The Day's Play Edition 133: Wide copper hits, high-grade gold and Columbia drilling | MM1, YRL, SNM
THE COIN TOSS
MM1 - Midas Minerals reports 35.6m at 3.35% Cu and 17.7m at 3.21% Cu from first Deblin hole
YRL - Yandal Resources reports 20m at 8.7g/t Au including 3m at 52.8g/t Au from highest-grade IWB intercept
SNM - Sentinel Metals reports preliminary 46.8m at 5.5g/t Au at Columbia, including 13.5m at 16.6g/t Au
LIN - Lindian Resources moves to 100% ownership of operating SARECO MREC facility in Kazakhstan
SVY - Stavely Minerals reports Thursday’s Gossan Scoping Study at A$818M pre-tax NPV7 and 40% IRR
FG1 - Flynn Gold confirms >110m near-surface gold footprint ahead of Brilliant resource drilling
GA8 - GoldArc Resources secures MDCP approval, clearing final regulatory hurdle before Mt Stirling development
ILT - Iltani Resources intersects lead-zinc-copper sulphides in all 3 Union Jack holes, including 9m with up to 35% sulphides
IPT - Impact Minerals records uranium and thorium below 1ppb in Lake Hope HPA as 4N purity improves
AQX - Alice Queen mobilises drill rig to Horn Island ahead of multi-phase program targeting Exploration Target areas
MEX - Minerals Exploration reports rock chips up to 37.4g/t Au and 2.63% W from Glenorchy historical mines
PHO - PhosCo Gasaat project targeted by U.S. Government funding program for private-sector investment
Midas Minerals (ASX:MM1)
First Deblin hole returns 2 wide copper intercepts
THE PLAY
First Deblin hole returns 35.6m at 3.35% Cu and 17.7m at 3.21% Cu.
A 9.3m sub-interval grades 0.65g/t Au and 16.6g/t Ag within copper mineralisation.
New assays verify visual copper mineralisation previously reported from DBDD001 in June 2026.
Deblin’s known mineralisation footprint extends at least 1,000m along strike and 500m vertically.
9 additional core holes and 28 RC holes have been completed at Deblin to date.
THE PITCH
Midas Minerals owns 100% of the Otavi Project in Namibia, covering ~1,776km² of tenure.
Copper at Deblin occurs predominantly as chalcopyrite within calcite-enriched Ombombo dolomite and underlying heavily-sheared schist.
The 2 DBDD001 mineralised intercepts occur within Askevold meta-volcanic schist with late-stage calcite veining.
Midas Minerals reported a cash balance of $29.2M at June 30, 2026 in the announcement.
Otavi’s T-13 deposit has an initial Inferred Mineral Resource of 10.5Mt at 1.6% Cu and 21g/t Ag.
THE NEXT OVERS
Results from DBDD002 and DBDD003 are expected within the coming weeks.
Further assays are expected throughout Q3 CY2026 as drilling continues.
2 additional rigs are expected this quarter, with plans for 9 rigs in total.
Read full ASX Announcement here.
Yandal Resources (ASX:YRL)
Highest-grade IWB intercept includes 3m at 52.8g/t Au
THE PLAY
26IWBRC0120 returns 20m at 8.7g/t Au, including 3m at 52.8g/t Au from 84m.
26IWBRC0119 returns 12m at 1.8g/t Au from 31m, the shallowest Arrakis intercept.
Results from both holes indicate an additional high-grade zone may be present within Arrakis.
9 RC holes returned results across the 6,450mN to 6,850mN drill lines.
24 RC holes have been completed across 100m spaced lines at Arrakis.
THE PITCH
Arrakis is a gold discovery within the 100%-owned Ironstone Well-Barwidgee Gold Project.
The IWB Gold Project covers approximately 456km² in Western Australia’s northern Yandal Greenstone Belt.
Primary fresh rock mineralisation at Arrakis extends more than 1.3km along strike.
Arrakis mineralisation is hosted within a deformed porphyritic dacite intrusive within the Caladan fold.
Yandal Resources has an established 268,000oz gold Resource at Flushing Meadows within IWB.
THE NEXT OVERS
Results from 10 RC holes and 3 diamond core tails are anticipated throughout August.
A maiden exploration target for Arrakis is scheduled for Q3 CY26.
