks processing facility and mining at Munda.
Study outlines a 56-month integrated operation processing Munda mineralised material through a redesigned 600,000tpa plant.
Base case study forecasts $812M revenue, $437M EBITDA and 2.3-year payback at A$5,750/oz.
Peak funding requirement is estimated at $145M for the integrated development.
Production target comprises approximately 93% Indicated and 7% Inferred Mineral Resources.
THE PITCH
Munda hosts a JORC Mineral Resource of 4.3Mt @ 1.42g/t Au for 194koz.
Burbanks is a non-operational 180,000tpa CIL gold processing plant.
The study redesigns Burbanks to a nominal processing capacity of 600,000tpa with expansion potential to 1.2Mtpa.
Munda and Burbanks are approximately 87km apart in Western Australia's Goldfields region.
Auric controls approximately 521km² of tenements surrounding Kalgoorlie-Boulder.
THE NEXT OVERS
RC drilling targeting resource extensions commenced in July 2026.
Further environmental, geotechnical and hydrological studies are required before Ore Reserve estimation.
Approval submissions are targeted during 2026.
Read full ASX Announcement here.
Patronus Resources (ASX:PTN)
High-Grade Gold Extends Below Tally Ho Resource
THE PLAY
Final diamond drilling confirmed high-grade gold mineralisation extends below the current Tally Ho Mineral Resource.
All 4 diamond holes intersected high-grade gold mineralisation, including 3.17m @ 3.32g/t Au from 324.83m.
Drilling confirmed continuity of significant gold mineralisation below the existing Mineral Resource.
Drilling identified an additional mineralised structure at depth outside the current Mineral Resource.
Drilling confirmed linking mineralised structures between Fountain Head and Tally Ho.
THE PITCH
Tally Ho forms part of the Fountain Head area within the Pine Creek Project.
The Fountain Head area hosts a combined Mineral Resource of 234koz @ 1.4g/t Au.
The diamond drilling program comprised 4 holes for 1,432.53m.
Gold mineralisation is associated with quartz stockwork veining and sulphide alteration.
Mineralisation occurs across both greywacke and mudstone units.
THE NEXT OVERS
Geological interpretation and structural modelling will refine the exploration model.
Follow-up RC drilling is planned to test the linking structures between Fountain Head and Tally Ho.
Deeper diamond drilling will be considered to further evaluate the Tally Ho Extension target.
Read full ASX Announcement here.
Santana Minerals (ASX:SMI)
Bonanza Infill Drilling Strengthens High-Grade Core
THE PLAY
Bonanza infill drilling returned 24.4m @ 10.9g/t Au within the high-grade Rise and Shine orebody.
A deeper stacked zone returned 2.0m @ 89.5g/t Au, confirming a sub-parallel high-grade trend.
The new intercept improves grade relative to the previous wider-spaced drilling model.
Two additional infill holes confirmed continuity of mineralisation within the Stage 1 mining area.
Infill drilling reduced drillhole spacing to 20m from the nearest holes.
THE PITCH
Rise and Shine contains the majority of ounces within the deposit.
The reported results are from diamond drillholes MDD526, MDD527 and MDD528.
The deeper mineralised zone comprises stacked sub-parallel mineralisation.
Reported intercepts include estimated true widths for each mineralised interval.
All reported drillholes have been completed and results received.
THE NEXT OVERS
Additional infill drilling will continue within the Rise and Shine orebody.
Mining consents remain subject to regulatory approval under New Zealand's Fast-track Act.
Further drilling results will be released as additional assays become available.
Read full ASX Announcement here.
Javelin Minerals (ASX:JAV)
EIS-Funded Drilling Targets 2 Intrusive Gold-Copper Systems
THE PLAY
EIS-funded diamond drilling will test 2 undrilled intrusive gold-copper targets at Coogee.
The Coogee North target will test an undrilled magnetic anomaly beneath the existing gold-copper Mineral Resource.
The Coogee West target will test a large magnetic anomaly associated with a widespread bedrock gold anomaly.
The exploration campaign includes planned RC and aircore drilling across the main Coogee mineralised corridor.
Javelin secured options over 2 tenements, expanding the Coogee project area to more than 63km².
THE PITCH
Coogee hosts a JORC Mineral Resource of 3.6Mt @ 1.08g/t Au for 127koz Au.
