Why Normandy Minerals (ASX:NMD) is reporting a 17-metre gold intercept from first diamond holes at its Halleys project

Sonal Goyal

28 October 2026 04:40 PM AEDT

Why Normandy Minerals (ASX:NMD) is reporting a 17-metre gold intercept from first diamond holes at its Halleys project

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Key Highlights

Hole 26NMDD0008 intersected 17.0 metres at 10.50 g/t gold from 65.0 metres, including 5.2 metres at 26.53 g/t.
The second hole, 26NMDD0014, did not intercept its target after deviating, and assays remain pending for four other holes.
Reverse circulation drilling is planned to follow, and the company noted exploration results are not a mineral resource or reserve.

The headline result

Normandy Minerals Ltd (ASX:NMD) reported on 28 October 2026 that the first two holes of its maiden diamond program at the Halleys gold deposit returned multiple high-grade lenses, which the company said supports a stacked lode model. The best result came from hole 26NMDD0008, which intersected 17.0 metres at 10.50 grams per tonne gold from 65.0 metres downhole.

Within that composite the company highlighted two higher-grade sections: 5.0 metres at 7.92 grams per tonne from 65.0 metres, and 5.2 metres at 26.53 grams per tonne from 76.8 metres. Shallower results in the same hole included 3.0 metres at 4.75 grams per tonne from 31.0 metres and 8.4 metres at 0.74 grams per tonne from 38.6 metres.

How the numbers were calculated

The company's stated reporting criteria are a one-metre minimum width, a 0.5 gram per tonne lower cut-off and up to two metres of internal dilution. The 17-metre composite is an explicit exception to those rules, presented by the company to show overall continuity. The sample table in the announcement shows a barren gap of roughly 6 metres of low-grade samples, mostly 0.1 to 0.3 grams per tonne, between the two higher-grade zones, so the composite averages across that gap. No top cuts were applied and no metal-equivalent grades are reported.

Hole 26NMDD0008 was drilled approximately perpendicular to the interpreted zone, so the company said the main intersection approximates true width. The second reported hole, 26NMDD0014, was drilled down-dip and its intersections are not true width. It returned 1.0 metre at 10.20 grams per tonne from 60.80 metres and 1.23 metres at 0.82 grams per tonne from 102.77 metres.

Why the second hole fell short of its target

Normandy said 26NMDD0014 was designed to re-test a historical hole, BRC0135, which reported 6.0 metres at 102.66 grams per tonne within 14.0 metres at 45.32 grams per tonne. Access limits near the old pit void forced a semi-down-dip collar position, the hole deviated, and the company said the target was not intercepted.

Project and program status

Halleys is held under prospecting licence P77/4706, which the company says is 100 per cent owned with no royalties, about 200 kilometres north of Southern Cross. The pit was mined and finished in 2014. Normandy describes the mineralisation as a structurally controlled Archean gold occurrence near the intersection of the north-east trending Halleys Shear and the north-south Moondie Shear, hosted in a steeply south-east dipping basaltic sequence with intruding porphyries. The company said the orientation of mineralisation is still being defined and that no folding has been identified so far.

About 905 metres of diamond drilling has been completed and drilling is continuing. Of the seven holes listed in the program table, assays are still pending for 26NMDD0001, 0002, 0005 and 0009, and 26NMDD0007 was terminated at 17.3 metres because of drilling difficulties and will be redrilled. The announcement also lists identical collar coordinates for holes 0001 and 0002, which the document itself flags as needing a check.

Sampling and next steps

Half-core was submitted to ALS in Perth and assayed for gold by 30-gram fire assay with an atomic absorption finish. The company said its standards and blanks, together with the laboratory's internal checks, were acceptable. The review was internal, with no independent external audit.

Normandy said the next steps are to finish the diamond program, which will also provide structural and geotechnical data, and to begin reverse circulation drilling to test extensions and priority targets. The timing of the reverse circulation start is described in the announcement as imminent, in October and in late October 2026. The company also plans systematic sampling of the historical stockpile for grade and metallurgy, regional soil geochemistry, and consolidated assay updates, with the flexibility to release results early. These are plans rather than completed work, and exploration results are not a mineral resource or reserve.

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