Highlights

  • North Stawell reported further gold intersections from its 2026 Darlington diamond drilling programme.
  • NSD062 returned 0.4 m at 17.10 g/t gold from 98.6 m, about 70 m north of an earlier intercept.
  • A six-line, approximately 6.5 km induced-polarisation survey identified additional untested targets.
  • The Wildwood gold Mineral Resource remained 87,300 ounces, comprising Indicated and Inferred categories.
  • Cash at 30 September 2026 was AUD 291,900 after a September Placement raising AUD 250,000.

North Stawell Minerals Limited explores gold prospects in western Victoria, in the Stawell Corridor. In its September 2026 quarterly activities report, North Stawell Minerals (ASX:NSM) outlined follow-up diamond drilling at Darlington, induced-polarisation surveys and the next stages of exploration across its project portfolio.

What Did the Darlington Diamond Drilling Establish?

Two follow-up diamond holes tested the Darlington gold-bearing structure during the September 2026 quarter. Hole NSD062 intersected 0.4 m grading 17.10 grams per tonne (g/t) gold from 98.6 m, while NSD063 returned 0.5 m at 1.16 g/t gold from 129.6 m. North Stawell Minerals (ASX:NSM) reported that NSD062 extended the known high-grade mineralisation approximately 70 m north of the earlier NSD057 intercept.

That earlier hole returned 2.3 m at 29.18 g/t gold from 108.2 m, including 0.8 m at 82 g/t. The company described the mineralised structure as steeply dipping and open at depth and along strike in both directions. The company estimates true thicknesses at 70–80% of reported downhole lengths. Further drilling is required to determine continuity and scale.

How Geophysics Is Shaping New Drill Targets

North Stawell Minerals (ASX:NSM) completed six dipole-dipole induced-polarisation lines totalling approximately 6.5 km across Darlington and Forsaken. At Darlington West, the survey identified an untested chargeability response near a prospective basalt margin. The anomaly remains untested by drilling.

At Forsaken, the survey detected basement responses through approximately 30–50 m of conductive cover, although investigation depth was limited. This may help map concealed structures elsewhere. North Stawell Minerals (ASX:NSM) still needs drilling to confirm the geological interpretation and any associated gold grades.

Wildwood Resource and the Funding Position

The Wildwood deposit has an unchanged JORC 2012 Mineral Resource estimate of approximately 1.155 million tonnes grading 2.4 g/t gold, containing 87,300 ounces at a 1.0 g/t cut-off. Of this, 44,600 ounces are classified as Indicated and 42,700 ounces as Inferred. The estimate was originally reported in June 2023; it is included here as the company’s existing resource position, not a new 2026 discovery.

The September-quarter report recorded AUD 421,140 of exploration expenditure and AUD 291,900 of cash at 30 September 2026. North Stawell Minerals (ASX:NSM) also completed a placement raising AUD 250,000 through 13,888,889 shares at AUD 0.018 each. The relatively limited quarter-end cash balance makes the timing and financing of further field programmes an important consideration.

What Comes Next for the Gold Exploration Programme?

For the December 2026 quarter, the company outlined preparation for further diamond drilling at Darlington West, assessment of Forsaken geophysical targets, additional work at Wildwood and follow-up of geochemical targets at Caledonia. These are proposed workstreams, not completed results. Their progress depends on technical priorities, approvals, contractors and available funding.

Key Insights

North Stawell Minerals (ASX:NSM) has added drilling evidence to its Darlington structural model and identified further geophysical targets beneath cover. The reported intersections are narrow, and the broader mineralised system remains to be defined. Wildwood provides an existing resource base, while cash constraints and the need for follow-up drilling remain material factors in assessing the company’s 2026 exploration progress.