Key Highlights

  • 49 Metals (ASX:49M) has acquired the geological database for its 100%-owned Buffalo Canyon Gold Project in Nevada.
  • The database includes 63 historical drill holes totalling 11,280 metres, along with geological models, surface geochemistry and geophysical surveys.
  • The data were acquired for nil cash and a 1.0% net smelter return Royalty from Genex Exploration Inc, a Subsidiary of Orogen Royalties.
  • The company’s second drilling campaign at Gold Mountain is nearing completion, with assays pending.

49 Metals Limited (ASX:49M) announced on 9 November 2026 that it has acquired the geological database for its 100%-owned Buffalo Canyon Gold Project in Nevada’s Walker Lane Trend. The database covers historical exploration on the project, which the company says indicates the potential for a large gold system that remains open along strike and at depth. The Acquisition is an early step toward planning new exploration on the project.

What the Database Contains

The database includes geological models, surface geochemistry and geophysical surveys, as well as a drill hole dataset of 63 holes for 11,280 metres. Historical drilling intersected broad gold mineralisation starting at surface, with examples including 182.9 metres at 0.39 g/t gold from surface in hole DBC-01 and 152.4 metres at 0.42 g/t gold from surface in hole DBC-10.

The company says these grades are typical of material mined by heap-leach methods in Nevada. Historical drilling also returned extensive gallium anomalism from surface in four holes on the margins of the gold zone.

Terms of the Acquisition

49 Metals acquired the data from Genex Exploration Inc, a subsidiary of Orogen Royalties, for nil cash. The consideration is a 1.0% net smelter return royalty, which will be payable on future production from the project if it proceeds.

The company will continue reviewing the database and begin planning an initial exploration campaign. A budget or timetable for that campaign has not been given.

The royalty is a structural feature of the deal that will matter if the project advances. A net smelter return royalty is calculated on the value of production rather than on profit, so it applies regardless of the project’s costs. Because the database was acquired for nil cash, the upfront cost to the company is limited to the royalty commitment and the work needed to review the data.

Limits of Historical Data

Historical data are not a substitute for new exploration, and there is no resource estimate for Buffalo Canyon. The quality and compatibility of data collected by previous operators will need to be verified before it can support modern estimates.

The company remains focused on its Gold Mountain project, where the second drilling campaign is nearing completion and assays are pending. Results from that work may shift priorities at Buffalo Canyon, and the royalty will apply to future production regardless of any changes to the project.

Final Word

49 Metals has added a historical dataset to its Buffalo Canyon project at minimal upfront cost, with the royalty as the main consideration. The usefulness of the database will be tested by the exploration planning that follows and by whether historical intersections can be verified. The next milestone is the assay release from Gold Mountain, which will also shape how the company allocates effort.

Results from the Gold Mountain drilling will shape how management allocates its exploration effort, and the first exploration campaign at Buffalo Canyon will show whether the historical data point to targets that can be tested on the ground.