Highlights

  • Rock chip sampling at the Fennell prospect within the Quinns Project returned up to 65.2 g/t gold.
  • A maiden aircore program of 57 holes for 2,182m was completed at Enterprise and Venture after quarter end, with assays pending.
  • Maiden RC drilling at Conglomerate Creek Target 2 in Queensland intersected anomalous copper in all six holes.
  • The company announced a $2.57 million placement, with the second tranche issued after shareholder approval.

Antares Metals Limited (ASX:AM5) has released its quarterly activities report for the period ended 30 September 2026. The company reported gold sampling results at its Quinns Gold and Copper VMS Project in Western Australia, first drilling results from the Mt Isa North Project in Queensland, and a capital raising to support its exploration programs.

Gold Targets Emerge at the Quinns Project

The 100%-owned Quinns Project covers about 383 km² in the Meekatharra greenstone belt. Rock chip sampling of 94 samples returned up to 65.2 g/t gold at Fennell, where mapped mineralisation was expanded to between 130m and 250m in width over up to 150m of strike. Other Fennell results included 16.63 g/t and 8.77 g/t gold, while a separate target at Finlay returned 10.66 g/t gold.

At the Venture prospect, a 600m by 250m gold-in-soil anomaly was identified along trend from the historic Enterprise Mine. After the quarter, Antares completed a maiden aircore program of 57 holes for 2,182m at Enterprise and Venture, with assays pending. The company also entered an earn-in arrangement under which it can earn 90% of the Enterprise Mine lease, subject to shareholder approval and Ministerial consent. A Program of Work has been approved for co-funded drilling at the Austin VMS deposit, Defiance and 4E, supported by $237,500 under the WA Exploration Incentive Scheme.

First Drilling at Mt Isa North

At the Mt Isa North Project in Queensland, a six-hole, 780m maiden RC program tested beneath surface copper-gold-silver mineralisation at Conglomerate Creek Target 2. Anomalous copper was intersected in all holes, with the best intercept of 4m at 0.81% copper from 84m in ACD002.

The company noted that while the mineralised system persists at depth, drill grades were lower than those in surface rock chips. Only one of seven geophysical anomalies has been drill-tested so far. Target 5, located immediately to the north, has returned a stronger geochemical response, and Managing Director Terry Topping said copper exploration will be the priority for the coming quarter.

Capital Raising and Corporate Activity

Antares announced a $2.57 million placement at $0.005 per share, with one attaching option for every two shares. Tranche 1 raised about $1.07 million, and 277 million Tranche 2 shares were issued on 26 October 2026 following shareholder approval. Cash stood at about $0.9 million at 30 September 2026, before Tranche 2 proceeds were received.

During the quarter, the company spent about $486,000 on exploration and evaluation. No field exploration took place at the Katanning or Carlingup projects. The Annual General Meeting is scheduled for 24 November 2026.

Key Takeaways

  • High-grade rock chip results have expanded gold targets at Fennell, Finlay and Venture within the Quinns Project.
  • Maiden drilling at Conglomerate Creek confirmed copper at depth, though at lower grades than surface sampling.
  • Target 5 at Mt Isa North is now viewed as the stronger copper target for follow-up work.
  • The $2.57 million placement adds funding for upcoming geophysics and drilling programs.