Venus royalty windfall breathes new life into WA gold hunt

Flagship Minerals has achieved a pivotal technical milestone at its flagship Isidora gold project in Chile, completing the necessary metallurgical drilling and trenching for pilot-scale processing studies. This accomplishment marks a crucial step in de-risking the proposed processing route for the project. With the metallurgical program now concluded, Flagship has shifted its focus toward resource expansion, aiming to deliver an updated mineral resource estimate (MRE) later in 2026 or early 2027. The company's twin-stream drilling strategy combined metallurgical testing with exploration efforts, allowing it to gather bulk samples from the oxidized zone to evaluate the suitability of the ore for heap leach processing. These samples will be used in a pilot-scale heap leach trial, which is essential for confirming the viability of the processing method under actual mining conditions.

The metallurgical field program involved four large-diameter PQ diamond holes totaling 600.5 meters and five 600-meter trenches to collect representative samples. These holes targeted key zones within the existing MRE and intersected visibly apparent mineralization hosted primarily in oxidized, altered, and fractured dioritic porphyry. Core processing is nearly complete, with samples scheduled to be dispatched to a specialized Chilean metallurgical laboratory. Trench assay results are anticipated within two weeks and will determine how the excavated material is blended into a 300–400-tonne bulk sample for the pilot-scale heap leach testing. These tests will assess leach kinetics, gold recoveries, and reagent consumption, providing vital engineering data for the project’s prefeasibility study (PFS).

Flagship Minerals Managing Director Paul Lock emphasized that the completion of the metallurgical drilling and trenching program provides the necessary sample material for conducting pilot-scale metallurgical test work, with a target completion date in the fourth quarter of 2026 or early 2027. This test work will confirm the leaching consistency of the oxide zones, contributing significantly to the Isidora PFS. Additionally, the drilling will offer insights into mineralization zoning, which will inform future MRE updates. Following the conclusion of the metallurgical program, Flagship has transitioned to infill exploration within the existing resource footprint, with plans to extend drilling beyond the current pit shell and verify historical reverse-circulation holes. The objective is to enhance the oxide and transitional components of the resource prior to the next MRE update.

Flagship’s swift progress over the past 12 months has been significantly bolstered by its acquisition of nearly 20,000 meters of historical diamond drill core and the project’s entire geological database from Anglo American for $3 million. This strategic move enabled the company to bypass what management estimated would have cost approximately $30 million and taken five years to replicate from scratch. Recently, Flagship entered the multi-million-ounce club by defining a JORC-compliant resource of 115.2 million tonnes grading 0.56 grams per tonne (g/t) gold, equating to 2.1 million ounces at Isidora. Over 90 percent of these ounces are categorized in the higher-confidence measured and indicated categories, thereby reducing geological uncertainty as the project progresses through future feasibility studies. The project is located within Chile’s mineral-rich regions, positioning it well for continued exploration and development efforts.

Forrestania Resources has made a significant corporate move by announcing a binding agreement to acquire 100 percent of Ramelius Resources' Edna May gold hub for $300 million. This acquisition includes a minimum of $200 million in cash and up to $100 million in Forrestania shares, which will make Ramelius a substantial shareholder once the deal is finalized. The Edna May gold processing plant, part of the $300 million purchase, is a conventional 2.9-million-tonne-per-annum carbon-in-leach processing plant that has been on care and maintenance since April 2025. It comes with a substantial 945,000-ounce JORC gold resource and a resource comprising 30.7 million tonnes grading one gram per tonne (g/t) gold using a 0.5g/t cut-off, including 25,000 ounces in the measured category, 700,000 ounces in the indicated category, and 220,000 ounces in the inferred category. Beyond the mill, the acquisition delivers a comprehensive operating hub equipped with a 185-room accommodation village, airstrip, tailings storage facility, central administration complex, and grid power, significantly reducing the capital costs and development timelines required to resume operations.

