The Day’s Play Edition 88: Rare earth validation, IOCG confirmation and antimony drilling success | BCM, AQD, AT4

American Tungsten & Antimony (ASX:AT4)

High Grade Drilling Confirms Antimony System Continuity

The Play

• ACP26DD026 returned 10.37m at 3.98% Sb including 4.57m at 8.56% Sb.

• ACP26DD014 returned 5.73m at 2.80% Sb including 1.95m at 8.09% Sb.
• Results extended mineralisation along strike with the stibnite system remaining open.
• Drilling confirmed high grade stibnite pods within a broader mineralised envelope.
• Phase 1 drilling confirmed continuity of the stratabound antimony system at Little Emma.

The Pitch

• Antimony Canyon is a 100% owned antimony project in Utah, USA.

• Phase 1 drilling completed 30 holes for 1,970m at Little Emma.
• Little Emma is one of more than 20 historic workings within the Patented Claims.
• Mineralisation is hosted within the Salt and Pepper volcanosedimentary horizon.
• High grade stibnite pods occur within a broader stratabound mineralised system.

The Next Overs

• Assay results remain pending for 6 Phase 1 drill holes.

• Soil sampling assay results are expected within 6 weeks.
• Blackjack drilling is anticipated within approximately 2 months subject to permitting.

Read full ASX Announcement here.

Brazilian Critical Minerals (ASX:BCM)

Leach Results Validate Recoveries Across Ema Mineralisation

The Play

• Magnesium sulphate leach results matched scoping study recoveries across 56 holes.

• Leach testing delivered average recoveries of 62% MREO.
• Leach testing delivered average recoveries of 48% TREO.
• Leaching responses extended across kilometres of mineralised clay horizons.
• Peak soluble rare earth intervals exceeded 1,000ppm in lower saprolite.

The Pitch

• Ema is an ionic clay rare earth project in Brazil.

• Mineralisation occurs within lower saprolite horizons above fresh bedrock.
• Updated Mineral Resource Estimate contains Indicated and Inferred resources.
• Magnesium sulphate leaching underpins the proposed ISR development approach.
• Magnetic rare earths averaged a 39% MREO:TREO ratio.

The Next Overs

• Bankable feasibility study release targeted during June 2026.

• Discussions continue with counterparties regarding MREC product offtake.
• Regulatory engagement continues across mining and environmental permits.

Read full ASX Announcement here.

Arika Resources (ASX:ARI)

Full Ownership Secured Across Flagship Gold Portfolio

The Play

• Arika completed the acquisition of the remaining 20% project interests.

• The transaction secured 100% ownership of Yundamindra and Kookynie.
• All outstanding transaction conditions and approvals were satisfied.
• All prior joint venture agreements relating to both projects were terminated.
• Arika paid $0.5m cash and issued 70.8m shares as consideration.

The Pitch

• Yundamindra and Kookynie are Arika’s flagship Eastern Goldfields projects.

• Both projects comprise granted Mining Leases in the Leonora Laverton region.
• The projects host multiple advanced gold targets and historical workings.
• Both projects are located near infrastructure and processing facilities.
• Arika now owns the projects through wholly owned subsidiary KYM Mining Pty Ltd.

The Next Overs

• Drilling at Yundamindra and Kookynie is scheduled to commence in June.

• Resource definition and expansion drilling programs will continue.
• Systematic target generation and geological field programs are planned.

Read full ASX Announcement here.

AusQuest (ASX:AQD)

Maiden Drilling Confirms Playa Kali IOCG System

The Play

• Maiden drilling confirmed an IOCG hydrothermal system at Playa Kali.

• Drilling intersected moderate to strong iron oxide alteration across the target area.
• Copper sulphides were logged with magnetite and pyrite within alteration zones.
• The program completed 12 RC holes for 3,733m at Playa Kali.
• Alteration vectors highlighted prospectivity along the broader east west structural corridor.

The Pitch

• Playa Kali is a 100% owned copper gold project in Peru.

• The project contains an extensive magnetic complex extending approximately 8km.
• The target area comprises 6 granted mineral concessions covering approximately 33km².
• The project targets manto style IOCG mineralisation along southern Peru’s coastal belt.
• Drilling targeted geophysical, geological and geochemical features at the eastern project area.

The Next Overs

• Playa Kali assay results are expected by the end of June.

• A full assessment of the prospect will follow receipt of assays.
• Initial drilling at Lantana is expected to take 3 to 4 weeks.

Read full ASX Announcement here.

Aldoro Resources (ASX:ARN)

Direct Leach Testwork Validates Processing Pathway

The Play

• Direct acid leach testwork demonstrated recovery from run of mine style mineralisation.

• Cumulative leach and re leach testing achieved ~71.8% TREE extraction.
• Strontium extraction exceeded 99% across all hydrochloric acid leach tests.
• Primary leach testing delivered up to 69.2% TREE extraction.
• A 91kg composite returned head grades of 1.28% TREE and 2.67% strontium.

The Pitch

• Kameelburg is a carbonatite hosted rare earth and strontium project in Namibia.

• Mineralisation is hosted within the ancylite rare earth mineral phase.
• The composite sample was prepared from 30 drill core intervals.
• Leach testing was completed by ALS Metallurgy Services in Perth.
• Cerium, lanthanum and neodymium are the principal rare earth components.

The Next Overs

• Next phase metallurgical work will focus on extraction optimisation.

