Plc Resources (ASX:PLC) Advances Work On Waiting On Gold Assays From Follow-Up Drilling At Its Abbotts Project In Western Australia

Aditi Sarkar

29 October 2026 03:07 PM AEDT

Plc Resources (ASX:PLC) Advances Work On Waiting On Gold Assays From Follow-Up Drilling At Its Abbotts Project In Western Australia

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Highlights

The holes were designed to step out north-west of, and down-dip from, a maiden five-hole programme completed in May 2026.
PLC cautions that these observations do not indicate the presence or grade of gold, so assays are the real test.
It hosts the Wadgingarra maiden Inferred Mineral Resource of 150,000 tonnes at 2.7 g/t gold, or 13,000 ounces.
On its own calculation, the company has an estimated runway of 10.89 quarters at current spending.

PLC Resources (ASX:PLC), formerly Premier1 Lithium Limited, has reported a quarter in which its main activity was a second round of drilling at the Rochefort gold prospect, part of its Abbotts Gold Project in Western Australia. The business states all samples from that programme are now at the laboratory, and gold assays are expected roughly four to six weeks after 30 September 2026. No results from the new holes have yet been released.

Rochefort Drilling

The follow-up reverse circulation programme comprised eight holes (26ANRC006 to 013) totalling 1,896 metres, drilled from 11 September 2026 to depths of 42 to 402 metres. The holes were designed to step out north-west of, and down-dip from, a maiden five-hole programme completed in May 2026.

That earlier programme drilled 1,020 metres. Three of the five holes returned anomalous gold of up to 0.4 g/t, and the best interval was 75 metres at 36 ppb gold from 172 metres. The company interprets these results, together with the host rock type, alteration and sulphide characteristics, as possibly indicating the margin of a larger gold system. It describes that view as conceptual.

Logging of the new holes recorded shear zones with trace to minor pyrrhotite and pyrite, magnetite-bearing intervals, and chlorite, epidote and silica alteration with quartz veining. Visual sulphide estimates ranged from 0.1% to 1%. PLC cautions that these observations do not indicate the presence or grade of gold, so assays are the real test. Further drilling will depend on them.

Regional Targets

A high-resolution airborne magnetic and radiometric survey flown in June 2026 identified a large fold along the eastern margin of the Abbotts Greenstone Belt. After reviewing historical reports, PLC reclassified it as a syncline. The business reports more than 8 kilometres of strike on the eastern limb and more than 6 kilometres on the western limb within its tenure, and a cross-cutting structural corridor that extends west onto tenements held by New Murchison Gold (ASX: NMG).

PLC notes that NMG reports a Garden Gully Mineral Resource of 4.53 million tonnes at 2.4 g/t gold for 353,700 ounces. It stresses that mineralisation on neighbouring ground does not necessarily indicate mineralisation on its own tenements, and it describes its targets as conceptual. Programs of Work for regional aircore drilling have been approved.

Yalgoo Project

The Yalgoo Gold Project covers 266 square kilometres in the Yalgoo-Singleton Greenstone Belt. It hosts the Wadgingarra maiden Inferred Mineral Resource of 150,000 tonnes at 2.7 g/t gold, or 13,000 ounces. No new results were reported there this quarter. Planned work includes ground electromagnetic and induced polarisation geophysics, follow-up drilling on the Carlisle-Cumberland-Olive Queen volcanogenic massive sulphide trend, and assessment of the Mt Kersey hydrothermal system, although timing is not specified.

Cash Position

The Appendix 5B shows cash of A$2.232 million at 30 September 2026, down from A$2.470 million at the start of the quarter. Operating cash outflow was A$72,000, investing outflow A$136,000 and financing outflow A$30,000. Exploration and evaluation spending was A$134,000, and the company received A$104,000 in government grants and tax incentives and A$17,000 in interest. It reports no debt and no revenue. On its own calculation, the company has an estimated runway of 10.89 quarters at current spending.

Tenements And Milestones

No tenements were acquired or disposed of. Transfers of several tenements from vendors are expected to complete by year-end.

Confirmed next steps are Rochefort gold assays in late October to mid-November, followed by multi-element analysis and an integrated data review, ground reconnaissance in November, and regional aircore drilling targeted for the first quarter of 2027.

Points To Note

Exploration results to date are anomalous rather than economic, and the company's geological interpretations remain unproven.

FAQs

Q: What is the principal development covered in this update?

A: PLC Resources , formerly Premier1 Lithium Limited, has reported a quarter in which its main activity was a second round of drilling at the Rochefort gold prospect, part of its Abbotts Gold Project in Western Australia. The business states all samples from that programme are now at the laboratory, and gold assays are expected roughly four to six weeks after 30 September 2026. No results from the new holes have yet been released.

Q: What should readers watch next?

A: Exploration results to date are anomalous rather than economic, and the company's geological interpretations remain unproven.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.