Forrestania Resources Chairman David Geraghty stated that the acquisition aligns with the company’s strategy to consolidate proven and prospective gold assets in the Forrestania region. Over the past year, Forrestania has executed an aggressive acquisition strategy, securing high-quality stranded gold assets and underexplored tenures surrounding Edna May. This strategy has positioned the company for the recent acquisition, which adds a second major processing hub to its portfolio. Operationally, commissioning at Lake Johnston is on track for late 2026, with the company planning to restart the Edna May operation in the first half of 2027. The acquisition also grants Forrestania a vast 1000-square-kilometer tenement footprint, encompassing the 100 percent-owned Tampia and Symes satellite projects alongside four regional exploration licenses. This move underscores Forrestania's transformation from a grassroots explorer into an emerging producer with a robust asset base.

Aurum Resources has achieved a significant breakthrough at its Boundiali gold project in Côte d’Ivoire, West Africa, with its latest diamond drilling results from the BDT2 deposit yielding 1.7 meters grading 70.35 grams per tonne (g/t) gold from 276.5 meters. This extraordinary result is contained within a broader 6.54-meter section running at 13.36g/t gold from 272 meters, including a standout segment of 3.7 meters at 23.32g/t from 274 meters. Additional notable results from the latest 26-hole, 8720-meter diamond drilling program include 1 meter at 14.99g/t within a wider 21-meter interval running at 1.12g/t gold from 228 meters, and a third hole delivering 2.8 meters at 4.39g/t from 220.7 meters, including 0.9 meters at 12.68g/t. These results indicate that gold mineralization extends beyond the current mineral resource envelope at the BDT2 target, reinforcing the belief that the broader system remains open. Deeper drilling has confirmed that the gold system continues to extend downward, with most holes intersecting multiple zones of thick mineralization.

Aurum Resources Managing Director Dr. Caigen Wang highlighted that the BDT2 results reaffirm the company’s capability to efficiently expand its mineral resources at Boundiali at a pace unmatched by its peers. Of the 25 holes drilled, the majority aimed to upgrade inferred resources to indicated status, while others tested the boundaries of known mineralization. So far, drilling has focused on the most obvious outcropping anomalies, yet the company has rapidly expanded its resources to 3.22 million ounces since acquiring the land, with all deposits still open. Armed with $61.5 million in cash at the end of March, environmental approvals in place, and mining licenses expected later this year, Aurum is now concentrating on converting the continuous stream of analytical data from its growing fleet of drill rigs into a larger resource inventory. The company aims to release another resource update by the end of the September quarter, incorporating the latest assays from its BDT2 drilling. Another key upcoming milestone is a definitive feasibility study, scheduled for late 2026. The company has also bolstered its team with experienced professionals in mining, project delivery, and finance, and secured $28.8 million in fresh capital from existing shareholders and sophisticated investors. Dr. Wang personally invested $840,000 in the same terms as the placement participants, further demonstrating confidence in the project’s potential.

Venus Metals Corporation has revitalized its focus on one of its long-standing Western Australian gold assets following the sale of its Youanmi royalty for $46 million in cash. Years of systematic exploration through successive rock-chip, soil, and auger programs have led to a pipeline of increasingly drill-ready targets across its Henderson project in Western Australia’s Eastern Goldfields. A gold-bearing quartz vein grading 6.4g/t gold was exposed in a shallow historical working at the Henderson project. A 466-sample auger soil program conducted across the Snake Hill, Blue Well South, and 18 Mile Well prospects within Henderson identified a 1600m by 450m gold anomaly at Snake Hill, with peak soil values reaching 88 parts per billion (pbb) gold. This program was designed to identify concealed drill targets beneath transported cover in preparation for drilling. The Henderson project, spanning 202 square kilometers, covers 25 kilometers of the prospective Mt Ida/Ularring Greenstone Belt. Continuous exploration has refined targets along the Ida and Ballard faults, directing efforts toward neighboring gold deposits such as First Hit, Riverina, Mt Ida, and Baldock.

Venus Metals Corporation Managing Director Matthew Hogan noted that the company maintains its commitment to pursuing opportunities that recognize the intrinsic