May Queen Project Shows 400m Chargeability Anomaly, Drilling Planned

Exploration Momentum at May Queen

Australasian Metals Limited (ASX – A8G) has reported a productive September quarter, highlighting significant progress at its May Queen Gold Project in Queensland. The company’s recent geophysical surveys, including a Gradient Array and dipole-dipole induced polarization (IP) survey, have delineated compelling chargeability anomalies extending over 400-500 metres. These anomalies suggest the presence of a gold-copper porphyry system, reinforcing earlier encouraging drilling results from 2022.

Field mapping and surface sampling have further identified a silicified breccia zone, dubbed the Southern Breccia Prospect, stretching approximately 600 metres in length with widths up to 170 metres. This geological feature aligns with the strongest IP anomalies, providing a tangible target for upcoming drilling efforts.

Strategic Drilling Plans and Follow-Up

Building on these findings, Australasian Metals plans to undertake a reverse circulation (RC) drilling program ranging from 1,000 to 2,000 metres. The objective is to test the newly identified geophysical targets, particularly the Southern Breccia Prospect, which could unlock further insights into the mineralisation potential of the area. This drilling campaign represents a critical next step in validating the geophysical data and advancing the project towards resource definition.

Bauxite and Gallium Potential at May Queen South

Meanwhile, the May Queen South Bauxite Project continues to demonstrate promising results. Sampling has confirmed significant high-grade bauxite mineralisation averaging 42% alumina over a 16 square kilometre surface area. Notably, re-assaying of samples has revealed elevated gallium concentrations averaging 67.59 grams per tonne, with peaks up to 145.5 grams per tonne. Given gallium’s rising market value, these findings could materially enhance the economic prospects of the bauxite resource.

Further metallurgical test work is planned to explore hydrometallurgical processing routes, aiming to optimise recovery and purity of valuable metals including titanium, aluminium, and iron.

Lithium Projects and Regional Exploration

On the lithium front, Australasian Metals holds interests in the Mt Peake and Barrow Creek projects in the Northern Territory. While no field activities were conducted during the quarter, early-stage discussions with potential partners indicate a strategic approach to advancing these assets. Additionally, desktop studies at the Mt Clermont and Capella projects in Queensland have identified new drill targets, particularly at the Ayres Rock Prospect, known for high-grade epithermal gold veining.

Financial Health and Corporate Outlook

Financially, the company remains well-positioned with approximately $2.83 million in cash and no debt as of 30 September 2025. Exploration expenditure for the quarter was modest at $83,000, reflecting a disciplined approach to capital allocation. Payments to related parties, including director remuneration and consulting fees, totaled $91,000. The board continues to evaluate new project opportunities to enhance shareholder value.