Funding Secured but Drilling Risks Loom for Pivotal’s Quebec Projects
Pivotal Metals has delineated multiple new undrilled conductors at its Belleterre copper-gold project in Quebec and secured $5.4 million in equity funding to accelerate exploration. The company also confirmed a robust 37Mt resource at Horden Lake, underpinning its growth strategy.
- Multiple new undrilled EM conductors identified at Belleterre
- High-grade gold target expanded at Lorraine Mine
- Updated Horden Lake resource totals 37Mt at 1.1% copper equivalent
- $5.4 million equity funding secured post-quarter
- Expanded exploration program planned for next six months
Exploration Momentum Builds at Belleterre
Pivotal Metals Limited (ASX – PVT) has reported significant progress across its Quebec-based copper, gold, and platinum group metals projects during the September quarter. The highlight was the delineation of multiple new electromagnetic (EM) conductors at the Belleterre project, a large 100% owned land package known for high-grade copper and gold mineralisation.
Using detailed ground-based fixed loop EM surveys, Pivotal identified substantial conductors at key targets including Alotta, Lorraine Mine, and Shanty Lake. Notably, the Alotta conductor extends 150 metres below previously drilled zones that returned impressive copper, nickel, and PGM grades. These conductors remain undrilled, presenting fresh opportunities for discovery in a region with a rich mining history.
High-Grade Gold Potential at Lorraine
Alongside copper and PGM targets, Pivotal expanded its high-grade gold target at the historic Lorraine Mine. Historical underground sampling revealed bonanza-grade gold veins, including a channel sample grading 28 metres at 45 grams per tonne gold. The company is preparing for an induced polarisation (IP) geophysical survey to refine drill targets, aiming to follow up with drilling in the near term.
Robust Resource Base at Horden Lake
Complementing its exploration success, Pivotal confirmed an updated mineral resource estimate at its advanced Horden Lake project. The resource now stands at 37 million tonnes at 1.1% copper equivalent, predominantly open-pit constrained. Metallurgical testwork supports the production of high-grade copper and nickel concentrates, reinforcing the project's development potential.
Funding Secured to Accelerate Growth
Post-quarter, Pivotal secured firm commitments for $5.4 million in equity funding, backed by institutional and strategic investors including noted Australian resources investor Matthew Latimore. This capital injection is described as transformational by Managing Director Ivan Fairhall, enabling the company to ramp up drilling and geophysical programs across its Quebec portfolio.
The expanded exploration program over the next six months includes drilling multiple high-priority copper and PGM targets, IP surveys over gold corridors, and ongoing resource optimisation at Horden Lake. With a cash balance of just under $1 million at quarter-end, the new funding provides a solid runway for these activities.
Outlook and Strategic Positioning
Pivotal’s focus on leveraging modern geophysical techniques to unlock new discoveries in a historically mined district underscores its strategic approach. The combination of high-grade targets, a sizeable resource base, and fresh capital positions the company well to advance its projects towards development milestones. Investors will be watching closely as drilling results and further exploration updates unfold.
Bottom Line?
With fresh funding and promising new targets, Pivotal Metals is poised to accelerate its Quebec exploration story into 2026.
Questions in the middle?
- How will upcoming drilling at Belleterre validate the new EM conductors?
- What are the timelines and expected outcomes for the Lorraine gold IP survey and drilling?
- How might the shareholder vote on part of the funding impact Pivotal’s exploration momentum?
