The Day's Play Edition 171: Rare earths deal, reef growth and copper grades | LYC, TM1, PSC
THE COIN TOSS
Lynas Rare Earths (ASX:LYC)
Lynas Moves on A$968M Meteoric Deal
Lynas Rare Earths has entered a binding Scheme Implementation Deed to acquire 100% of Meteoric Resources through an all-share scheme valued at A$968M on a fully diluted and 60-day Lynas VWAP basis. The transaction would add Meteoric’s Caldeira Rare Earth Project, including 802kt of NdPr oxides and 41kt of DyTb oxides within reported Mineral Resources. On a pro forma arithmetic basis, Lynas’ reported M&I TREO Mineral Resources would increase by approximately 79% and reported Ore Reserves by approximately 26%. The Scheme remains subject to shareholder, Court and regulatory approvals.
Read full ASX Announcement here.
Terra Metals (ASX:TM1)
Terra Extends Southwest Reef to 1,350m
Terra Metals has confirmed the largest continuous high-grade reef at its Southwest PGM-Cu-Ni discovery to date, with the interpreted strike extended to 1,350m and remaining open in all directions. Multiple high-grade reefs are stacked through the system from near surface, while first-pass drilling has also intersected sulphide mineralisation at Double Snag, approximately 1,200m along strike from the Southwest MRE target area. Heritage approvals now cover the immediate Southwest footprint, with more than 40,000 assays pending and the maiden MRE targeted for Q1 CY2027.
Read full ASX Announcement here.
Prospect Resources (ASX:PSC)
Prospect Hits 18m at 1.31% Copper
Prospect Resources has reported the first Phase 3 MRE infill result from Nyungu Central, with NCDD040 returning 18.0m at 1.31% Cu from 148m, 7.39m at 1.11% Cu from 100.6m and 30.59m at 0.42% Cu from 52m. Further extensional drilling south-east of Nyungu Central, outside the existing MRE, returned 19.8m at 0.83% Cu and 26m at 0.46% Cu. Thirty-two Phase 3 diamond holes have now been completed for 10,151m, with assays pending from 20 holes.
Read full ASX Announcement here.
Exultant Mining (ASX:10X)
Balerion Shear Thickens 57% at Depth
Exultant Mining has reported final assays from its maiden Balerion drilling programme, with 5 of 6 holes intersecting polymetallic zinc-lead-copper-silver mineralisation. BLRCDD005 returned 11.75m at 9.12g/t Ag, 1.05% Zn and 0.37% Pb, 0.12% Cu and 0.11g/t Au from 240.15m, including 3.00m at 25.24g/t Ag and 3.27% Zn+Pb. Estimated true thickness of the principal mineralised shear increased from approximately 6.4m to 10.1m over 100m down-dip, an approximately 57% increase, although the estimate is preliminary and based on the current structural interpretation. Mineralisation remains open at depth and along strike to the north.
Read full ASX Announcement here.
Azzuro Resources (ASX:AZ9)
Azzuro Finds New Copper Sulphide Zone at Red Hill
Azzuro Resources has intersected 7.0m of semi-massive to massive sulphide mineralisation from 72.3m at Red Hill, with visible bornite and chalcopyrite. The intersection is located 70-80m north of previously drilled massive sulphide copper mineralisation, further expanding the known copper footprint. DHEM modelling has defined 3 conductive plates, including a priority approximately 1,000 Siemens Zone B conductor, while a second deeper-capable drill rig is mobilising for follow-up drilling. Assays from the new sulphide zone are expected in approximately 4-5 weeks.
Read full ASX Announcement here.
Heavy Rare Earths (ASX:HRE)
HRE Targets Higher-Grade Subron Resource
Heavy Rare Earths is progressing database work to re-domain its existing 159Mt at 870ppm TREO JORC Inferred Resource around 10 identified high-grade HREO domains across 12.9km of newly mapped structural corridors. The company is targeting a new, smaller-tonnage but substantially higher-value and higher-grade TREO Mineral Resource Estimate by Q4 2026. Historical high-grade intervals with >38% HREO are undergoing SEM and TIMA analysis to identify host minerals, while historical sample pulps are being re-assayed for critical minerals including gallium and hafnium.
Read full ASX Announcement here.
