The Day's Play Edition 145: Scandium resource expands, gold grows and PGM-Cu-Ni extends | MRD, LAT, TM1
THE COIN TOSS
MRD - Mount Ridley Mines lifted the Grass Patch Scandium Resource to 946Mt at 50.1ppm Sc, containing 47,357t of scandium metal.
LAT - Latitude 66 lifted Laverton to 339,000oz, including a 309,000oz maiden Tin Dog resource and 122% growth in contained gold at Red Dog.
TM1 - Terra Metals extended high-grade PGM-Cu-Ni reef mineralisation 360m along strike, with broad mineralised packages across 1,100m of tested Southwest corridor.
ADD - Adavale Resources completed its 85-hole London-Victoria resource drillout, with all assays received and an updated MRE targeted for Q3 CY2026.
OR3 - Ore Resources’ Kangaroo Hills Scoping Study outlined 1.19Mt DSO production over 16 months, with A$24.9M capital and A$220.8M pre-tax NPV8%.
MRR - Minrex Resources returned shallow high-grade Barje results including 10.6m at 4.04g/t AuEq and expanded its 2026 program to approximately 9,000m.
NIM - Nimy Resources demonstrated 84% gallium and 80–95% REE extraction, with flowsheet development producing a mixed gallium-REE intermediate product.
PHO - PhosCo delivered Gasaat phosphate concentrates up to 34% P2O5 at recoveries of 73.5–77.8% using simplified single-stage flotation.
MHC - Manhattan Gold confirmed broader and higher-grade Jaws mineralisation, including 25.90m at 1.59g/t Au and 6.10m at 3.62g/t Au.
RAD - Radiopharm Theranostics dosed the first patient in the 70mCi RV-01 Phase 1/2a cohort following a positive Safety and Monitoring Committee recommendation.
CVR - Cavalier Resources selected SSH Group as preferred mining services contractor for Crawford Stage 1, with the proposed arrangement covering approximately 12 months of mining operations.
GG1 - Green & Gold Minerals confirmed copper-silver-tin potential across the 4km Elizabeth Bluffs trend, while planning a separate 3,000m Mt Wandoo drilling campaign.
Mount Ridley Mines (ASX:MRD)
Grass Patch Scandium Resource Upgraded to 946Mt
THE PLAY
Grass Patch scandium resource upgraded to 946Mt at 50.1 ppm Sc.
The resource contains 47,357t of scandium metal and 72,637t of Sc₂O₃.
The resource spans 2 blocks along the Grass Patch geological corridor.
Initial Selectro testwork achieved 80% scandium recovery from tested material.
Phase 2 re-assaying is underway across the Grass Patch Complex.
THE PITCH
Grass Patch is located 25km northeast of Esperance, Western Australia.
The scandium resource is reported at a 25 ppm Sc cut-off.
Scandium mineralisation extends more than 25km along strike and averages over 3.5km wide.
Mineralisation is predominantly hosted within the clay and saprolite zones.
The broader project also hosts gallium and heavy rare earth resources.
THE NEXT OVERS
Continue Phase 2 re-assaying across the Grass Patch Complex.
Complete density testwork supporting potential higher-confidence resource categories.
Progress Selectro testwork and scoping study discussions for a planned demonstration plant.
Read full ASX Announcement here.
Latitude 66 (ASX:LAT)
Laverton Gold MRE Reaches 339,000oz
THE PLAY
Combined Laverton MRE now totals 10.7Mt @ 1.0g/t Au for 339,000oz gold.
Tin Dog maiden MRE totals 10.0Mt @ 1.0g/t Au for 309,000oz gold.
Red Dog updated MRE reaches 30,000oz, a 122% increase in contained gold.
New geological interpretation identifies NW–SE structural control on Tin Dog gold mineralisation.
Latitude 66 completed 6,451m of RC drilling since executing the Option Agreement.
THE PITCH
Laverton Gold Project is located in Western Australia’s northern Goldfields, within an established gold district.
Tin Dog and Red Dog are hosted within the Mount Hornet Shear Zone.
Gold mineralisation is associated with NW–SE shear corridors, quartz veining and sulphide mineralisation.
Tin Dog and Red Dog are located on granted Mining Leases.
Five operating gold processing facilities are located within 100km of Tin Dog and Red Dog.
THE NEXT OVERS
Diamond drilling is planned at Tin Dog to confirm interpreted high-grade shoot orientations.
