Key Highlights

• The first drill hole at the Friday Gold Project in Idaho returned a long mineralised interval.

• The interval was 290.26 metres at 2.8 grams per tonne of gold.

• The company itself says one hole is not enough to judge the project.

• Further drilling will be needed.

Elk Range Mining Limited (ASX:ELK) is in focus because its first drill hole at the Friday Gold Project in Idaho returned a long mineralised interval, 290.26 metres at 2.8 grams per tonne of gold. The result, released on 27 October 2026, came within three months of the explorer listing.

It is one hole, and the company itself says a single hole cannot support a Mineral Resource. The interest lies in what the hole adds to a project where earlier operators drilled 386 holes totalling more than 44,200 metres, according to the company.

A new listing with an old project

Elk Range (ASX:ELK) was admitted to the ASX Official List on 6 August 2026 and began trading on 10 August. It raised A$10.0 million gross by issuing 50,000,000 shares at A$0.20. The ASX classifies it in Materials and describes it as gold exploration.

Its Idaho Gold Project sits in Idaho County, in the Orogrande Mining District. Friday is a historical gold mine with existing underground development, and the project spans about 22 kilometres of the Orogrande Shear Zone. The company also holds Buffalo Gulch and Deadwood claims, where no field work took place in the September quarter.

What hole 26FRD001 found

The maiden diamond hole, the first at Friday with oriented core to capture structural data, was drilled to 336.8 metres. Within the envelope, it reported 89.55 metres at 5.5 grams per tonne from 76.63 metres and 37.09 metres at 8.3 grams per tonne from 129.08 metres. A narrower zone of 11.28 metres at 21.4 grams per tonne began at 137.16 metres.

The company says mineralisation extends about 170 metres below the end of an earlier hole. Visible gold was logged, and one assay interval around 122.5 metres returned 268.4 grams per tonne.

Reading the numbers with care

All lengths are downhole, and true widths have not been estimated. The hole was collared about eight metres from a 2014 hole drilled by a previous operator. Over the same interval, the new hole averaged about 2.7 grams per tonne against 5.22 grams per tonne historically.

The holes are not exact twins, and the assay methods differ, because PhotonAssay uses a much larger sample charge than the historical 50-gram fire assay. A PhotonAssay re-sample of the 2014 hole is pending.

The company also disclosed that one quality-control standard fell marginally outside two standard deviations, and the laboratory has been asked to review it. Its competent person, the chief executive, considers the issue not material.

Cash and the next drilling

At 30 September 2026, Elk Range (ASX:ELK) held A$7.19 million in cash, excluding A$0.17 million of deposits. Operating outflow for the quarter was A$1.56 million, including A$0.68 million of one-off items. Exploration spend was A$0.59 million, leaving A$4.47 million of a A$5.00 million budget. The Appendix 5B showed 3.3 quarters of funding, and management expects corporate costs to fall from the December quarter.

Drilling began on 20 August 2026 under contractor Black Cloud Mining & Drilling. Phase 1 comprises about 2,850 metres across eight holes. Hole 26FRD002 paused at roughly 151 metres after mechanical problems, and 26FRD003 was at about 125 metres on 27 October. Assays for both are expected around late November 2026. Possible further holes and underground drilling depend on results.

Risks to weigh

Exploration carries geological and funding risk, and one strong hole may not be repeated. The company's foreign estimate of Friday, from its 17 June 2026 prospectus, is not reported under the JORC Code and has not been classified as a Mineral Resource.

Elk Range (ASX:ELK) is a recent listing, and drilling depends on equipment and weather in Idaho. Collars were placed by handheld GPS, with survey-grade checks planned before resource work, and no laboratory audit has yet been completed.