Javelin Minerals (ASX:JAV)
Javelin Drills 820m at Coogee North
Javelin Minerals has completed its first diamond hole at Coogee North to a total depth of 819.8m, intersecting felsic to intermediate and mafic volcanic and volcanoclastic rocks intruded by porphyritic dacite dykes. A large interval of brittle faulting and brecciation with moderate to strong hydrothermal alteration extends from 529.12m to approximately 731m down hole, including quartz and quartz-carbonate veining with variable pyrite and chalcopyrite. The source of the modelled magnetic anomaly has not yet been identified, with the company evaluating a deeper wedge hole. Assays are expected in approximately 8-10 weeks.
Read full ASX Announcement here.
Parbo Resources (ASX:PRB)
Parbo Completes 4,737m Brians Mill Gold Drill
Parbo Resources has completed its maiden Aircore programme at the 100%-owned Brians Mill gold prospect, comprising 75 holes for 4,737m across 2 target areas. Brians Mill South comprised 51 holes for 2,832m testing the demagnetised core and historic gold intercepts, while Brians Mill North comprised 24 holes for 1,905m of first-pass drilling along the D3 structural corridor. Field logging identified a bleached, iron carbonate-silica-sericite altered zone coincident with the demagnetised core. All samples have been dispatched, with assays expected in late October 2026 and follow-up RC drilling planned subject to results.
Read full ASX Announcement here.
Catalina Resources (ASX:CTN)
Kirkalocka Targets Refined Ahead Of November Drilling
Catalina Resources has refined priority gold targets at Capra, Avis and Two Mile Bore following interpretation of approximately 1,500 soil assays and recent rock-chip results. Avis returned rock chips up to 3.64g/t Au, while coherent gold-in-soil anomalism at Capra coincides with prospective geology and interpreted structures. Two Mile Bore also returned strong gold-in-soil anomalism and remains inadequately drill tested despite nearby historical drilling returning 1m at 4.66g/t Au from 34m. RC drilling is scheduled for November, with Santy drilling also planned subject to heritage and tenement approvals.
Read full ASX Announcement here.
Chilwa Minerals (ASX:CHW)
Chilwa Prices US$3.5M Nasdaq Offering
Chilwa Minerals has raised US$3.5M, equivalent to A$5M, through an underwritten public offering of 625,000 American Depositary Shares at US$5.60 per ADS. Each ADS represents 10 ordinary shares, with investors also receiving 1 warrant per ADS, exercisable at US$5.60 for 5 years. The ADS are expected to begin trading on the Nasdaq Capital Market under CHWM on 1 October 2026, while Chilwa’s ordinary shares continue trading on ASX. Net proceeds will be used for mineral exploration, working capital and general corporate purposes.
Read full ASX Announcement here.
Daly Resources (ASX:DLY)
Daly Targets 6.7km Box Hole Zinc-Lead System
Daly Resources has completed a technical review of the Box Hole Zn-Pb-Ag prospect at its Huckitta Project, identifying an underexplored carbonate-hosted mineralised system extending across approximately 6.7km of prospective strike. Historical drilling has returned results including 14.7% Zn with 0.30% Pb and 5.39% Pb with 3.34% Zn, while an independent CSA Global review concluded Box Hole has multiple features found in economic MVT districts. Priority geophysical targets remain untested after a permitted RC programme was deferred in 2023 due to rainfall. Daly will commence a broader soil geochemistry programme in the coming weeks. Drill testing of targets generated by the survey and existing untested geophysical targets is the next likely step.
Read full ASX Announcement here.
Western Ridge Resources (ASX:WRX)
Western Ridge Adds Murchison Gold-Antimony Portfolio
Western Ridge Resources has entered binding heads of agreement to acquire a portfolio of gold and gold-antimony projects across 4 granted Murchison tenements. The key acquisition is the Seven Mile Well Gold-Antimony Project, where coincident geophysical and soil geochemistry anomalies define a minimum 2,000m strike target within the same lithological unit hosting the Big Bell Gold Mine. Programmes of Work have been approved for RC drilling across 3 tenements, with a 2,000m Aircore programme at Lady Alma and IP and RC drilling at Seven Mile Well scheduled for Q4 2026. Western Ridge has received firm commitments for A$1.31M to fund exploration.