Additional RC drilling will be considered to upgrade and extend The Don and Wilpro.
Exploration and development activities continue during the second half of 2026, focused on resource growth.
Read full ASX Announcement here.
Terra Metals (ASX:TM1)
Southwest Confirms Broad PGM-Cu-Ni System Across 1,100m
THE PLAY
Drilling defines broad 3E mineralisation with multiple high-grade reefs across 1,100m strike.
SWRD057 extends high-grade reef mineralisation approximately 360m along strike from SWRD052.
SWRD057 returned 177m at 0.88g/t 3E, including 15m at 2.37g/t 3E.
SWDD018 supports northward continuation of PGM-Cu-Ni mineralisation within the mafic-ultramafic host sequence.
More than 56,000m has been drilled, with approximately 32,000m of assays pending.
THE PITCH
The Dante Project is located in the West Musgrave region of Western Australia.
Dante is hosted within the Jameson Layered Intrusion, part of the Giles Complex.
Southwest sits outside the existing 148Mt Dante Reefs Mineral Resource.
Southwest mineralisation spans multiple mafic to ultramafic units rather than one reef.
Terra Metals holds 100% owned tenure across the approximately 80km Giles Complex.
THE NEXT OVERS
Continue diamond drilling targeting extensions to the Southwest mineralised ultramafic package.
Receive and interpret deep diamond tail assays from holes up to 918m.
Continue progressive heritage surveys supporting future exploration and resource definition drilling.
Read full ASX Announcement here.
Adavale Resources (ASX:ADD)
Final Assays Extend Beyond Existing Resource
THE PLAY
Final assays return 10m @ 3.69g/t Au and 7m @ 5.97g/t Au.
All 5 final drillholes return reportable gold mineralisation, with principal intersections outside the existing MRE limits.
Final assays complete the 85-hole London-Victoria resource drillout dataset.
None of the 85 drillholes is included in the existing 115koz Mineral Resource.
Results provide additional information on continuity, geometry and grade distribution.
THE PITCH
London-Victoria Gold Project is 5km south-west of Parkes, New South Wales.
Existing Inferred MRE totals 3.8Mt @ 0.95g/t Au for 115koz.
Gold mineralisation is structurally controlled along the north-south London-Victoria Fault.
Adavale Resources owns 72.5% of 4 tenements under a joint venture.
Agricultural Equity Investments Pty retains 27.5% and a 2.5% net smelter royalty.
THE NEXT OVERS
MRE update is targeted for Q3 CY2026 following final data validation.
Adavale Resources intends to advance a London-Victoria Scoping Study following the MRE.
Comprehensive metallurgical testing on core samples is planned to assess recoveries.
Read full ASX Announcement here.
Ore Resources (ASX:OR3)
Kangaroo Hills Study Forecasts A$220.8M 8% Pre-Tax NPV
THE PLAY
Kangaroo Hills mine plan uses only Indicated Mineral Resources and excludes oxide material from production.
Study forecasts A$220.8M 8% pre-tax NPV from A$24.9M capital cost over 16 months.
Initial Kangaroo Hills Mineral Resource totals 3.10Mt at 1.01% Li2O for 31,200t contained Li2O.
Study forecasts A$237.5M net cash flow post capital and pre-tax over the study mine life.
First DSO production is forecast within 2 months, with pre-tax payback of <4 months.
THE PITCH
Kangaroo Hills comprises more than 13.2km² of highly prospective granted lithium tenure in Western Australia.
The Project is approximately 17km south of Coolgardie within the Coolgardie Greenstone Belt.
Lithium mineralisation is hosted within spodumene-bearing LCT pegmatites across the Kangaroo Hills project area.
Big Red and Rocky comprise shallow, north-dipping pegmatite dykes and vein arrays within the project area.
Mineral Resources’ Mt Marion lithium operation is approximately 30km east, or 50km by sealed road.
THE NEXT OVERS
Funding discussions are advancing with potential strategic and commercial offtake partners.
Mining Licence applications and required environmental approvals are progressing for the Project.
Final Investment Decision is targeted for mid-2027, subject to approvals and project funding.
Read full ASX Announcement here.
Minrex Resources (ASX:MRR)
Shallow Drilling Confirms High-Grade Barje Mineralisation
THE PLAY
Drilling confirms shallow high-grade mineralisation within Barje’s eastern resource zone, consistent with the geological model.