Additional drilling and work programs will be finalised as further results are received.
Read full ASX Announcement here.
Sentinel Metals (ASX:SNM)
Columbia maiden hole returns strong preliminary gold intercept
THE PLAY
Maiden drilling returned 46.8m at 5.5g/t Au from 88.2m in DDCO26-001 at Columbia.
The intercept includes 21.4m at 11.1g/t Au from 97.6m, within the broader mineralised interval.
The intercept includes 13.5m at 16.6g/t Au from 105.5m, with preliminary PhotonAssay results.
Gold persists into fresh rock across 4 intervals to 218m, with 95-100% core recovery.
The 105.5-119.0m interval averaged 20% recovery and will be re-drilled using triple-tube equipment.
THE PITCH
Columbia hosts a low- to intermediate-sulfidation epithermal Au-Ag system in Montana, USA.
The 2024 MRE comprises 21.4Mt at 1.3g/t Au for 920koz Inferred.
The project is held through Great Plains Mining LLC, 100% owned by Sentinel Metals.
Mineralisation occurs in steep NE-SW and NW-SE vein sets within Eocene volcanic rocks.
Columbia has been explored since the 1980s through mapping, geochemistry, drilling and geophysics.
THE NEXT OVERS
DDCO26-001 fire assay and multi-element results remain pending, with multi-element results due next week.
The 105.5-119.0m interval will be re-drilled using triple-tube equipment.
The approximately 5,000m diamond drilling program will continue across deeper and down-dip targets.
Read full ASX Announcement here.
Lindian Resources (ASX:LIN)
Lindian moves to full ownership of operating SARECO facility
THE PLAY
Lindian has agreed to acquire the remaining 49% interest in SARECO.
The transaction will increase Lindian’s SARECO ownership from 51% to 100%.
SARECO is a fully constructed and operational MREC processing facility in Kazakhstan.
The transaction includes up to US$20m cash consideration for the SARECO assets.
ANSTO validated approximately 96% overall NdPr recovery from concentrate to final MREC.
THE PITCH
SARECO retains established cracking, leaching and precipitation circuits plus supporting infrastructure.
The facility is located within the established Stepnogorsk industrial precinct with access to power, gas and rail.
The acquisition includes 2 warehouses totalling approximately 15,500m² plus additional land and associated assets.
ANSTO achieved 98% NdPr extraction and 96% TREY extraction in the final bulk validation test.
Lindian completed legal, tax, technical and environmental due diligence over SARECO.
THE NEXT OVERS
SARECO first processing is targeted for Q4 2026, aligned with Kangankunde first production.
Lindian is evaluating alternative Kazakhstan feedstock for initial processing flexibility.
Transaction completion remains subject to stated conditions precedent.
Read full ASX Announcement here.
Stavely Minerals (ASX:SVY)
Thursday’s Gossan study outlines A$818M pre-tax NPV7
THE PLAY
Scoping Study estimates A$818M pre-tax NPV7 and 40% pre-tax IRR.
Study forecasts A$1.4B net cashflow from operations across 13 years of production.
Production schedule targets 210,000t CuEq in concentrate over 52 quarters.
First 3 years forecast 24,300t CuEq annually at US$2.75/lb AISC.
Total project capital costs are estimated at A$472M, including A$139M pre-production operations.
THE PITCH
Thursday’s Gossan and Cayley Lode form part of the 100%-owned Stavely Project in western Victoria.
Thursday’s Gossan has an MRE of 59Mt at 0.58% CuEq.
The production schedule comprises 51.4Mt of process plant feed from a single 3-stage open pit.
The conventional processing plant has 4Mtpa throughput capacity with sulphide flotation and concentrate drying.
Pre-production funding of approximately A$472M may be required before FID.
THE NEXT OVERS
Gap analysis will determine studies required for the Pre-Feasibility Study.
Further exploration and evaluation work is required before estimating Ore Reserves.
Mining approvals and a work plan can follow EES approval, subject to the required approvals.
Read full ASX Announcement here.
Flynn Gold (ASX:FG1)
Brilliant gold footprint confirmed ahead of resource drilling
THE PLAY
Brilliant trenching confirms a near-surface gold footprint extending more than 110m along strike.
BTR02 returned 33m at 0.56g/t Au, including 11m at 1.04g/t Au.
