The Day's Play Edition 137: Copper confirmed, gold extended, uranium portfolio sale executed | AM5, CMO, ADD
THE COIN TOSS
AM5 - Antares Metals confirmed copper mineralisation across all 6 maiden holes at Conglomerate Creek, including 4m at 0.81% Cu from 84m.
CMO - Cosmo Metals confirmed a 31.1m gold mineralised zone extending approximately 100m down dip at Adder.
ADD - Adavale Resources executes the $650,000 cash and 5,000,000 ORP share sale agreement for its Marree Embayment Uranium Portfolio.
MM8 - Medallion Metals identified a new hangingwall lode and extended Lounge Lizard mineralisation down plunge, including 5m at 5.80 g/t Au.
IVG - InVert Graphite made the RapidGraphite acquisition unconditional and completed a $2.5M placement to advance RapidPulse trials.
SNX - Sierra Nevada Gold commenced a strategic commercialisation process for its Nevada portfolio, with several parties discussing potential transactions and partnerships.
KNI - Kuniko demonstrated ~100m continuity of the Silica Hill mineralised system beyond the existing block model across 2 Phase 2 holes.
NME - Nex Metals Explorations agreed to acquire the 133.41km² East Scotia Gold Project across 3 exploration licences for $100,000 plus a 2% NSR.
JLL - Jindalee Lithium secured all major approvals for McDermitt Phase 1 drilling, with drilling contracted to commence in September 2026.
PL3 - Patagonia Lithium identified 15 new REE targets in Goiás, taking the total target set to 25 across the project.
Antares Metals (ASX:AM5)
Copper Mineralisation Extends At Depth Across All Holes
THE PLAY
All 6 holes returned copper mineralisation, including 4m at 0.81% Cu from 84m.
Drilling intersected the same quartz vein system mapped and sampled at surface.
ACD001 returned copper at 169m and 176m, with the hole reaching 288m.
Reported copper intercepts ranged from 504ppm to 8,140ppm.
Target 2 tested 1 of 7 geophysical anomalies within the intrusive complex.
THE PITCH
Mt Isa North comprises 1,937 km2 of exploration tenure in northwest Queensland.
Conglomerate Creek sits within EPM 26987, approximately 39km northeast of Mount Isa.
The 7 geophysical anomalies are interpreted to relate to 1 intrusive system.
The intrusion forms a 2km x 2.5km semi-circular feature at surface.
Mt Isa North is 100%-owned by Antares Metals.
THE NEXT OVERS
Plan geophysics at Conglomerate Creek Target 5 before follow-up RC drilling.
Advance drill targeting, heritage surveys, mapping and expanded soil sampling at Quinns.
Complete a comprehensive review of Quinns geophysical datasets and structural interpretation.
Read full ASX Announcement here.
Cosmo Metals (ASX:CMO)
Broad Gold Mineralisation Confirmed At Adder
THE PLAY
A broad 31.1m mineralised zone returned 0.33g/t Au from 189.9m in ADRD003.
Two discrete zones measured 15.1m and 12m, both grading 0.35g/t Au.
These intersections confirm mineralisation continuity approximately 100m down dip of 24KGRC001.
ADRD003 tested the southern end of a sparsely tested 2km Kanowna Shear section.
Negligible drilling exists below 100m vertical across ~1.5km between ADRD003 and ADRD002.
THE PITCH
The Kanowna Gold Project contains +8km strike of the Kanowna Shear Zone.
KGP is located 13km northeast of Kalgoorlie and adjacent to Kanowna Belle.
The southeastern ~5.5km of the Kanowna Shear remains sparsely tested below 100m vertical.
The northwestern ~2.5km section of the Kanowna Shear is effectively untested.
Adder forms part of the Panglo Basin, which contains black shales and felsic porphyries.
THE NEXT OVERS
Review recent Kanowna drilling to determine follow-up drill targets and proposed work programs.
Commence detailed soil geochemistry and geological mapping at Bingara in the coming weeks.
Progress approvals and stakeholder engagement for first-ever drilling at Mona.
Read full ASX Announcement here.
Adavale Resources (ASX:ADD)
Marree Uranium Portfolio Sale Agreement Executed
THE PLAY
Adavale executes the sale agreement for its Marree Embayment Uranium Portfolio with Orpheus.
Consideration comprises $650,000 cash and 5,000,000 ORP shares.
The sale covers 7 granted exploration licences, subject to completion conditions.
Adavale will retain a 1.25% shareholding in Orpheus following completion.
Cash proceeds will support exploration at the Parkes Project.
THE PITCH
The Marree Embayment Uranium Portfolio comprises 7 granted exploration licences.
The Parkes Project comprises the Calarie Mining Licence, London Victoria Mine and 10 exploration licences.