BAR040 returned 10.6m at 4.04g/t AuEq from 37.1m, including 2.5m at 10.05g/t.
BAR041 returned 12.8m at 2.43g/t AuEq from 32.4m, including 2.2m at 3.21g/t.
BAR034 returned 4.7m at 6.86g/t and 3.55m at 9.01g/t AuEq from shallow depths.
All 9 holes within the resource envelope intersected gold-silver mineralisation as predicted by the geological model.
THE PITCH
Barje’s foreign mineral resource estimate totals 670Koz AuEq at 2.9g/t.
The foreign estimate includes a high-grade breccia zone containing 470Koz at 4.7g/t AuEq.
Barje gold-silver mineralisation is hosted within tectonic breccia at the intersection of 2 shallow-dipping structures.
The Barje-Liska corridor extends south-west beneath Eocene conglomerate cover towards the Liska prospect.
Karamanica field work includes geological mapping, surface geochemistry and historical results review.
THE NEXT OVERS
Assays for 14 holes are pending, with results expected in September.
8 infill and 31 exploration holes remain outstanding within the expanded ~9,000m program.
The expanded 5,500m greenfield program will commence after current Barje drilling is completed.
Read full ASX Announcement here.
Nimy Resources (ASX:NIM)
Metallurgical Tests Establish Viable Gallium-REE Processing Route
THE PLAY
Tests achieved 84% gallium and 80–95% REE extraction from less-weathered chlorite material.
Testwork recovered gallium and REEs into a mixed intermediate product using conventional recovery techniques.
Baseline flowsheet demonstrates a technically viable integrated process route for Block 3.
Results establish preliminary metallurgical recoveries and reagent requirements for process design and economics.
These results feed into the Block 3 Scoping Study currently underway.
THE PITCH
Mons Project is located approximately 370km northeast of Perth in Western Australia.
Block 3 hosts a JORC Inferred Resource containing 2,700t of contained gallium trioxide.
At 20g/t Ga2O3 cut-off, Block 3 totals 64.3Mt at 42g/t Ga2O3.
The same cut-off contains 32,600t of total rare earth oxides.
Nimy’s baseline flowsheet is proprietary IP developed specifically for Block 3 mineralisation.
THE NEXT OVERS
Continue metallurgical characterisation, beneficiation and process optimisation studies.
Continue MRIWA-Nimy-Curtin-Trailblazer work across extraction and gallium compound production.
Progress the Block 3 Scoping Study using ongoing metallurgical testwork.
Read full ASX Announcement here.
PhosCo (ASX:PHO)
Simplified Flotation Delivers Highest-Ever Concentrate Grades
THE PLAY
Tests produced concentrate grades up to 34% P2O5 through simplified single-stage flotation.
Four results between 33.0% and 34.0% P2O5 are Gasaat’s highest recorded.
New MgO collector achieved 0.96% MgO at 1.3 kg/t dosage.
Flotation recoveries ranged from 73.5% to 77.8% P2O5.
Further testing targets below 1% MgO and above 32% P2O5 from lower-grade feed.
THE PITCH
Gasaat is PhosCo’s wholly owned phosphate project in Northern Tunisia.
The project covers approximately 56km² across 8 phosphate prospects.
KM is the northernmost prospect under the current exploration permit.
The simplified process uses crushing, grinding and single-stage flotation.
No mining exploitation rights have been granted under the current licence.
THE NEXT OVERS
Further MgO optimisation testwork will proceed.
Feasibility study testwork is being planned.
Updated scoping study is expected in October 2026.
Read full ASX Announcement here.
Manhattan Gold Corporation (ASX:MHC)
Jaws Confirms Broad Gold System With High-Grade Cores
THE PLAY
Follow-up drilling confirms broad gold zones with higher-grade internal cores across Jaws.
JWS26005 extends confirmed drilling 154m southwest with 25.90m at 1.59g/t Au.
JWS26006 returned 22.86m at 2.37g/t Au, including 1.52m at 26.8g/t Au.
JWS26003b confirmed stacked quartz veins through the main shear zone over 92m along strike.
Assays remain pending for 12 RC holes, including 3 at Spectre and 1 at Lotus.
THE PITCH
Hook Lake comprises 12 prospects covering 665km² within the Rankin-Ennadai greenstone belt.
Jaws is the most advanced target within the Hook Lake Project.