• Pre concentration testwork will evaluate flotation and gravity pathways.
• Process flowsheet development will support scoping level economic studies.

Read full ASX Announcement here.

Chilwa Minerals (ASX:CHW)

Southern Drilling Confirms Nakombe Niobium Continuity

The Play

• MPYDD015 confirmed niobium mineralisation at the southern extent of Nakombe.

• MPYDD015 and MPYDD009 confirmed continuity across 270m of proven strike.
• MPYDD015 returned 22m at 0.228% Nb₂O₅ from 349.5m downhole.
• The hole intersected 161.5m averaging 0.165% Nb₂O₅ from 240m.
• Mineralisation remains open at depth and towards the east and north.

The Pitch

• Nakombe is a niobium target within the Mpyupyu area of Malawi.

• The target is hosted within an alkaline syenite intrusion.
• Approximately 2,866m has been drilled across 15 holes at Nakombe.
• Two diamond rigs are conducting pre resource drilling at the target.
• The system is interpreted as a plug to pipe like intrusive body.

The Next Overs

• ICP-MS results for MPYDD015 remain pending and will be reported.

• Phase 2 drilling will test northern and eastern target extensions.
• Petrographic analysis and further metallurgical work are planned.

Read full ASX Announcement here.

AuKing Mining (ASX:AKN)

Airborne Survey Defines Larger Tundulu Carbonatite System

The Play

• Airborne surveying confirmed historical drilling tested only a limited portion of Tundulu.

• The survey defined a large carbonatite intrusive system centred on Nathace Hill.
• Multiple untested intrusive margins and structural corridors were identified as priority drill targets.
• Magnetic interpretation highlighted ring style intrusive architecture across a ~3km system.
• The airborne dataset resolved structural controls associated with REE mineralisation.

The Pitch

• Tundulu is a rare earth project located in southern Malawi.

• The project hosts an alkaline carbonatite intrusive complex centred on Nathace Hill.
• Significant portions of the interpreted system extend beneath shallow sedimentary cover.
• The survey used high resolution UAV based magnetic and LiDAR systems.
• An independent peer review validated the survey interpretation and conclusions.

The Next Overs

• A planned 10,000m RC and diamond drilling program has commenced.

• Priority drilling will test extensions, structural controls and depth continuity.
• New targets beneath post mineralisation cover will be tested by drilling.

Read full ASX Announcement here.

Legacy Minerals (ASX:LGM)

Thomson Returns To Full Ownership As Drilling Begins

The Play

• Rio Tinto Exploration elected not to exercise its Thomson earn in option.
• Legacy Minerals has retained 100% ownership of the Thomson Project.
• Hill Tops Gold funded drilling has commenced at McMahons Reef.
• The program comprises 8 holes for approximately 885m.
• Drilling will test strike and depth extensions of historical gold mineralisation.

The Pitch

• Legacy Minerals holds a 95% interest in the Harden Gold Project.

• Hill Tops Gold can earn up to an 80% project interest.
• All earn in exploration expenditure is funded by Hill Tops Gold.
• Legacy Minerals also holds a 5% equity interest in Hill Tops Gold.
• McMahons Reef hosts a historical gold system open along strike and at depth.

The Next Overs

• The drilling program is expected to take approximately 6 weeks.

• First assay results from McMahons Reef are expected in Q3 2026.
• Legacy Minerals will reassess future exploration strategy at Thomson.

Read full ASX Announcement here.

North Stawell Minerals (ASX:NSM)

Follow Up Drilling Targets Open Darlington Gold Zone

The Play

• A 600m to 800m diamond drilling program has commenced at Darlington.

• Drilling will test extensions of a shallow mineralised gold zone.
• The target zone remains open in all directions.
• The program follows previous diamond and recent aircore gold results.
• Current drilling will step out along strike and down dip.

The Pitch

• Darlington is a priority target within the 3.6km Darlington Caledonia trend.

• Darlington is North Stawell Minerals’ key exploration focus through 2026.
• The prospect hosts two parallel northwest trending gold veins.
• The target comprises Mariners type mineralisation above a drill confirmed basalt.
• The North Stawell Project covers a contiguous 445km² landholding in Victoria.

The Next Overs

• A total of 2 to 3 diamond drill holes will be completed.

• Drilling will test a northern plunge to the interpreted high grade shoot.
• The program targets extensions supported by recent aircore drilling.

Read full ASX Announcement here.

Aureka (ASX:AKA)

High Resolution Magnetics Generate New Drill Targets

The Play

• High resolution magnetic surveying identified several new priority target areas.

• Interpretation better defined subsurface structures and underlying geological architecture.
• New target areas include zones between the Resolution and Adventure lodes.
• Diamond drilling is testing the newly identified North Resolution target.
• North Resolution was defined using magnetic, geochemical and IP anomalies.

The Pitch

• Irvine is a 100% owned gold project within Victoria’s Stawell Corridor.

• The project hosts a JORC Mineral Resource of 304koz at 2.43g/t Au.
• The survey acquired low altitude magnetics on approximately 50m spacing.
• Resolution and Adventure comprise the current resource lodes at Irvine.
• The dataset was designed to improve structural mapping beneath alluvial cover.

The Next Overs

• Detailed interpretation and 3D modelling of the magnetic dataset continues.

• Dr Barry Murphy will assist geological interpretation and target generation.
• Results remain pending from recent drilling at identified target areas.

Read full ASX Announcement here.