The Day's Play Edition 125: Iron ore study, Copperbelt expansion and gold resource growth | IBR, PAT, ALK
THE COIN TOSS
IBR - Iron Bear Resources delivered a maiden Pre-Feasibility Study supporting a 44-year, 23Mtpa iron ore operation from a 3.3Bt Probable Ore Reserve.
PAT - Patriot Resources secured a 90% interest in a Zambian Copperbelt licence covering the interpreted extension of the Lusale Basin mineralised corridor.
ALK - Alkane Resources significantly expanded the Storheden Mineral Resource, adding an Indicated Resource and increasing contained gold.
LM1 - Leeuwin Metals grew the Marda Gold Project Mineral Resource to 378,600oz, with Indicated resources increasing 41%.
TOK - Tolu Minerals delivered further high-grade gold intersections from 17 diamond drill holes, supporting an updated Mineral Resource Estimate.
CPN - Caspin Resources extended high-grade tin mineralisation beyond the Kelpie Mineral Resource with new RC intersections including 20m @ 1.79% Sn.
OD6 - OD6 Metals returned gold assays up to 6.31g/t Au, supporting the interpretation of Quinn as a large fertile mineral system.
NXM - Nexus Minerals completed Branches resource definition drilling, strengthening geological continuity ahead of a maiden Mineral Resource Estimate.
XPD - Xpedra Resources extended broad gold mineralisation at Springfield, with deeper drilling confirming depth extensions.
PFE - Pantera Minerals awarded the maiden drilling contract to test high-grade antimony mineralisation beneath the historic Davis, Stewart and May mines.
ACM - Australian Critical Minerals completed Phase 1 drilling at Flint, with hyperspectral data supporting a large-scale hydrothermal system.
Iron Bear Resources (ASX:IBR)
Maiden PFS Defines 44-Year Iron Ore Operation
The Play
Iron Bear completed a maiden Pre-Feasibility Study for the Iron Bear Project.
The PFS supports a 23Mtpa operation from a maiden 3.3Bt Probable Ore Reserve.
The mine plan draws on less than 25% of the 13.6Bt Mineral Resource.
The base case delivers a post-tax, unleveraged NPV8 of USD 9.0B and a 15.2% IRR.
The production target comprises 4.5Mtpa BF concentrate and 18.4Mtpa DR pellets.
The Pitch
The Iron Bear Project hosts a JORC Mineral Resource of 13.6Bt @ 30.03% Fe.
The maiden Probable Ore Reserve totals 3.3Bt @ 29.1% Fe.
The operation is designed with a 0.44 stripping ratio.
Products comprise 69.1% Fe BF concentrate and 71% Fe DR pellets.
The project uses existing rail infrastructure and the Port of Pointe-Noire.
The Next Overs
Complete the Project Value Improvement phase before commencing the BFS.
Deliver Version 2 of the PFS following completion of the planned optimisation activities.
Advance project funding under the Development Agreement with Vale.
Read full ASX Announcement here.
Patriot Resources (ASX:PAT)
Zambian Copperbelt Acquisition Adds Strategic Copper Licence
The Play
Patriot acquired a 90% interest in Licence 33543-HQ-LEL within the Zambian Copperbelt.
The 16.15km² licence covers the interpreted south-western extension of the Lusale Basin mineralised corridor.
The licence is located 17km along strike from the Fishtie/Kashime Copper Project.
Acquisition terms comprise US$50,000 and a 10% free carry to the vendor.
The acquisition expands Patriot's copper project portfolio in Zambia.
The Pitch
The licence is located approximately 12km north of Mkushi, Zambia.
The Lusale Basin is considered an extension of the Central African Copperbelt.
Copper mineralisation is hosted within the Grand Conglomérat diamictite, siltstone and Kakontwe Limestone.
The Katanga Supergroup hosts the majority of the region's copper and cobalt deposits.
The acquisition provides Patriot with a 90% interest in the licence.
The Next Overs
Undertake geophysics and mapping across Licence 33543-HQ-LEL.
Commence a Phase 1 drilling program at the new licence.
Complete the acquisition of the 90% licence interest.
Read full ASX Announcement here.
Alkane Resources (ASX:ALK)
Storheden Resource Upgrade Adds Indicated Gold Inventory
The Play
Updated Mineral Resource includes an Indicated Resource of 1.07Mt at 2.51g/t Au containing 87koz gold.
Inferred Mineral Resource totals 1.85Mt at 2.11g/t Au containing 125koz gold.
The updated resource incorporates 28 additional diamond drill holes completed during 2025 and early 2026.
Recent drilling improved confidence in mineralised geometry, continuity and resource classification.
Drilling returned high-grade intercepts including 107.0g/t Au over 0.4m and 50.9g/t Au over 0.95m.
The Pitch
Storheden is located approximately 700m north of the Björkdal gold mine in northern Sweden.
Gold-bearing quartz veins have been defined over a 2.7km strike length and to a depth of 464m.
Mineralisation remains open in all directions.
The Björkdal operation is wholly owned by Alkane Resources.
