Key Highlights

  • Grab samples from a malachite-rich outcrop extending more than 100 metres have been assayed at El Dinero.
  • The prospect sits within the Meekatharra project in Western Australia’s Murchison goldfields.
  • Samples were prioritised for visual signs of mineralisation, which the company acknowledges as a bias.
  • A native title agreement, a programme of work approval and systematic mapping are the next milestones.

Voltaic Strategic Resources (ASX:VSR) has received assay results from rock grab sampling at the El Dinero prospect within its Meekatharra project in Western Australia's Murchison goldfields. Field work in September identified a malachite-rich outcrop extending more than 100 metres, within a zone originally identified for its gold potential. Malachite is a green copper carbonate that often signals copper at surface.

Four copper-bearing samples were sent for laboratory analysis. Sample GS000546 returned 3.80% copper and 0.11 grams per tonne gold, and GS000549 returned 1.45% copper and 1.05 g/t gold. The other two returned 0.381% and 0.134% copper.

Earlier rock chip sampling at El Dinero, reported in June 2024, returned up to 2.57% copper and 2.25 g/t gold, so the new results support previous work.

What the samples do and do not show

The programme collected 40 rock samples, 36 of them targeting gold. Gold was analysed by fire assay at a certified Kalgoorlie laboratory, and copper by mixed acid digest. The four copper samples were chosen because they showed visible malachite and portable XRF readings that warranted laboratory analysis.

Voltaic is candid about the limitations. Its geologists prioritised samples showing visual signs of mineralisation, which the company describes as an inherited visual bias. Most of the other gold samples returned low values, between less than 0.01 and 0.06 g/t. Grab sampling of this kind is indicative only, suitable for targeting, and provides no basis for a resource or any economic assessment.

The company says copper and gold grade distributions suggest a direct association between the two, which could help targeting. With only four copper samples, that relationship needs testing with systematic sampling and drilling.

Chairman Daniel Raihani said the results confirmed initial observations and indicated potential for an extensive deposit. That is a forward-looking view that surface samples cannot yet support on their own.

The path to drilling

The answer to the headline question lies in approvals rather than geology. Voltaic must complete native title negotiations over the Meekatharra project before applying for a maiden drilling programme. It then needs to finalise drill designs and lodge a programme of work application with the state regulator. The company says native title agreements and works permits are current priorities. No dates were given.

Native title negotiations can take months, depending on the parties and the scope of work, and they are a normal part of exploring in Western Australia. Reaching agreement would also open the wider project to more detailed field work.

In the meantime, Voltaic plans follow-up geological mapping and surface sampling to assess the extent, orientation and continuity of copper-gold mineralisation, which will help prioritise drill targets.

Why systematic work comes next

Systematic mapping records rock types and structures across the whole outcrop, while grid or channel sampling reduces the bias inherent in selective grab samples. Together they can show whether copper and gold are confined to a narrow vein or occur across a broader zone. That information helps design holes that cut the mineralisation at a useful angle, which improves the value of a limited drilling budget. For a small company, getting the first holes right matters, because poorly targeted early drilling can be costly and discourage follow-up investment.

Location and portfolio

El Dinero lies within exploration licence E51/1909, wholly owned by Voltaic. The Meekatharra project's priority areas also include the NOA Corridor and Ruby Gem. The Murchison is a well-established gold region, and copper-gold occurrences there attract interest because of existing infrastructure, though that does not imply El Dinero is economic.

What to watch

Voltaic's ability to move quickly will depend on approvals and funding. The next milestones are a native title agreement, a programme of work approval and results from systematic mapping and sampling.