Highlights

• Tarrina Resources Limited has reported that all assays are now back from the first phase of diamond drilling.

• The six-hole programme at Christmas Gift, which the company holds outright, returned gold in every hole across more.

• Soil geochemistry points to sulphide-rich systems but cannot yet distinguish orogenic gold from volcanogenic mineralisation.

• At Walparuta, a copper-gold project, Tarrina collected 998 soil samples and completed a second induced polarisation survey.

Tarrina Resources Limited (ASX:TR8) — has reported that all assays are now back from the first phase of diamond drilling at its Christmas Gift gold project in New South Wales, and that it plans a regional air-core programme next. The disclosure forms part of its quarterly report for the period ended 30 September 2026.

Central development

The six-hole programme at Christmas Gift, which the company holds outright, returned gold in every hole across more than 1,050 metres of strike and to about 200 metres depth, according to Tarrina. Intersections were drilled beneath the historic mine. The best results listed include 14.5 metres at 2.23 grams per tonne gold from 58 metres and 16.4 metres at 2.06 grams per tonne from 75.6 metres in hole CGDH001, 4.6 metres at 5.42 grams per tonne from 42.9 metres in CGDH002, and a 0.5 metre interval at 42.26 grams per tonne at the end of that hole.

Core assays also show zones up to 30 metres wide with up to 1.65 per cent zinc and 0.23 per cent copper. The company sees potential for separate volcanogenic massive sulphide style zinc and copper mineralisation. It says historic mining did not extract all of the high-grade gold and zinc, and that strike and down-dip extensions are untested. These are drilling intersections and not a mineral resource.

Soil geochemistry points to sulphide-rich systems but cannot yet distinguish orogenic gold from volcanogenic mineralisation. Mapping and three-dimensional geological modelling are under way.

South Australian projects

At Walparuta, a copper-gold project, Tarrina collected 998 soil samples and completed a second induced polarisation survey. It reports strong chargeability anomalies on eight of nine lines, ten anomalies above 42 millivolts per volt, and a four to five kilometre corridor with 23 high-priority drill targets to about 1,200 metres depth. Several anomalies coincide with surface copper-gold soil anomalies.

Drilling will follow target optimisation, land access agreements, government approvals, and progress on a Native Title Mining Agreement and heritage clearances. The company says the timing of the agreement is uncertain. At Yongala, planned work covers mapping, geochemistry and geophysics aimed at sedimentary copper-silver and carbonatite-style rare earth targets.

Corporate matters

Chief executive Dr Greg Partington will leave employment on 11 November 2026 and remain available as a technical adviser. Tarrina has applied for two grants, each of which, if approved, would fund half of planned Walparuta drilling, up to A$350,000. The board has reduced costs and says it is assessing acquisition opportunities. The report is inconsistent about which grant applies to which section, and neither is confirmed as received.

Cash position

Net operating cash outflow for the quarter was A$505,000, including A$307,000 on exploration and evaluation, A$47,000 on staff costs and A$165,000 on administration, offset by A$14,000 interest. Cash fell from A$2.227 million to A$1.722 million, with no investing or financing flows. The company estimates 3.41 quarters of funding at the current rate and reports no drawn debt.

A use-of-funds table shows A$1.84 million spent on exploration and drilling against A$3.10 million set out in the prospectus. Related-party payments of A$218,000 were reported in the Appendix 5B, although amounts described in the narrative total slightly more.

Risks and conditions

The results are early-stage and no resource has been defined at either gold or base-metal targets. Walparuta drilling depends on access, approvals and native title arrangements, and grant funding is unconfirmed. Cash covers a little over three quarters at the present spending rate, and management changes are pending.

Next milestones

The company has described a regional air-core drilling programme at Christmas Gift, prioritised using soil data, along with continued modelling and mapping. At Walparuta it intends to start discovery drilling once approvals are received. No firm dates were given.