Great Northern Minerals (ASX:GNM) Expands Iron Butte Footprint With New High-Value Exploration Targets

Sonal Goyal

11 May 2026 11:59 AM AEST

Great Northern Minerals (ASX:GNM) Expands Iron Butte Footprint With New High-Value Exploration Targets

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Great Northern Minerals Limited (ASX:GNM) has announced the identification of two new drill targets — Iron Butte North and Iron Butte East — at its Iron Butte Gold–Silver Project in Lander County, Nevada, USA. The new targets sit immediately along strike and east-northeast of the project's central mineralised zone, which has previously returned drill intercepts including 21.3 m at 1.5 g/t Au and 52.8 g/t Ag from 28.9 m (within a broader 97.3 m at 0.7 g/t Au, 30.8 g/t Ag), as disclosed in the GNM ASX announcement dated 15 April 2026.

Iron Butte North is defined by a coincident gold- and silver-in-soil anomaly measuring 400 m by 250 m, with values up to 880 ppb gold and 3.9 ppm silver in soils, supported by rock chip assays of up to 8.3 g/t Au and over 100 g/t Ag in the area. Iron Butte East measures 200 m by 200 m, with values up to 70 ppb gold and 1.0 ppm silver in soils, supported by rock chips of up to 1.7 g/t Au and 160 g/t Ag. Both targets are interpreted as occurring within the same low-sulphidation epithermal system that hosts the central mineralised zone. A GNM field visit in April 2026 collected 8 rock samples, each of which returned elevated gold and silver values, with best assays of 1.66 g/t Au and 65.9 g/t Ag (sample IBLH03) and 1.46 g/t Au and 53.8 g/t Ag (IBLH06). A geophysical review is in progress to finalise drill targets ahead of permitting contractor selection, with a maiden Inferred JORC-compliant Mineral Resource expected in the near term.

What was announced

GNM has reported the identification of two coincident gold- and silver-in-soil anomalies at Iron Butte that were not previously drill-tested. Iron Butte North, located immediately along strike to the north-northeast of the central Iron Butte mineralised zone, measures 400 m by 250 m and is characterised by soil gold values greater than 10 ppb (up to 880 ppb gold) and silver values greater than 0.1 ppm (up to 3.9 ppm). Iron Butte East, located approximately 1 km to the east-northeast of the central zone, measures 200 m by 200 m and shows soil gold values greater than 10 ppb (up to 70 ppb) and silver values greater than 0.2 ppm (up to 1.0 ppm).

The anomalies are strongly supported by rock-chip sampling. At Iron Butte North, peak rock values reach 8.3 g/t Au and over 100 g/t Ag. At Iron Butte East, peak values reach 1.7 g/t Au and 160 g/t Ag. Iron Butte North is associated with extensive silica and clay alteration mapped by Angold across the entire area coincident with the gold and silver anomaly; Iron Butte East has not had alteration mapping conducted but shows the gold and silver anomaly primarily in volcanic rocks in close proximity to the lower contact with sediments — a geological setting consistent with the central Iron Butte mineralised zone.

The GNM field visit in early April 2026 collected 8 rock samples, with best assays returning 1.66 g/t Au and 65.9 g/t Ag (IBLH03) and 1.46 g/t Au and 53.8 g/t Ag (IBLH06). Every sample returned elevated gold and silver. The visit also included verification of 7 historical drill collar pads. A geophysical review is currently in progress to finalise drill targets ahead of permitting contractor selection, with a maiden Inferred JORC-compliant Mineral Resource expected in the near term.

Key facts and figures

The 2021 Angold soil sampling program collected 154 soil samples at 60 m spacing, sieved to 200–500 g and analysed at Paragon Laboratories in Nevada by fire assay (gold) and aqua-regia ICP (multi-element). The 34 historical rock samples were collected by various companies including Angold and C3 Resources, analysed at ALS or Paragon for gold by fire assay and multi-element by 4-acid digest and ICP detection. Historical rock highlights include 8.31 g/t Au and 87.7 ppm Ag (sample 127815, brecciation zone in older alluvium); 3.93 g/t Au and 85.4 ppm Ag (127816, argillized and silicified rhyolitic tuff); 2.01 g/t Au and 9.6 ppm Ag (127832); 1.74 g/t Au and 100 ppm Ag (127810); 1.67 g/t Au and 46.2 ppm Ag (127803); 1.44 g/t Au and 127 ppm Ag (127563); and 1.23 g/t Au and 160 ppm Ag (127808).

Recent GNM rock sample highlights from the April 2026 field visit include IBLH03 (40.112391°N, 117.079336°W, 1668.62 m elevation, classic bladed-texture quartz vein with minor fine pyrite) at 1.66 g/t Au and 65.8 g/t Ag; IBLH06 (40.111897°N, 117.076870°W, 1705.77 m, strongly silica-altered porphyritic rock) at 1.43 g/t Au and 53.8 g/t Ag; IBLH02 at 0.89 g/t Au and 7.04 g/t Ag; IBLH01 at 0.35 g/t Au and 0.695 g/t Ag; IBLH04 at 0.27 g/t Au and 1.94 g/t Ag; IBLH08 at 0.19 g/t Au and 15.35 g/t Ag; IBLH05 at 0.11 g/t Au and 37.6 g/t Ag; and IBLH07 at 0.03 g/t Au and 1.345 g/t Ag.

