Blaze Minerals Completes 587m Drilling, Acquires 60% Stake in Gecko Uganda

Strategic Acquisition Expands Critical Metals Footprint

Blaze Minerals Limited (ASX: BLZ) has taken a significant step forward in its critical metals exploration strategy with the successful acquisition of a 60% interest in Gecko Minerals Uganda. This acquisition brings the Ntungamo and Mityana Projects under Blaze's control, both located in highly prospective regions of western and central Uganda. The projects target a suite of critical metals including lithium, beryllium, rubidium, tin, and tantalite, commodities increasingly vital to emerging technologies and energy transition.

The deal also includes an option to acquire the remaining 40% interest within two years, positioning Blaze to potentially consolidate full ownership of these promising assets.

Drilling Progress and Exploration Highlights

During the December 2024 quarter, Blaze completed three diamond drill holes at the Mityana Project, totaling 587 meters. These holes have been logged, with samples now awaiting multi-element analysis at ALS Johannesburg, pending export permits. The Mityana Project surrounds a historic tantalite mine where previous rock chip sampling revealed lithium oxide values up to 8.13% Li2O, underscoring the project's potential for lithium mineralisation.

Simultaneously, drilling commenced at the Ntungamo Project, which is geologically significant due to its location adjacent to the Mwirasandu Tin Mine, Uganda's largest historic tin producer, currently undergoing redevelopment. Multiple pegmatites have been mapped here, including two exceeding 140 meters in width that remain open in all directions and have never been drill tested, offering compelling targets for future exploration.

Capital Raising Supports Exploration Momentum

To underpin its exploration activities, Blaze Minerals successfully raised approximately $1.25 million before costs through the issue of over 313 million shares at $0.004 each. Shareholders also approved the issuance of options on a one-for-two basis, providing potential upside leverage as exploration progresses. This capital injection is timely, supporting ongoing drilling programs and permitting processes in Uganda, as well as maintaining the company’s broader exploration efforts in Western Australia’s Kirkalocka Project.

Broader Exploration Context and Outlook

Blaze’s Kirkalocka Project in Western Australia remains a secondary focus, with a recent geochemical auger program outlining a gold anomaly extending over three kilometres. However, the company’s strategic priority clearly lies with its Ugandan assets, where critical metals demand is rising globally.

Exploration expenditure for the quarter was $380,000, reflecting active fieldwork and preparatory activities. The company reported no substantive mining production or development during the period, consistent with its exploration stage status. Cash reserves stood at $1.12 million at quarter-end, providing a runway of approximately 1.8 quarters at current expenditure levels, with management indicating no immediate plans for further capital raising but remaining vigilant on funding needs.

Blaze Minerals’ recent moves signal a focused push into critical metals, leveraging geological potential and strategic acquisitions to position itself in a market segment with strong future demand drivers. The upcoming assay results from Mityana and ongoing drilling at Ntungamo will be pivotal in defining the scale and grade of these assets.