BTR01A returned 20m at 0.60g/t Au, including 9m at 0.84g/t Au.
BTR04 returned 32m at 0.37g/t Au, including 10m at 0.77g/t Au.
BTR01B returned 28m at 0.34g/t Au, including 10m at 0.53g/t Au.
THE PITCH
Brilliant forms part of the 9km Golden Ridge intrusive-related gold system in northeast Tasmania.
Golden Ridge covers 167km² under EL17/2018, controlled through Flynn Gold’s 100%-owned subsidiary Kingfisher Exploration.
Brilliant mineralisation occurs within hornfelsed Mathinna Group metasediments along the Golden Ridge Granodiorite contact.
The Brilliant Exploration Target comprises 1.4Mt to 2.2Mt at 1.6g/t to 1.9g/t Au.
The Brilliant Exploration Target is conceptual, with insufficient exploration to estimate a Mineral Resource.
THE NEXT OVERS
A 21-hole, 2,500m Brilliant drilling program is scheduled to commence next week.
Additional trenching is planned at Brilliant as part of ongoing exploration.
Permitting and planning will continue for drilling at Trafalgar and between prospects.
Read full ASX Announcement here.
GoldArc Resources (ASX:GA8)
Regulatory approval clears path to Mt Stirling development
THE PLAY
GoldArc Resources receives MDCP approval covering Mt Stirling and Mt Stirling Well deposits.
Approval represents the final regulatory milestone required before development activities can commence with BML Ventures.
Final grade control assays are expected within 2 weeks to complete detailed mine planning.
Mt Stirling and Mt Stirling Well sit approximately 10km from the King of the Hills mill.
GoldArc Resources and BML Ventures will finalise development scope, sequencing and timing.
THE PITCH
Leonora North is a 100%-owned gold project in Western Australia comprising Mt Stirling and Mt Stirling Well.
The project has a combined JORC Mineral Resource of 152,000 oz at 1.7 g/t Au.
Leonora North is funded by BML Ventures under a 50/50 net profit-share Project Sale and Mining Agreement.
BML Ventures has funded the 34,000m grade control RC program under the agreement to date.
GoldArc shareholders have no corresponding funding obligation for the project’s development under the partnership structure.
THE NEXT OVERS
Receive final assays from 21,000m of drilling, enabling detailed mine scheduling.
Complete sterilisation drilling to determine locations for infrastructure including waste dumps and laydown areas.
Finalise the detailed mine schedule as part of the planned development activities.
Read full ASX Announcement here.
Iltani Resources (ASX:ILT)
3-hole Union Jack program intersects sulphide mineralisation
THE PLAY
All 3 Union Jack holes intersected lead-zinc-copper sulphides plus pyrite.
UJRC0002 intersected 9m with up to 35% sulphide mineralisation at VTEM plate VT16_A.
UJRC0003 intersected 13m with up to 25% sulphide mineralisation from 6m.
UJRC0001 intersected 3m of sulphide mineralisation from 113m to 116m.
Sulphide mineralisation was intersected across a 1,230m distance between drill holes.
THE PITCH
Union Jack is 11km northwest of the Orient Silver-Indium Project.
Union Jack forms part of the Herberton Project in Northern Queensland.
The area had no previous drilling before Iltani’s current program.
The 2025 Herberton VTEM Survey generated multiple Union Jack anomalies.
Iltani received $230,375 in CEI funding for the VTEM Survey.
THE NEXT OVERS
Assay results are expected within 1-2 months.
Downhole EM surveys are planned later this year.
Further mapping and sampling will assess surface indications of mineralisation.
Read full ASX Announcement here.
Impact Minerals (ASX:IPT)
Lake Hope HPA records ultra-low uranium and thorium
THE PLAY
1 of 4 samples recorded uranium and thorium below 1ppb.
3 of 4 HPA samples achieved 4N purity, with the best reaching 4N5.
Higher-purity samples followed refinements to the Lake Hope LTL process.
Low uranium and thorium were achieved without dedicated radionuclide-removal process steps.
Pilot-scale development and process optimisation are continuing through the CRC-P program.
THE PITCH
Lake Hope HPA is produced from lake sediment feedstock using Impact’s patented Low Temperature Leach process.
