Antares Metals Limited (ASX:AM5): What Comes After the Quinns Aircore Drilling Program?

Aditi Sarkar

28 October 2026 06:06 PM AEDT

Antares Metals Limited (ASX:AM5): What Comes After the Quinns Aircore Drilling Program?

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Highlights

Antares Metals completed 57 aircore holes totalling 2,182 metres at the Quinns project.
The program investigated the Enterprise and Venture gold prospects in Western Australia.
Gold samples have been submitted for analysis, with assay results not yet released.
Enterprise is subject to an earn-in arrangement through which Antares may acquire a 90% interest in its mining lease.
Follow-up drilling decisions depend on assay results and further technical assessment.

Antares Metals Limited (ASX:AM5) is exploring gold and base-metal opportunities in Western Australia, alongside its other mineral exploration interests. On 28 October 2026, the company announced completion of an initial aircore drilling program at the Quinns project in the Meekatharra Greenstone Belt. The update confirms fieldwork at the Enterprise and Venture prospects, but does not establish a new gold discovery: samples have been submitted for analysis and assay results remain outstanding.

What the Completed Drilling Actually Establishes

The program covered 57 holes and 2,182 metres, equivalent to an average drilled length of about 38 metres per hole. Aircore drilling provides a relatively shallow method for investigating geological targets and mineralisation beneath cover. Antares Metals (ASX:AM5) has completed this initial sampling step, but the announced metreage should not be confused with a mineral resource estimate, an ore reserve or an economic assessment.

Drilling covered Enterprise and Venture. Samples were submitted for gold analysis to inform follow-up work. No confirmed results date, assay grades or mineralised intersections were disclosed. The presence and continuity of any new mineralisation therefore remain unverified.

Enterprise and Venture: Different Geological Starting Points

Enterprise contains historic gold workings and previously reported shallow drilling intersections. Those older exploration observations provide geological context, but are not results from the newly completed program. Antares Metals (ASX:AM5) has separately announced an October 2026 earn-in and joint venture arrangement over Enterprise mining lease M51/19, under which the company can earn a 90% interest. Earning that interest is conditional on satisfying the agreement rather than an automatic transfer of ownership.

Venture is located south-east of Enterprise. The company previously described a gold-in-soil anomaly measuring approximately 600 metres by 250 metres at Venture, including areas with readings of up to 1,570 parts per billion gold, in its August 2026 exploration update. Soil sampling can guide the selection of drill targets, but surface geochemical readings do not themselves demonstrate an underground deposit. Antares Metals (ASX:AM5) is awaiting the laboratory results needed to assess the drilled targets.

How Quinns Fits Into the Broader Exploration Program

Beyond Enterprise and Venture, the company identifies Fennell and Finlay as further priority targets at Quinns. It also intends to undertake regional aeromagnetic work and ground geophysical surveys targeting copper prospects including Austin, Defiance and 4E. These plans relate to different mineral systems and should not be presented as an extension of the unreported gold drilling results.

Antares Metals (ASX:AM5) also has exploration interests in Queensland and elsewhere in Western Australia. The Quinns release provides no drilling costs or revised financial guidance; its economic implications cannot yet be assessed.

What Investors Can Verify Next

The principal near-term disclosure will be gold assays from the 57 completed holes. The results may guide follow-up drilling priorities. Any additional work would still require technical decisions and expenditure. Antares Metals (ASX:AM5) has not set a firm assay-release schedule, so an exact timing assumption would be premature.

Key Insights

For Antares Metals (ASX:AM5), completion of the Quinns program confirms progress from target selection to physical sampling. It does not yet resolve the geological question that prompted the drilling. The company has reported 2,182 metres of drilling, but no new assays, resource estimate or economic outcome. The value of the work will become clearer only when laboratory data is released and management explains its implications for Enterprise, Venture and subsequent exploration priorities.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.