Parkes covers ~610km2 across 70km of contiguous strike in NSW's Lachlan Fold Belt.
The Parkes Project resource is 166koz Au across the Calarie and London-Victoria deposits.
Adavale holds the Kabanga Jirani Nickel Project across 11 granted licences in Tanzania.
THE NEXT OVERS
Adavale will work with Orpheus and authorities to satisfy transaction completion conditions.
Completion requires assignment of 2 Native Title Mining Agreements and regulatory approval for transfers.
An updated London-Victoria Mineral Resource is expected this quarter.
Read full ASX Announcement here.
Medallion Metals (ASX:MM8)
New McMahon's Lode And Lounge Lizard Extensions
THE PLAY
New hangingwall lode identified at McMahon’s, with mineralisation extended down plunge.
MMRC028 returned 5m at 5.80 g/t Au from 106m, including 3m at 8.83 g/t Au.
MMRC027 returned 3m at 3.61 g/t Au from 112m, including 2m at 5.01 g/t Au.
MMRC031 returned 6m at 2.26 g/t Au from 111m, extending known mineralisation down plunge.
Historical re-assays averaged approximately 20% higher across the intervals tested.
THE PITCH
Lounge Lizard is within the Forrestania Gold Project in Western Australia.
McMahon’s high-grade gold mineralisation occurs along a contact between mafic and ultramafic units.
Two north-south trending mineralised shear zones occur at Lounge Lizard.
The Forrestania Gold Project comprises 90 tenements covering 916km2.
McMahon’s is within M77/545, subject to a 1.5% net smelter return royalty on gold production.
THE NEXT OVERS
~6,700m of Diamond and RC drilling is scheduled to commence in August 2026.
RC drilling at Lounge Lizard and Teddy Bear includes follow-up drilling at McMahon’s.
An initial Lounge Lizard Mineral Resource Estimate is targeted for Q3 CY26.
Read full ASX Announcement here.
InVert Graphite (ASX:IVG)
RapidGraphite Acquisition Unconditional With $2.5M Raised
THE PLAY
RapidGraphite acquisition agreements are now unconditional, with all conditions precedent completed or waived.
InVert completed a $2.5M placement, including $700,000 subscribed by existing company directors.
RapidGraphite holds an exclusive 15-year licence from Curtin University over RapidPulse technology.
Laboratory testing achieved graphitisation temperatures approaching 3,000°C within seconds, versus up to 30 days conventionally.
Morogoro material processed through RapidPulse reached 99% graphite purity and 98.8% graphitisation.
THE PITCH
RapidGraphite is a Western Australian technology company holding an exclusive 15-year licence from Curtin University.
RapidPulse is currently at Technology Readiness Level 4, having been validated at laboratory scale.
A pre-pilot Centorr Furnace can process samples up to 1kg and was commissioned at Curtin University.
Morogoro is 100%-owned by InVert and comprises approximately 386km2 of exploration ground in Tanzania.
Kumba has a maiden inferred resource of 32.2Mt at 8.0% TGC, containing 3.56Mt graphite.
THE NEXT OVERS
Administrative completion of the acquisition is expected on 20 August 2026.
Pre-pilot production trials and independent battery-cell validation testing are planned during the scale-up program.
Placement proceeds are proposed to partly fund RapidGraphite's further technology development.
Read full ASX Announcement here.
Sierra Nevada Gold (ASX:SNX)
Nevada Portfolio Enters Strategic Commercialisation Process
THE PLAY
SNX has commenced a strategic review and commercialisation process for its Nevada portfolio.
Preliminary discussions are underway with several parties regarding potential transactions and partnerships.
Potential structures include asset sales, joint ventures, strategic partnerships and other corporate structures.
SNX is directing greater capital, technical resources and management focus toward Saudi Arabia.
The Nevada portfolio includes established discoveries, drill-ready targets and near-term production potential.
THE PITCH
SNX controls gold, silver and copper exploration projects across Nevada, USA.
The portfolio includes Warrior, New Pass, Blackhawk and Colorback projects.
SNX has completed substantial exploration work across its Nevada assets.
The portfolio includes extensive untested mineralised trends and drill-ready targets.
As Safra is a 100%-owned copper-gold project in Saudi Arabia.
THE NEXT OVERS
Progress discussions with several parties regarding potential transactions and partnerships.
Consider asset sales, joint ventures, strategic partnerships and other corporate structures.
Direct greater capital, technical resources and management focus toward Saudi Arabia.
Read full ASX Announcement here.
Kuniko (ASX:KNI)
Silica Hill Drilling Demonstrates 100m Mineralised System Continuity
THE PLAY
Two Phase 2 holes demonstrate ~100m continuity outside the existing mineralised block model.