The project also hosts a copper Mineral Resource of 1.0Mt @ 0.41% Cu for 4,122t Cu.
Coogee is located on a granted Mining Lease in Western Australia.
Gold-copper mineralisation at Coogee North is associated with epidote-siderite-magnetite alteration.
Both priority targets comprise magnetic anomalies interpreted as potential intrusive features.
THE NEXT OVERS
Diamond drilling at Coogee North and Coogee West is scheduled to commence in Q3 2026.
RC and aircore drilling will commence following completion of heritage clearance.
Work programs have commenced across the newly optioned Coogee South tenements.
Read full ASX Announcement here.
Perpetual Resources (ASX:PEC)
High-Grade Tungsten Confirmed Across Three Target Areas
THE PLAY
Maiden reconnaissance program confirmed high-grade tungsten mineralisation across three separate target areas.
Selective rock chip sampling returned a peak assay of 1.53% WO₃.
Six of 18 selective rock chip samples returned assays above 0.50% WO₃.
High-grade assays were returned from multiple locations across the project area.
Mineralisation was confirmed outside previously recognised historical workings.
THE PITCH
The Paraíba Tungsten Project comprises five exploration licence applications covering approximately 8,714ha in northeastern Brazil.
Exploration targets scheelite mineralisation associated with calc-silicate skarn horizons, intrusive-carbonate contacts and structurally controlled corridors.
The reconnaissance program collected 18 selective rock chip samples from outcrops, historical workings and mineralised float.
Rock chip samples are point observations and do not represent average grade, width or continuity.
The project is located within the Seridó Mineral Province.
THE NEXT OVERS
Second field program is planned for August 2026.
Program will extend geological mapping and systematic sampling across the three target areas.
Follow-up work will prioritise targets for future drilling.
Read full ASX Announcement here.
GoldArc Resources (ASX:GA8)
Two Gold Trends Defined Beyond Existing REE Resource
THE PLAY
Maiden 11,000m aircore program identified two gold mineralised trends extending more than 600m at Yttria.
Gold mineralisation was identified entirely outside Yttria's existing REE Mineral Resource footprint.
The two mineralised trends remain open to the south across a 1.4km by 1.2km footprint.
Mineralised holes are coincident with arsenic and tungsten pathfinder elements.
Representative intercepts include 11m @ 0.330g/t Au from 32m and 4m @ 0.950g/t Au from 16m.
THE PITCH
Yttria hosts a JORC Mineral Resource Estimate of 15Mt @ 490ppm TREO.
Yttria is located within the Leonora North project in Western Australia's Eastern Goldfields.
The aircore program comprised 363 holes for 11,010m across 14 drill lines.
Gold mineralisation is generally associated with deeper weathering profiles and minor quartz veining.
Aircore drilling covered an area of approximately 1.4km by 1.2km.
THE NEXT OVERS
Final assay results from Stirling Well are expected within a few weeks.
Approximately 5,500m RC drilling will commence at Mt Stirling in early August 2026.
RC drilling will follow up Yttria's two gold corridors, testing higher-grade zones at depth and along the open southern strike extent.
Read full ASX Announcement here.
Nelson Resources (ASX:NES)
High-Grade Gold Extended to Second Underground Level
THE PLAY
High-grade gold-silver mineralisation extended to the 400-foot level with 113.5g/t Au over 1.83m.
Channel sampling confirmed high-grade gold-silver mineralisation on the 300-foot and 400-foot levels.
Twenty-two vertical channel samples were completed across approximately 160m of strike.
Highest-grade gold and silver results are associated with brecciated quartz structures and subsidiary faults.
Sampling supports interpretation of a structurally controlled vein system at Orleans.
THE PITCH
The Orleans Mine forms part of the Gold Point Project in Nevada, USA.
Twenty-two vertical channel samples were collected across the principal hematite-quartz breccia vein fault.
Channel sample lengths ranged from approximately 1.1m to 2.2m.
Sampling targeted grade variability, mineralisation distribution and structural controls on the 400-foot level.
Underground rehabilitation of the upper levels has been completed.
THE NEXT OVERS
Up to 15 underground diamond core holes are planned using a Bazooka drill rig.
Drilling will test vein extensions up to approximately 40m beyond existing workings.
Metallurgical testwork is progressing alongside the underground exploration program.