Jaws hosts structurally controlled gold mineralisation within shear zones.
Historical drilling defined a non-JORC foreign estimate of 3.4Mt at 2.38g/t Au.
Hook Lake also hosts Spectre, a polymetallic VMS target, and Lotus, a precious metals target.
THE NEXT OVERS
Further assays include deeper tests and holes targeting stacked veins and strike extensions.
Process pending assays from 12 RC drillholes, including Spectre and Lotus.
Continue the regional till sampling program across Vesper, Omega and Moonraker.
Read full ASX Announcement here.
Radiopharm Theranostics (ASX:RAD)
RV-01 Advances Into Second 70 mCi Dose Cohort
THE PLAY
First patient dosed in second RV-01 Phase 1/2a cohort at 70 mCi.
Safety and Monitoring Committee recommended advancing RV-01 to the 70 mCi dose.
RV-01 is being evaluated in patients with B7-H3 expressing tumours.
The trial assesses safety, biodistribution, radiation dosimetry and preliminary anti-tumour activity.
The study will determine the recommended RV-01 dose for future studies.
THE PITCH
Radiopharm Theranostics is a clinical-stage radiotherapeutics company developing radiopharmaceutical products.
RV-01 is a 177Lutetium-conjugated therapeutic targeting B7-H3.
RV-01 was developed through a joint venture with MD Anderson Cancer Center.
The Phase 1/2a trial is being conducted at clinical centres across the United States.
The study aims to enrol 61 eligible participants across multiple solid tumour cancers.
THE NEXT OVERS
Continue enrolling patients in the current 70 mCi cohort.
Initial clinical data are expected later this year.
The study will determine the recommended RV-01 dose for future studies.
Read full ASX Announcement here.
Cavalier Resources (ASX:CVR)
Crawford Selects Preferred Mining Contractor for Stage 1
THE PLAY
SSH selected as preferred mining contractor for Stage 1 of Crawford Gold Project.
Proposed mining services cover the Stage 1 oxide pit for approximately 12 months.
Cavalier and SSH will progress commercial terms towards binding agreements for Stage 1.
Stage 1 mining remains subject to funding and execution of definitive agreements.
Site preparation, access and regulatory workstreams continue ahead of Stage 1 mining.
THE PITCH
Crawford Gold Project is located approximately 20km east of Leonora, Western Australia.
Stage 1 covers the oxide pit outlined in Cavalier’s revised Pre-Feasibility Study.
Ore is planned for processing through the Project’s planned on-site heap leach circuit.
SSH provides contract mining, civil, plant hire and workforce services to the Australian resources industry.
Stage 1 financing arrangements with Javelin Global Commodities remain subject to finalisation
THE NEXT OVERS
Progress commercial terms towards a binding Heads of Agreement and Mining Services Agreement.
Finalise remaining site preparation, access and regulatory activities for Stage 1 mining.
Finalise remaining documentation for Stage 1 financing arrangements with Javelin Global Commodities.
Read full ASX Announcement here.
Green & Gold Minerals (ASX:GG1)
Elizabeth Bluffs Defines Broad Copper-Silver-Tin Potential
THE PLAY
Historic sampling recorded 8.5m at 1.08% Cu and 0.44% Sn at Elizabeth Mine.
Historic production records include copper-silver ore parcels grading 15% Cu and 684g/t Ag.
GG1 rock chip XRF recorded up to 3.7% Cu, 5.2% Sn and 684g/t Ag.
Elizabeth Bluffs comprises a 4km-long structure with historic tin, copper, silver and gold workings.
Historical drilling has only partially tested the prospective Elizabeth Bluffs mineralised horizon.
THE PITCH
Elizabeth Bluffs forms part of the Herberton Conductor Metals Project in Queensland.
The structure comprises outcropping chert up to 100m wide with mineralised veins, gossans and breccias.
At Elizabeth Mine, copper-silver mineralisation surrounds a central approximately 1.5m-wide tin-rich vein.
Mineralisation occurs within steeply northwest-dipping to subvertical veins striking northeast near the chert contact.
GG1's XRF results are spot readings and do not represent average in-situ grades.
THE NEXT OVERS
Complete further mapping and targeting work to define priority Elizabeth Bluffs drill positions.
Commence approximately 3,000m Mt Wandoo drilling in September 2026.
Conduct further Herberton drilling at Copper Hills and Siberia-Mt Gossan during December quarter.