Gold mineralisation is classified as mesothermal orogenic gold.
The Next Overs
Complete an initial 10,000m surface drilling program planned for FY2027.
Commence development of an underground exploration drive in September 2026.
Continue regional exploration targeting satellite deposits around the Björkdal operation.
Read full ASX Announcement here.
Leeuwin Metals (ASX:LM1)
Marda Gold Resource Grows to 378,600oz
The Play
The Marda Gold Project Mineral Resource increased to 11.4Mt @ 1.03g/t Au for 378,600oz.
Indicated Mineral Resources increased 41% to 104,000oz.
The Evanston Mineral Resource increased 22% to 165,500oz.
Evanston includes a higher-grade component of 115,400oz @ 1.49g/t Au above a 0.80g/t Au cut-off.
All reported Mineral Resources are located on granted Mining Leases.
The Pitch
The Marda Gold Project is located in Western Australia.
The Global Mineral Resource comprises 3.1Mt Indicated and 8.3Mt Inferred Resources.
Evanston hosts a Mineral Resource of 5.4Mt @ 0.96g/t Au for 165,500oz.
The project includes the Marda North, Marda Central and Golden Orb Resource areas.
The Resource is reported above a 0.30g/t Au cut-off grade.
The Next Overs
Advance Resource growth at Golden Orb, Deception Hill and Mt King.
Commence environmental studies in August and begin mine planning.
Assess standalone and third-party milling development pathways under a dual-track strategy.
Read full ASX Announcement here.
Tolu Minerals (ASX:TOK)
High-Grade Drilling Strengthens Tolukuma Resource Growth
The Play
17 diamond drill holes returned further high-grade gold intersections across the Tolukuma Gold Mine.
Highlights included 3.9m @ 42.35g/t Au, 2.0m @ 32.01g/t Au and 1.0m @ 37.54g/t Au.
New intersections confirmed grade and continuity across the Fundoot, Fundoot Splay, Gulbadi, Gufinis and Zine vein systems.
Drilling continued to validate the revised geological model recognising 44 mineralised veins and splays.
The results will feed into the updated Mineral Resource Estimate.
The Pitch
Tolukuma is a gold mine in Papua New Guinea.
The revised geological model recognises 44 mineralised veins and splays, compared with 15 previously.
The revised interpretation increases interpreted mineralised vein volume by approximately 15%.
143 drill holes totalling 22,975m were completed to 30 June 2026.
7 diamond drill rigs are operating across the near-mine growth campaign.
The Next Overs
Deliver the updated Mineral Resource Estimate in late August 2026.
Continue the approximately 75,000m near-mine growth drilling campaign.
Receive additional assay results from Fundoot, Gulbadi, Gufinis and Zine.
Read full ASX Announcement here.
Caspin Resources (ASX:CPN)
High-Grade Tin Extends Beyond Kelpie Resource
The Play
RC drilling returned 20m @ 1.79% Sn, including 3m @ 9.32% Sn, at the Errol's Zone.
Additional results included 7m @ 1.10% Sn, 5m @ 1.39% Sn and 14m @ 0.68% Sn.
The results extend the Errol's and Stewart's Zones beyond the current Kelpie Mineral Resource.
The intersections lie within open-pit mining depths and outside the current 19,300t contained tin Resource.
Mineralisation remains open down-plunge.
The Pitch
The Bygoo Project is 100%-owned and located in New South Wales.
Kelpie hosts a Mineral Resource of 3.94Mt @ 0.50% Sn for 19,300t of contained tin.
The Errol's Zone was identified using induced polarisation, gravity surveys and soil geochemistry.
Tin mineralisation is associated with the Errol's Fault and Ardlethan Granite contact.
The Errol's and Stewart's Zones lie outside the current Kelpie Mineral Resource.
The Next Overs
Receive assays from the remaining 3 RC holes.
Commence diamond drilling to test deeper extensions of the Kelpie Deposit.
Deliver an updated Mineral Resource estimate in the September quarter.
Read full ASX Announcement here.
OD6 Metals (ASX:OD6)
High-Grade Gold Results Support Large Mineral System at Quinn
The Play
Gold assays returned up to 6.31g/t Au from rock and channel sampling at Quinn.
Gold and pathfinder anomalies were identified across Mammoth, North Horseshoe Canyon and Dress Circle.
Rock and channel sampling west of the Mammoth fluorspar breccia returned multiple assays above 0.5g/t Au.
Results support OD6's interpretation of Quinn as a large fertile mineral system.
Gold mineralisation was identified during fluorspar exploration at the Quinn Project.
The Pitch
Quinn hosts the Mammoth, Horseshoe and Big Jim fluorspar prospects across 226 mining claims.
The project contains an epithermal alteration footprint extending more than 8km.
The project includes prospective epithermal and Carlin-style gold target settings.
OD6 remains focused on advancing the Mammoth, Horseshoe and Big Jim fluorspar prospects.
Fluorspar is classified as a critical mineral, with the United States importing 100% of its domestic supply.
The Next Overs
Receive and interpret pending assay results.
Complete geological modelling and drill targeting.
