Highlights

  • Phase 2 Reverse Circulation Drilling has commenced at Mt Fisher and Wagtail, comprising approximately 3,000 metres of extensional and infill drilling.
  • At Mt Fisher, Phase 1 drilling previously extended mineralisation below the historical pit, with Phase 2 now targeting northern extensions and down-plunge extensions.
  • At Wagtail, the high-grade mineral resource remains open down plunge and along strike, with previous drilling returning notable gold intersections at shallow depths.
  • Upon completion of the Mt Fisher program, the rig will mobilise to Damsel, the company's largest deposit, for a planned program of up to 7,500 metres of RC drilling.

High-Tech Metals Ltd (ASX:HTM) has announced the commencement of Phase 2 reverse circulation (RC) drilling at its 100%-owned Mt Fisher and Wagtail Gold Projects in Western Australia's Northern Goldfields. The approximately 3,000-metre program is designed to grow the resource base and improve resource confidence at both projects. Around 2,500 metres of the program will be allocated to Mt Fisher, with the remaining 500 metres at Wagtail.

The drilling follows an updated geological model at Mt Fisher that defined a new underground resource component beneath the optimised open-pit shell and increased total contained gold by 47% at that project. At Wagtail, previous infill drilling confirmed the coarse-gold, quartz vein-hosted nature of the mineralisation and supported an updated Mineral Resource Estimate, with approximately 73% of the resource now classified as Indicated.

Mt Fisher Program Objectives and Phase 1 Context

The Mt Fisher Phase 2 program is targeting four key areas: northern extensions beyond the current resource boundary, down-plunge extensions beneath the historical pit, interpreted higher-grade shoots identified from geological modelling, and infill drilling to convert Inferred resources to Indicated classification. These objectives directly address the geological targets identified through Phase 1 drilling and the updated resource model.

Phase 1 drilling at Mt Fisher had already confirmed continuity of mineralisation beyond the previous resource envelope and below the historical pit, with intersections reaching depths of around 190 metres. The updated resource established a new underground Inferred component, recognising that mineralisation continues at depth beyond the limits previously modelled. First assay results from the Phase 2 program are expected within three to four weeks of the announcement.

Wagtail Drilling and Metallurgical Work

At Wagtail, the 500-metre Phase 2 program is designed to test extensions to, and infill, the existing high-grade mineral resource. The Wagtail resource remains open down plunge beneath the historic workings and along strike to the north and south, suggesting meaningful potential for resource growth through targeted drilling. Previous results from HTM's infill campaign at Wagtail have included notably high-grade intersections at relatively shallow depths, confirming the coarse-gold character of the mineralisation.

In parallel, metallurgical testwork on Mt Fisher primary mineralisation and stockpile material is ongoing, following the execution of a binding Ore Purchase Agreement with Forrestania Resources in October 2026. This agreement establishes a potential processing pathway for eligible material through existing processing infrastructure, an important step toward assessing near-term development Options at Mt Fisher.

Damsel Deposit and Broader Portfolio

On completion of the Mt Fisher program, the drill rig is scheduled to move to the Damsel deposit, HTM's largest single deposit with a Mineral Resource of 1.4 million tonnes at 1.66 g/t gold for 75,000 ounces. A second rig is also planned to operate at Damsel, with up to 7,500 metres of RC drilling designed to extend the resource and test multiple high-grade prospects outside the current resource envelope. This combined campaign at Damsel follows a recent announcement outlining the exploration target rationale for the deposit.

HTM's total group Mineral Resource across Mt Fisher, Wagtail, Damsel and the Mt Eureka projects stands at 202,000 ounces, underpinned by a 1,150 square kilometre landholding in the Yilgarn Craton. The company is well-funded with approximately $8.9 million in cash, with a stated strategy of advancing near-term production opportunities at existing Mining leases to establish early cash flow, creating a self-funded pathway for further high-impact exploration.

Key Insights

High-Tech Metals' Phase 2 drilling program across Mt Fisher, Wagtail and Damsel reflects a systematic approach to resource growth across a multi-asset gold portfolio in Western Australia's Northern Goldfields. The 47% resource increase at Mt Fisher from Phase 1 work provides meaningful encouragement for the Phase 2 program, particularly given that mineralisation remains open in multiple directions. The Forrestania Ore Purchase Agreement provides a tangible processing pathway for Mt Fisher that moves the project closer to potential near-term Revenue generation. With Damsel's 75,000-ounce resource and multiple untested high-grade prospects nearby, the upcoming drilling at that deposit is a significant near-term catalyst. HTM's well-funded position and established mining Lease tenure reduce two of the most common barriers to advancing exploration-stage gold projects toward development.