Highlights

  • Four shallow diamond holes at Graceland returned high-grade copper-equivalent intercepts and confirmed down-dip continuity beneath the Gossan 1 area.
  • Hole GLBPD007 returned 1.12 metres at 13.0 per cent copper equivalent within a 4.48 metre intercept at Gossan 1 East.
  • A deeper diamond program began in the September quarter, testing three induced polarisation sulphide targets with up to 10 holes.
  • Cash closed the quarter at A$3.548 million, with no equity raising and estimated funding of 5.3 quarters at current spending.

One metre of rock, 13.0 per cent copper equivalent. That is the standout slice from hole GLBPD007, and the rig has already moved on to deeper ground. Golden Deeps Ltd (ASX:GED) reported that four shallow diamond holes at its Graceland prospect, part of the Central Otavi Project in northern Namibia, returned high-grade copper-equivalent intercepts. A deeper diamond program began during the September 2026 quarter, and the company describes Graceland, a copper-silver-zinc-lead-germanium prospect, as high priority.

What the shallow holes found

The four holes confirmed down-dip continuity below the Gossan 1 and Gossan 1 East areas. At Gossan 1, hole GLBPD009 cut 8.20 metres at 3.5 per cent copper equivalent from 8 metres, including 2.12 metres at 6.2 per cent. Peak values in that hole reached 23.2 per cent zinc, 8.2 per cent lead and 118 grams per tonne germanium.

Over at Gossan 1 East, GLBPD007 returned 4.48 metres at 4.0 per cent copper equivalent from 2.52 metres. Peaks there included 9.2 per cent copper and 417 grams per tonne silver. A third hole, GLBPD001, returned 1.45 metres at 2.9 per cent copper equivalent from 4.64 metres.

These are exploration results, not a resource. The copper-equivalent figures blend several metals using assumptions set out in the report appendix, so they deserve a careful read.

Going deeper

The new program is aimed at three induced polarisation sulphide targets in the Gossan 1 corridor. Up to 10 initial deeper holes are planned, and anything beyond that hinges on the first-stage outcome. No dates for results have been provided.

Elsewhere, soil, rock chip and channel sampling continued at South Ridge and Butterfly North, with results due once finalised.

A wider portfolio

Uranium tenement applications in western Namibia, where the company holds 80 per cent, are waiting on grant subject to Environmental Compliance Certificates. Back in Australia, the company holds New South Wales copper-gold-zinc tenements, the Tuckers Hill gold project and the 100 per cent owned Havilah copper project, which it describes as under review or possible divestment. In Ontario, Canada, the 100 per cent owned Professor and Waldman cobalt-silver projects are listed as a possible sale.

Cash and funding

Cash at 30 September 2026 was A$3.548 million, down from A$4.218 million at the start of the quarter. That balance comprised A$836,000 in bank accounts and A$2.712 million in Westpac term deposits. Net expenditure was A$670,000, of which A$513,000 went on exploration and evaluation, while net operating cash outflow was A$157,000.

No financing activity took place. Related-party payments were A$6,000 in director fees.

What to watch

The confirmed milestones are assays from the deeper Graceland holes, sampling results at South Ridge and Butterfly North, and the grant of the Namibian uranium applications. Some Namibian tenements show expiry dates before or near quarter end, and renewal applications are stated to have been lodged. Drilling outcomes remain uncertain.