The project comprises 24 unpatented lode claims, 100% held by Hightest Resources LLC (per the 15 April 2026 GNM ASX announcement: Acquisition of Advanced Gold-Silver Project in Nevada). Iron Butte is located approximately 60 km south of the Battle Mountain-Eureka Trend in Nevada, alongside the Carlin and Getchell Trends. The deposit is interpreted as a low-sulphidation epithermal system with mineralisation hosted primarily in volcanic rocks within the oxide zone, but with gold mineralisation also known to occur stratigraphically below the volcanics in sedimentary sequences, where it has been interpreted as carbonate-replacement or Carlin-style.

Why the announcement matters

The announcement is meaningful for three principal reasons. First, it materially expands the footprint of the prospective area at Iron Butte. The central mineralised zone has already demonstrated drillable gold-silver grades with a headline intercept of 21.3 m at 1.5 g/t Au and 52.8 g/t Ag from 28.9 m. The identification of two further coincident soil-and-rock anomalies in areas that have not been previously drilled provides additional drill-ready targets that could expand the maiden Mineral Resource Estimate or add separately defined zones.

Second, it strengthens the geological case. Both new targets exhibit the same geological setting, alteration style and geochemical signature as the central zone. The release explicitly compares Iron Butte to other low-sulphidation epithermal districts and notes the alteration and bladed quartz textures consistent with epithermal precious-metal deposition. The presence of these characteristics in the new target areas supports the interpretation that mineralisation extends beyond the previously drilled footprint.

Third, the verification of historical drill collar locations during the field visit will contribute to the maiden Inferred JORC-compliant Mineral Resource currently in progress. Reliable collar locations are a fundamental input to resource estimation. For investors monitoring the project's transition from exploration to resource definition, the announcement constitutes meaningful progress toward the maiden MRE.

Strategic context

Iron Butte is located in Lander County, Nevada — a Jurisdiction with a long history of gold and silver Mining, well-developed mining services, and a relatively stable regulatory framework. The Battle Mountain-Eureka Trend, located approximately 60 km north of Iron Butte, is one of Nevada's most prominent gold corridors, alongside the Carlin Trend and the Getchell Trend. These corridors are controlled by long-lived crustal fault systems that focus magmatism and hydrothermal mineralisation; Iron Butte sits in their regional context, although not directly on them.

The release positions Iron Butte as a low-sulphidation epithermal deposit with extensive mineralisation exposed at surface and within the oxide zone. The combination of surface-exposed mineralisation and a low-strip-ratio thesis is potentially supportive of a near-term development scenario, although such a scenario has not yet been articulated by the company. The mention of a carbonate-replacement or Carlin-style component to the deeper mineralisation, while not the current drilling focus, is a potential second leg of geological prospectivity.

Hightest Resources LLC, the holder of the 24 unpatented lode claims, was the subject of the 15 April 2026 GNM ASX announcement regarding the acquisition. The 11 May 2026 release does not detail the precise commercial terms of Hightest's relationship with GNM beyond the description of acquisition.

Investor takeaway

The 11 May 2026 announcement is incrementally positive for Great Northern Minerals. It extends the prospective area at Iron Butte by adding two coincident soil-and-rock anomalies in previously undrilled regions that share the geology, alteration style and geochemistry of the central mineralised zone. The April 2026 field visit reinforced the geological model and contributed verification work supporting the upcoming maiden Inferred JORC-compliant Mineral Resource.

Investors should monitor the completion of the geophysical review, the finalisation of drill targets and the selection of a permitting contractor; the eventual commencement of drilling at Iron Butte North and Iron Butte East; and the announcement of the maiden Inferred JORC Mineral Resource. Successful drilling at the new targets could expand the eventual resource base; failure to confirm mineralisation at depth would reduce the strategic significance of the surface anomalies. The current announcement is supportive of, but does not in itself prove, an expanded resource.

FAQs

Q: What has Great Northern Minerals (GNM) announced?

A: GNM has identified two new drill targets, Iron Butte North and Iron Butte East, at its Iron Butte Gold–Silver Project in Nevada, USA.

Q: Why are the new Iron Butte targets important?

A: Both targets show strong gold and silver soil and rock anomalies and appear to share the same geology and alteration style as the existing mineralised zone.

Q: What are the key geochemical results from the new targets?

A: Iron Butte North shows up to 880 ppb gold in soils and 8.3 g/t gold in rock chips, while Iron Butte East shows up to 70 ppb gold in soils and 1.7 g/t gold in rock chips.

Q: Has drilling been completed at the new targets?

A: No. The targets are currently undrilled and are based on soil sampling, rock chips, and geological interpretation. Drilling is expected after geophysical review and permitting.

Q: What is the significance of the central Iron Butte mineralised zone?

A: The central zone has already returned strong intercepts, including 21.3 m at 1.5 g/t gold and 52.8 g/t silver, supporting the broader exploration model.

Q: Where is the Iron Butte Project located?

A: The project is located in Lander County, Nevada, USA, within a well-known mining region near major gold belts such as the Battle Mountain–Eureka Trend.

Q: What is the company working on next?

A: GNM is completing a geophysical review, preparing drill targeting, advancing permitting, and working toward a maiden Inferred JORC Mineral Resource.

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