Regulatory Setback at Flinders Project Amid Promising Gascoyne Discoveries for Taruga

Expanding the Gascoyne Portfolio

Taruga Minerals Limited (ASX, TAR) has made significant strides in its exploration efforts during the September 2025 quarter, notably through the granting of three new exploration licences in Western Australia’s highly prospective Gascoyne province. These licences, covering 385 square kilometres, adjoin the company’s existing Thowagee Project and open up fresh ground for exploration activities.

Shortly after the licences were granted, Taruga commenced reconnaissance work that led to the identification of the Uaroo Ridge prospect within the Uaroo East project area. This newly discovered quartz ridge, stretching approximately one kilometre, has yielded consistent anomalous gold and copper rock chip assays, signaling a potentially valuable mineralised system. Assay highlights include up to 0.5 grams per tonne gold and 1.0% copper, underscoring the prospect’s promise.

Thowagee Project, Polymetallic Potential Confirmed

At the Thowagee Project, Taruga has been advancing its understanding of the historic mining area known for high-grade polymetallic mineralisation. Recent rock chip sampling has confirmed robust lead, silver, zinc, copper, and gold values, with standout results such as 17.8% lead and 120 grams per tonne silver. These findings reinforce the potential for economically significant mineralisation hosted in quartz veins and gossans.

Further exploration included the identification of a high-priority airborne VTEM geophysical anomaly approximately one kilometre south of the Thowagee workings. This bedrock conductor aligns with geochemical anomalies and structural features, providing a compelling target for follow-up drilling. Additionally, four short diamond core holes were drilled into the walls and floor of existing workings to sample host rock mineralogy, revealing the presence of base metal sulphides such as galena and sphalerite.

South Australian Projects and Regulatory Challenges

Taruga’s Mt Craig Copper Project in South Australia remains under evaluation, with no ground activities conducted this quarter as the company considers advanced geophysical techniques to better define copper and rare earth element targets. Meanwhile, the Flinders Project faced a regulatory hurdle when the South Australian Minister for Aboriginal Affairs declined authorisations under the Aboriginal Heritage Act, delaying exploration in key prospect areas.

Financial Position and Outlook

Taruga ended the quarter with a solid cash balance of approximately $1.4 million and no debt, having spent $125,000 on exploration activities. The company continues to assess complementary acquisition opportunities both domestically and internationally, aiming to build on its growing portfolio of polymetallic assets.