Lake Hope sediments average 1ppm uranium and 4ppm thorium across 19 representative samples.
HPA is used in semiconductor packaging and thermal-management materials.
Impact holds an 80% interest in the Lake Hope project through Playa One.
The Lake Hope LTL process underpinned the 2025 Pre-Feasibility Study.
THE NEXT OVERS
Conduct confirmatory uranium and thorium analysis on additional HPA batches and process intermediates.
Complete mass-balance test work to establish uranium and thorium distribution through the flowsheet.
Assess existing membrane and purification stages for further uranium, thorium, phosphorus and silicon reduction.
Read full ASX Announcement here.
Alice Queen (ASX:AQX)
Drill rig mobilised for Horn Island exploration program
THE PLAY
Drill rig has mobilised to Horn Island ahead of a multi-phase drilling program.
Prepared drill pads will support both RC and diamond core drilling operations.
Program will test recently announced Exploration Target areas across the Horn Island project.
Drilling will target continuity along the interpreted northwest structural trend extending from the current resource.
Drilling will also evaluate down-dip, shallow northeast and high-grade continuity zones at Horn Island.
THE PITCH
Horn Island has a JORC 2012 MRE of 21.1Mt at 0.84g/t Au for 569koz.
Existing MRE comprises 15.4Mt Indicated at 0.82g/t Au and 5.7Mt Inferred at 0.89g/t Au.
The hard rock Exploration Target ranges from 34.6Mt to 52.0Mt at 0.88g/t to 1.32g/t Au.
The stockpiles, tailings and alluvial Exploration Target ranges from 25.1Mt to 37.6Mt at 0.31g/t to 0.46g/t Au.
These Exploration Target domains sit outside the Company’s existing Mineral Resource.
THE NEXT OVERS
Drilling is scheduled to commence imminently following rig mobilisation and pad preparation.
The multi-phase campaign will use the dual-purpose rig for RC and diamond drilling.
Development work continues in parallel with drilling towards a Pre-Feasibility Study.
Read full ASX Announcement here.
Minerals Exploration (ASX:MEX)
Glenorchy rock chips return high-grade gold and tungsten
THE PLAY
State Mine samples returned up to 37.4g/t Au and 1.82% W from selective sampling.
Davidsons Mine samples returned up to 2.63% W, with gold assays up to 0.45g/t Au.
9 of 15 State Mine samples returned at least 1g/t Au, while 6 returned at least 0.1% W.
3 of 16 Davidsons Mine samples returned at least 1% W, while 9 returned at least 0.1% W.
The results confirm tungsten-rich material within the historically exploited Glenorchy scheelite field.
THE PITCH
Glenorchy lies within the broader Invincible Prospecting Permit covering approximately 164.3km².
Mineralisation occurs within Otago Schist around the north-south-trending Earnslaw Synform.
The Glenorchy field contains historically mined scheelite-gold fault-hosted mineralisation.
Davidsons Mine contains quartz-scheelite veins with high-grade tungsten and low gold grades.
Historical mining in the Glenorchy field dates from the mid-1880s.
THE NEXT OVERS
Systematic geological and structural mapping will support drill-target definition.
Channel sampling of accessible in-situ veins is planned as follow-up work.
Initial Davidsons drilling is planned for Q4 2026, subject to approvals.
Read full ASX Announcement here.
PhosCo (ASX:PHO)
U.S. funding program targets Gasaat investment
THE PLAY
U.S. Department of State publishes NOFO targeting U.S. investment into Gasaat.
Up to US$1,536,511 is available to a successful third-party applicant.
Proposed activities include investor matchmaking, DFC coordination, financing and off-take support.
PhosCo will not receive NOFO funding directly.
The NOFO targets PhosCo for private equity, commercial partnerships and engineering expertise.
THE PITCH
PhosCo holds development rights to Tunisia's Northern Phosphate Basin.
The NOFO describes the basin as containing a 50-year, 146-million-tonne phosphate rock deposit.
More than US$285M in development bank financing is committed to regional rail and processing infrastructure.
The program includes potential blended finance, debt financing and risk mitigation coordination.
Proposed support includes long-term off-take agreements and downstream by-product assessment.
THE NEXT OVERS
Applications close 2 September 2026.
The anticipated project start date is 1 October 2026.
The anticipated performance period is 18–24 months.