Highlights

  • Final assays from the maiden RC program at Gold Mountain confirmed a broad mineralised gold system.
  • Results included 170.7m at 0.9g/t Au and a high-grade interval of 27.4m at 8.3g/t Au.
  • All 22 holes returned significant gold and/or silver mineralisation.
  • A follow-up program of about 3,500m is underway, with cash of about $5.5m at quarter end.

49 Metals Limited (ASX:49M) has released its quarterly activities report for the period ended 30 September 2026. The Nevada-focused explorer reported final assays from its maiden drilling program at the Gold Mountain project and began follow-up drilling.

Maiden Drilling Results at Gold Mountain

Gold Mountain lies about 7km south of Tonopah within Nevada's Walker Lane trend. The maiden program of 22 holes for about 7,500m intersected gold and/or silver in every hole. Broad intervals included 170.7m at 0.9g/t Au from 121.9m in DRC#22 and 64m at 1.0g/t Au from 152.4m in DRC#16.

Higher-grade intervals included 27.4m at 8.3g/t Au from 221.0m in DRC#9, including 9.1m at 21.9g/t Au, and 67.1m at 1.7g/t Au from 169.2m in DRC#19. The company now interprets the Adit Zone as a broader mineralised system with several higher-grade, structurally controlled zones, and says it remains open along strike and down dip.

Follow-Up Drilling and Broader Targets

A fully funded follow-up program of about 3,500m across 10 to 11 RC holes is underway. It is designed to step out from the Adit Zone, infill the existing pattern and clarify the geometry of high-grade structures. Drilling is expected to finish in the first half of November 2026, with initial assays expected four to six weeks after drilling began.

The company noted that the Adit Zone is one centre within a wider hydrothermal system. Other under-tested targets include Combination, Monte Christo, Murane, Sealy Ridge, Divide and East Adit. At the Sinter and Buffalo Canyon projects, desktop studies are underway ahead of initial fieldwork.

Corporate and Financial Position

Phil Carter was appointed Managing Director, and Oliver Kreuzer moved from Executive Director to Non-Executive Director. The company was admitted to the ASX on 31 March 2026.

Cash at quarter end was about $5.5 million, with operating outflows of $1.213 million, including $910k on exploration and evaluation. The company has no debt, and the Appendix 5B estimates about 4.56 quarters of funding.

Key Takeaways

  • Every hole in the maiden program returned significant gold and/or silver.
  • The Adit Zone is now viewed as a broad system with high-grade structural zones.
  • Follow-up drilling is underway, with results expected progressively.
  • The company is debt-free with about $5.5 million in cash.