Key Highlights

  • Four shallow holes at Graceland returned high-grade copper-equivalent intercepts, including 8.20 metres at 3.5 per cent in hole GLBPD009.
  • A deeper diamond drilling program of up to 10 initial holes began during the September 2026 quarter to test three induced polarisation targets.
  • Cash was A$3.548 million at 30 September 2026, down from A$4.218 million, with no equity raising and an estimated 5.3 quarters of funding.

Golden Deeps Ltd (ASX:GED) reported that four shallow diamond drill holes at its Graceland prospect in the Central Otavi Project in northern Namibia returned high-grade copper-equivalent intercepts, and that a deeper diamond drilling program began during the September 2026 quarter. The company describes Graceland, a copper-silver-zinc-lead-germanium prospect, as high priority.

Drilling results

The company said the holes confirmed down-dip continuity below the Gossan 1 and Gossan 1 East areas. In hole GLBPD009 at Gossan 1, it reported 8.20 metres at 3.5 per cent copper equivalent from 8 metres, including 2.12 metres at 6.2 per cent copper equivalent. Peak values in that hole included 23.2 per cent zinc, 8.2 per cent lead and 118 grams per tonne germanium.

At Gossan 1 East, hole GLBPD007 returned 4.48 metres at 4.0 per cent copper equivalent from 2.52 metres, including 1.12 metres at 13.0 per cent copper equivalent. Peak values there included 9.2 per cent copper and 417 grams per tonne silver. Hole GLBPD001 at the same area returned 1.45 metres at 2.9 per cent copper equivalent from 4.64 metres. These are exploration results and do not constitute a resource. Copper-equivalent figures combine several metals using the company's assumptions in its report appendix, which labels the formula inconsistently, so readers should treat the equivalent values with care.

Deeper drilling

Golden Deeps said the deeper program is testing three induced polarisation sulphide targets in the Gossan 1 corridor. Up to 10 initial deeper holes are planned, with any further drilling dependent on the results of this first stage. The company has not given dates for results.

Other projects

Soil, rock chip and channel sampling continued at South Ridge and Butterfly North, with results to be reported when finalised. Uranium tenement applications in western Namibia, in which the company holds 80 per cent, are awaiting grant subject to Environmental Compliance Certificates. The company's other interests include New South Wales copper-gold-zinc tenements, the Havilah copper project, which it holds at 100 per cent and describes as under review or possible divestment, the Tuckers Hill gold project, and the Professor and Waldman cobalt-silver projects in Ontario, Canada, also held at 100 per cent and a possible sale.

Cash and funding

Net expenditure for the quarter was A$670,000, of which A$513,000 was exploration and evaluation. Net operating cash outflow was A$157,000. Cash at 30 September 2026 was A$3.548 million, down from A$4.218 million at the start of the quarter, comprising A$836,000 in bank balances and A$2.712 million in Westpac term deposits. The company reported no financing activity or equity raising during the quarter and estimated funding of 5.3 quarters at the current rate of spending. Related-party payments were A$6,000 in director fees.

What to watch

Confirmed milestones in the report are the assays from the deeper Graceland holes, the sampling results at South Ridge and Butterfly North, and the grant of the Namibian uranium applications. The report also noted that some Namibian tenements show expiry dates before or near the quarter end, with renewal applications stated to have been submitted. Drilling outcomes remain uncertain, and the company's funding estimate is based on its current spending level.