49 Metals Acquires Buffalo Canyon Geological Database Revealing 63-Hole Drill Record and Broad Gold Mineralisation

Sonal Goyal

09 November 2026 03:33 PM AEDT

49 Metals Acquires Buffalo Canyon Geological Database Revealing 63-Hole Drill Record and Broad Gold Mineralisation

Image Source: Krish Capital Pty Ltd

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49 Metals Limited (ASX:49M) has acquired the historical geological database for its 100% owned Buffalo Canyon Gold Project in Nevada's Walker Lane Trend, with the data sourced from Genex Exploration Inc, a subsidiary of Orogen Royalties, for nil cash consideration and a 1.0% net smelter return royalty.

Key Points

The acquired database includes geological models, surface geochemistry, geophysical surveys, and a drill hole database of 63 holes totalling 11,280 metres
Historical drilling intersected broad gold mineralisation from surface, including 182.9m @ 0.39g/t Au (DBC-01), 152.4m @ 0.42g/t Au (DBC-10), and 161.5m @ 0.38g/t Au (IB-03)
Historical drilling also returned extensive gallium anomalism from surface with broad, continuous intersections in four holes on the periphery of the gold mineralisation
The database was acquired for nil cash and a 1.0% NSR royalty granted to Genex Exploration Inc
The company stated its second drilling campaign at Gold Mountain is nearing completion with assays pending

Buffalo Canyon Historical Drilling Database Details

The geological database consolidates drilling completed by Gold Fields Mining Corporation, Santa Fe Pacific Mining Corporation, Nevada Pacific Gold Limited, Eldorado Gold Corporation, and Kinross Gold USA Inc across five separate campaigns conducted between 1992 and 2017. Of the 63 holes totalling approximately 11,280 metres, 45 RC holes targeted the Everson gold prospect, with assay data available for 44 holes. One hole, IB-02, was excluded from reported exploration results as it had collar and survey records but no assay results in the historical database. The database also includes a detailed 3D geological model, geophysical surveys, field mapping and sampling, and geological reports.

Significant Gold Intercepts from Surface at the Everson Prospect

Historical assays have been recalculated and reported using a cut-off grade of 0.1g/t Au, allowing for up to 6.1 metres of continuous internal dilution. All intervals represent downhole lengths, with true widths yet to be determined. Significant intercepts disclosed in the filing include DBC-01 at 182.9m @ 0.39g/t Au from surface, IB-03 at 161.5m @ 0.38g/t Au from surface, BCR05-06 at 160.0m @ 0.34g/t Au from surface, DBC-10 at 152.4m @ 0.42g/t Au from surface, BCR05-05 at 152.4m @ 0.41g/t Au from surface, BCR05-03 at 152.4m @ 0.40g/t Au from surface, and BCR05-18 at 152.4m @ 0.38g/t Au from surface.

Gallium Anomalism and Next Exploration Steps

In addition to gold mineralisation, the filing states that historical drilling returned extensive gallium anomalism from surface, with broad, continuous intersections recorded in four holes on the periphery of the gold mineralisation. The company disclosed it will continue to review the geological database and commence planning for an initial exploration campaign at Buffalo Canyon. The filing also states the company remains focused on its Gold Mountain project, where its second drilling campaign is nearing completion and assays are pending. Buffalo Canyon was claim staked by the company in May 2023.

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