Highlights

  • Reverse circulation drilling of 11,568 metres is underway at the Magnetite Range Project in Western Australia.
  • The program combines 8,568 metres of magnetite infill drilling with 3,000 metres of gold exploration drilling.
  • Binding agreements for the sale of the Norseman Gold Project were announced on 6 July 2026, for up to A$4.0 million.
  • The Magnetite Range pre-feasibility study remains in progress, with cash and term deposits of $7.59 million at 30 June 2026.

Accent Resources NL (ASX:ACS) is a Western Australian exploration company whose 100 per cent owned Magnetite Range Project is in the Midwest region, about 250 kilometres east of Geraldton. In an announcement dated 20 October 2026, the company reported that a reverse circulation drilling campaign at the project is now fully underway, after agreeing in July to divest its Norseman Gold Project.

What the drilling program covers

The campaign totals 11,568 metres. According to the announcement, 8,568 metres are infill drilling within the magnetite resource, and 3,000 metres are gold exploration drilling aimed at mineralised structures linked to more than 42 historical workings. The company is also re-assaying historical iron ore drill samples for gold.

The infill drilling is intended to support the possible conversion of Inferred material to the Indicated category under the JORC Code (2012). The company has indicated that any upgrade depends on drilling results and Competent Person assessment, and is not guaranteed.

The existing resource base

The Magnetite Range Mineral Resource stands at 523.3 million tonnes at 31.3% Fe. Of that, 106.3 million tonnes are in the Measured and Indicated categories, and the remainder is Inferred. The June 2026 quarterly report stated that the resource was unchanged during the quarter.

Because most of the tonnage is Inferred, the ASX:ACS infill program addresses the confidence level of the estimate. The company cautions that historical workings show past mineralisation but not the extent or economic viability of remaining gold.

Pre-feasibility study progress

The ASX:ACS quarterly report states that the pre-feasibility study for Magnetite Range is continuing. Work in the June 2026 quarter included hydrogeological data review, metallurgical testwork on beneficiation and process flowsheet development, early technical report writing, and heritage, environmental and approvals workstreams. No completion date is given; activities are expected to continue in the September 2026 quarter.

Norseman sale and balance sheet

On 6 July 2026, Accent announced binding agreements for the sale of the Norseman Gold Project to Boomerang Mining Capital Pty Ltd for up to A$4.0 million. The consideration comprises A$3.0 million payable at settlement and A$1.0 million deferred, payable after the later of grant of Mining Lease Application M63/682 and Boomerang obtaining the approvals needed to start commercial gold mining.

Accent (ASX:ACS) retains 100 per cent of the iron ore and platinum group element rights over the project area, together with a 4% Gross Revenue Royalty on other minerals produced. The company stated the sale is intended to strengthen the balance sheet and sharpen the focus on Magnetite Range.

At 30 June 2026, cash and cash equivalents were $2.814 million, with a further $4.781 million in a six-month term deposit, a combined $7.59 million.

Key Insights

Confirmed so far: drilling is underway, the Norseman sale agreements are signed, and the study is in progress. Drilling alone does not change the project's status. Any reclassification of resource tonnes requires assay results, updated estimation and Competent Person sign-off.

For ASX:ACS, much of the outlook rests on company expectations. The A$1.0 million deferred Norseman payment depends on future approvals, and no timeline has been published for drilling results or the study.