Prepare a maiden drilling program while progressing permitting and metallurgical testwork.
Read full ASX Announcement here.
Nexus Minerals (ASX:NXM)
Branches Drilling Advances Maiden Resource Definition
The Play
Final assays were received for all 37 RC holes covering 3,506m at Branches.
Drilling improved the orientation, geometry and continuity of the Branches mineralised system.
Drilling provides the density and geological understanding to support a maiden Mineral Resource Estimate.
New intercepts included 13m at 2.00g/t Au from 111m, including 1m at 7.63g/t Au and 3m at 4.25g/t Au.
The strongest result was returned from the southern end, where the mineralised trend remains open.
The Pitch
Branches is part of the Wallbrook Gold Project in Western Australia's Eastern Goldfields.
The prospect contains a mineralised trend extending more than 1.5km along strike.
Mineralisation is hosted within hematite-altered porphyry dykes intruding intermediate volcaniclastic rocks.
The completed Branches program forms part of the 21,985m Wallbrook RC drilling campaign.
Assay results have been reported for 149 RC holes covering 15,667m across Clement, Payns and Branches.
The Next Overs
Report remaining Crusader–Templar extensional drilling assays expected in August.
Complete the updated multi-prospect Wallbrook Mineral Resource Estimate in the September quarter.
Assess the Branches mineralised trend beyond the current resource definition area.
Read full ASX Announcement here.
Xpedra Resources (ASX:XPD)
Deeper Drilling Extends Broad Gold Mineralisation at Springfield
The Play
Latest drilling returned 22m at 2.62g/t Au from 120m, including 5m at 4.60g/t Au and 5m at 4.45g/t Au.
Final assays have been received for all 27 holes from the maiden RC drilling program.
All 4 deeper step-out holes intersected broad, higher-grade gold mineralisation.
The maiden drilling program defined broad, shallow gold mineralisation across more than 400m of strike.
Latest results confirmed further depth extensions of broad gold mineralisation.
The Pitch
Springfield is hosted within a mineralised intrusion mapped over more than 1.7km of strike.
The maiden RC drilling program comprised 27 holes for 2,579m.
The program tested known gold mineralisation and new targets within the mineralised corridor.
Historical drilling comprised 186 holes for 6,568m before Xpedra's maiden program.
The Springfield Gold Deposit is located within the Lachlan Fold Belt of NSW.
The Next Overs
Receive assays from 4 completed follow-up RC holes.
Finalise plans for a third-phase follow-up drilling program.
Test strike and depth extensions of mineralisation at Springfield.
Read full ASX Announcement here.
Pantera Minerals (ASX:PFE)
Maiden Gillham Drilling Targets High-Grade Antimony at Depth
The Play
Pantera awarded a drilling contract for a 10-hole, approximately 1,500m diamond drilling program.
The maiden program will be the first known drilling to test high-grade antimony mineralisation beneath the historic Davis, Stewart and May mines.
Drill targeting is supported by 2026 rock chip results of up to 19.2% Sb and 63.8g/t Ag.
Soil geochemistry defined 2 coherent antimony anomalies over approximately 500m strike within a broader 2km mineralised corridor.
Drilling is scheduled to commence in the third week of August and finish within approximately 6 weeks.
The Pitch
Gillham is a 100%-owned antimony-silver project in southwest Arkansas, USA.
The program comprises 10 diamond core holes for approximately 1,500m.
The Stewart and May mines historically produced stibnite.
Drill targeting is based on 2026 rock chip sampling and soil geochemistry.
The Davis Mine is the largest historical operation in the project area.
The Next Overs
Finalise drill pad access and site preparation.
Mobilise Dycus 3D Drilling Company in the third week of August 2026.
Report assay results as they are received, validated and interpreted.
Read full ASX Announcement here.
Australian Critical Minerals (ASX:ACM)
Phase 1 Drilling Supports Large Hydrothermal System at Flint
The Play
Phase 1 diamond drilling was completed with 4 holes for 1,773.3m at Flint.
Hyperspectral data is consistent with ACM's geophysical and geochemical model targeting a hydrothermal system extending approximately 4km.
FLDDH002 intersected advanced argillic alteration from 0.4m to 47.0m downhole.
FLDDH002 intersected phyllic alteration from 389m to end of hole.
Phase 1 drilling tested only the northern approximately 900m of the broader geochemical and geophysical anomaly.
The Pitch
Flint is located within an epithermal-porphyry belt in northern Peru.
The project is approximately 60km from the La Arena epithermal Au-Ag and porphyry Cu-Au system.
The drilling program targeted chargeability and resistivity anomalies beneath a quartz-alunite lithocap.
Geological logging and hyperspectral data indicate a high-sulphidation hydrothermal system overprinting a porphyry-style alteration system.
The project incorporates surface geochemistry, alteration mapping, historical induced polarisation and magnetic datasets.
The Next Overs
Receive FLDDH002 assay results expected from 8 August 2026.
Complete ANCORELOG hyperspectral scanning on the remaining drill holes.
Refine drill targeting after integrating assay, logging, geophysical and hyperspectral data.