How does High-Tech Metals (ASX:HTM) plan to grow its 75,000-ounce Damsel gold deposit at Mt Fisher?

Sonal Goyal

04 November 2026 05:26 PM AEDT

How does High-Tech Metals (ASX:HTM) plan to grow its 75,000-ounce Damsel gold deposit at Mt Fisher?

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Key Highlights

Up to 7,500 metres of Reverse Circulation Drilling is planned at the Damsel gold deposit.
Damsel is a 75,000-ounce gold deposit within the wholly owned Mt Fisher project.
The drilling aims to extend the resource along a 12-kilometre structure.
The announcement sets out targets and timing but contains no new assay results.

High-Tech Metals (ASX:HTM) is preparing a reverse circulation drilling programme of up to 7,500 metres at the Damsel gold deposit, part of its wholly owned Mt Fisher project in Western Australia's Northern Goldfields. The 4 November announcement sets out targets and timing; it does not contain new assay results.

Damsel hosts a Mineral Resource of 1.40 million tonnes at 1.66 grams per tonne gold for 75,000 ounces, first reported in February 2025. Of that, 44,000 ounces at 1.87 g/t is Indicated and 31,000 ounces at 1.43 g/t is Inferred.

Why the company sees room to grow

The resource covers only about 700 metres of strike and 200 metres of width. It sits within a mineralised structure that High-Tech Metals estimates at about 12 kilometres, running through the Dam North, Damsel, Ravanna and Shiva prospects. A second corridor of about five kilometres includes Dirks and Durga.

Chief executive James Merrillees said the existing resource represented only a small portion of a much larger mineralised system. That is a reasonable description of the geometry, but a long structure does not guarantee that gold is continuous or economic along its length.

The intercepts behind the plan

The programme is designed around historical intersections that remain open down dip and along strike. These include 18 metres at 6.99 g/t from 69 metres in MFRC081, including 9 metres at 10.92 g/t, and 12 metres at 4.93 g/t from 59 metres in MFAD153, including a single metre at 45.63 g/t. Others are 21 metres at 1.36 g/t from 114 metres and 11 metres at 2.74 g/t from 40 metres.

These are downhole intervals, and true widths are not known. Single very high-grade metres can lift averages, so follow-up drilling is needed to establish whether these zones form coherent shoots.

The drilling will test strike and down-dip extensions and include selected infill drilling to improve confidence in parts of the deposit. Converting Inferred ounces to Indicated would improve the quality of the resource even if total ounces changed little.

Regional targets

Outside Damsel, the company highlights historical intercepts such as 4 metres at 13.20 g/t from 30 metres at Dam SE and 2 metres at 13.74 g/t from 54 metres at Dirks. At Dam North, supergene gold blankets are interpreted to point to a deeper primary source, and at Dam a 1.9-kilometre regolith anomaly sits alongside a 400-metre chargeability anomaly from an induced polarisation survey.

Shiva, about 10 kilometres south of Damsel, has a broad regolith gold anomaly over more than four kilometres of strike, and historical drilling there returned 17 metres at 1.30 g/t from 58 metres. Regolith anomalies can be produced by gold dispersed in weathered material, so their primary source at depth still needs to be located through deeper drilling.

Position and pathways

High-Tech Metals holds about 1,150 square kilometres surrounded by larger operations including Jundee, Dingo Range and Darlot, with several mills within trucking distance. It cites an ore processing agreement with Forrestania covering up to 400,000 tonnes over 24 months and a memorandum of understanding with Wiluna Mining as potential routes to production.

No Ore Reserve has been declared and no decision to mine has been made, so those pathways remain Options rather than plans. The company reports A$8.9 million in cash and about 202,000 ounces of resources across Mt Fisher, Damsel, Wagtail and Mt Eureka. A geological and operational review is under way following board and technical team changes.

Timing

Drilling at Damsel is expected to start in November, subject to final heritage approvals, with a second rig intended later in the month. Follow-up drilling at Dirks, Shiva and other regional targets is planned. Investors will be watching for first assays and any updated resource that reflects the new drilling.

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