Wagtail Drilling Delays and Assay Wait Temper Immediate Production Hopes

Visible Gold Confirms High-Grade Potential

High-Tech Metals Ltd (ASX – HTM) has reported encouraging progress at its Wagtail gold deposit in Western Australia, with visible gold intersected in multiple zones during recent reverse circulation drilling. This visual confirmation aligns with the deposit’s historical reputation for high-grade mineralisation, reinforcing the prospect’s potential as a near-term production target.

The drilling program, managed and fully funded by SSH Mining Australia Pty Ltd under a strategic mining agreement, aims to refine and potentially expand the existing JORC (2012) Mineral Resource of 14,600 ounces at 7.11 grams per tonne gold. To date, 31 holes totaling 1,271 metres have been completed, with the program temporarily paused for the Christmas break and scheduled to resume in early January to complete the planned ~3,000 metre infill and grade-control drilling.

Strategic Partnership Accelerates Development Pathway

SSH Mining’s involvement is pivotal, funding all pre-feasibility works and drilling necessary to advance Wagtail toward a potential Final Investment Decision. The deposit benefits from an existing granted mining lease, established infrastructure, and proximity to several operating processing facilities, which collectively provide a clear pathway to near-term development.

High-Tech Metals’ CEO, James Merrillees, highlighted the significance of visible gold observations, noting they are consistent with the coarse, high-grade nature of the mineralisation historically recorded at Wagtail. While visual estimates are not a substitute for laboratory assays, the initial samples have been dispatched for expedited analysis, with results expected by mid-January 2026.

Comprehensive Studies Underway to Support Mining Decision

Alongside drilling, the company is progressing scoping-level mining assessments in collaboration with SSH, including metallurgical testwork, mine design, permitting, and discussions with nearby processors regarding toll-treatment and offtake options. These activities aim to de-risk the project and provide the technical and economic inputs required to support a potential near-term production decision.

Drilling has encountered quartz-sulphide veining with visible gold in four holes so far, consistent with the deposit’s known mineralisation style. The program also includes diamond drilling planned for late January to obtain bulk metallurgical samples, further underpinning development studies.

Wagtail Within a Broader Gold Strategy

Wagtail is a key component of High-Tech Metals’ broader strategy to fast-track gold production from existing resources within the Mt Fisher and Mt Eureka projects. These projects collectively cover a substantial 1,150 square kilometre landholding in the prolific Yilgarn Craton, a globally recognised gold province.

With secure tenure and no known impediments to land access, High-Tech Metals is well positioned to advance exploration and development activities. The company’s focus remains on unlocking value through near-term production opportunities while continuing to explore for world-class gold discoveries in this under-explored greenstone belt.