CMKNI007 drilled ~60m down-dip and CMKNI008 ~40m up-dip of CMKNI004.
Both holes intersected alteration, disseminated sulphides and sulphide-bearing stringer and stockwork veining.
Both holes crossed the interpreted fault associated with downward displacement of mineralisation.
CMKNI007 includes sulphide-bearing stringer and stockwork zones from ~260m to ~315m.
THE PITCH
Commonwealth Project lies ~100km north of Orange in NSW's Lachlan Fold Belt.
Silica Hill is an epithermal stockwork vein system hosting high-grade silver mineralisation.
Commonwealth and Silica Hill are genetically related deposits within 200m of each other.
Kuniko may earn up to 70% under a binding earn-in and joint venture agreement.
Commonwealth Project covers ~315km2 across 5 granted exploration licences in central NSW, Australia.
THE NEXT OVERS
Phase 2 drilling continues at Silica Hill, including infill coverage across upper mineralised system.
Assays for CMKNI007 and CMKNI008 are pending, with results expected in September.
Drilling will test down-dip extensions at Main Shaft and Commonwealth South.
Read full ASX Announcement here.
Nex Metals Explorations (ASX:NME)
East Scotia Gold Project Joins WTAC Joint Venture
THE PLAY
NME-WTAC JV agrees to acquire East Scotia, covering 133.41km2 across 3 licences.
East Scotia overlies the Scotia–Kanowna Granodiorite hosting Golden Cities and Kanowna Belle.
The Project shares the lithological and structural sequence hosting the Kanowna Belle Mining Complex.
No modern exploration has occurred across the Project since the early 2000s.
Acquisition consideration is $100,000 plus a 2% NSR, funded by WTAC.
THE PITCH
East Scotia comprises 3 granted exploration tenements in Western Australia's Eastern Goldfields.
The Project lies approximately 60km north of Kalgoorlie-Boulder along the Goldfields Highway.
The Project sits within the north-eastern Kalgoorlie Greenstone Terrane.
The Mount Monger Fault traverses the north-eastern portion of the tenement package.
Prospecting licence P24/5496 covers 169.35ha and expires 1 February 2030.
THE NEXT OVERS
Continue refining the geological database and progressing statutory exploration approvals.
Complete due diligence and other investigations required before acquisition completion.
Subject to approvals, initial fieldwork will include geochemistry, reconnaissance and first-pass drilling.
Read full ASX Announcement here.
Jindalee Lithium (ASX:JLL)
McDermitt Phase 1 Drilling Cleared For September Start
THE PLAY
All major approvals required for Phase 1 drilling at McDermitt are now in place.
Forged Drilling Corp. has been contracted to commence drilling in September 2026.
Phase 1 comprises up to 100 drill sites targeting the central part of the deposit.
Infill drilling targets the central deposit within the mine design outlined in the McDermitt PFS.
First Phase 1 drilling results are expected in the December 2026 quarter.
THE PITCH
McDermitt is a lithium project in Oregon, USA, held through Jindalee's wholly owned subsidiary.
The approved EPO provides for a staged program of up to 168 drill sites.
Phase 1 comprises reverse circulation and core drilling, plus environmental and geotechnical work.
The 2023 MRE reports 21.5 Mt LCE at 1,340 ppm Li.
The McDermitt PFS was completed in 2024.
THE NEXT OVERS
Site preparation works are expected to commence ahead of drilling.
Drilling is contracted to begin in September, subject to fire risk easing and a fire waiver.
Phase 1 will provide samples for geotechnical studies, metallurgical testwork and environmental data collection.
Read full ASX Announcement here.
Patagonia Lithium (ASX:PL3)
15 New REE Targets Identified In Goiás
THE PLAY
Logos identified 15 new mineralisation targets and independently confirmed 10 existing sample locations.
25 drill targets have now been identified, including a top 10 ranked by score.
Each target includes a predicted TREO content based on the geophysical dataset.
The target set includes predicted TREO of up to 2,295.7 ppm and niobium of up to 245.8 ppm.
The thorium-TREO relationship reproduced a +0.90 correlation across 2 independent surveys.
THE PITCH
The Goiás concessions are being explored for ionic REE clays, niobium, antimony and lithium.
Concessions 860164 and 860165 are 100%-owned by Patagonia Lithium's Brazilian subsidiary.
The concessions are adjacent to the CMOC niobium mine in Goiás State.
Previous work included SW-IR hyperspectral mapping, geochemical sampling and geophysical surveys.
The REE targets include a metasomatic zone and thorium-uranium anomalies.
THE NEXT OVERS
Priority ground-truthing and soil/rock-chip sampling will target the top 5 new targets.
Patagonia Lithium intends to progress auger sampling to identify REE ionic clays.
A ground magnetics survey will follow sampling to validate structure and geology.