Sentinel Metals (ASX:SNM) Reports Progress On Completed Its Big Springs Gold Acquisition And Its First Columbia Drilling, With An Updated Resource Planned

Aditi Sarkar

29 October 2026 03:07 PM AEDT

Sentinel Metals (ASX:SNM) Reports Progress On Completed Its Big Springs Gold Acquisition And Its First Columbia Drilling, With An Updated Resource Planned

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Highlights

Columbia has an Inferred Mineral Resource (JORC 2012) of 21.4 million tonnes at 1.3 g/t gold for 920,000 ounces.
DDCO26-011 returned 21.7 metres at 2.19 g/t from 36 metres with 99 per cent recovery, inside the pit shell.
Sentinel completed the acquisition of 100 per cent of Big Springs from Capricorn Metals on 26 August 2026.
Big Springs has a JORC resource of 15.5 million tonnes at 2.0 g/t gold for 1.01 million ounces.

Sentinel Metals (ASX:SNM) has reported a September 2026 quarter in which it completed the purchase of the Big Springs gold project in Nevada, finished its first drilling in about 20 years at the Columbia gold-silver project in Montana, and secured an option over a royalty. It ended the quarter with A$6.078 million in cash.

Columbia Drilling

Columbia has an Inferred Mineral Resource (JORC 2012) of 21.4 million tonnes at 1.3 g/t gold for 920,000 ounces. The resource is constrained by a US$2,200 per ounce pit shell. Separately, a conceptual Exploration Target of 22 to 27 million tonnes at 1.1 to 1.4 g/t gold is not a resource, as there is insufficient drilling to estimate one.

The program comprised 15 holes totalling about 3,700 metres and concluded in October 2026. Results from 11 holes are reported. Hole DDCO26-001 returned 46.8 metres at 5.5 g/t gold from 88.2 metres, including 21.4 metres at 11.1 g/t and 13.5 metres at 16.6 g/t. The company cautions that core recovery in the 13.5-metre interval was about 20 per cent, which limits how representative the grade is. DDCO26-011 returned 21.7 metres at 2.19 g/t from 36 metres with 99 per cent recovery, inside the pit shell.

Results were mixed. DDCO26-007 had no significant intercept, and a deep target hole, DDCO26-002, found no significant gold, with a peak of 0.19 g/t. All lengths are down-hole, and true widths have not been determined. Results for DDCO26-012 to -015 and further assay data are pending.

Big Springs Acquisition

Sentinel completed the acquisition of 100 per cent of Big Springs from Capricorn Metals on 26 August 2026. Consideration is A$8.5 million cash plus 8,620,690 shares valued at A$5.0 million, subject to 12 months of voluntary escrow, with up to A$12.5 million in contingent payments tied to milestones. Part of the funding came from a A$15 million placement at A$0.58 per share.

Big Springs has a JORC resource of 15.5 million tonnes at 2.0 g/t gold for 1.01 million ounces. The business states historical production was about 386,000 ounces from seven pits between 1987 and 1993, and that the project is permitted for open pit and underground mining under its current plan of operations. Near-term focus is high-grade extensions at North Sammy, and Sentinel is reviewing an expanded plan of operations for wider drilling. Sentinel puts its combined resource base at almost 2 million ounces of gold.

Royalty Option

On 9 September 2026 Sentinel announced an exclusive option to buy a 1 per cent production royalty over 13 patented Columbia claims, covering about 500,000 ounces of the resource. The fixed price is 500 ounces of gold, about A$3.1 million at spot, with annual 5-ounce option payments credited against it. The option runs seven years, extendable to ten, and can be ended without penalty. Exercise would lower the effective royalty from about 3.8 to 3.2 per cent. It has not been exercised.

Cash And Funding

Operating outflow was A$859,000. Investing outflow of A$10.783 million included A$8.533 million for Big Springs and A$2.168 million of exploration. Financing inflow was A$14.029 million, being A$15 million of equity less A$971,000 of costs. Cash rose from A$3.7 million to A$6.078 million.

The Appendix 5B estimates 2.0 quarters of funding, based on A$3.027 million of quarterly outgoings. Sentinel says it does not expect current outflows to continue as Columbia phase one drilling has finished. It has no undrawn facilities and discloses no further raising plans.

Next Milestones

An updated Columbia resource is targeted for November 2026, subject to receiving and interpreting the remaining assays. Sentinel is also planning Big Springs drilling and expects the December quarter to be a pivotal period. The updated estimate could differ from the current one.

FAQs

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

A: Sentinel Metals has reported a September 2026 quarter in which it completed the purchase of the Big Springs gold project in Nevada, finished its first drilling in about 20 years at the Columbia gold-silver project in Montana, and secured an option over a royalty. It ended the quarter with A$6.078 million in cash.

Q: What should readers watch next?

A: An updated Columbia resource is targeted for November 2026, subject to receiving and interpreting the remaining assays.

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