49 Metals Limited (ASX:49M) has started follow-up drilling at its Gold Mountain project in Nevada, bringing forward a programme designed to build on the results of its maiden drilling campaign at the Adit Zone gold discovery.

According to the announcement, released on 6 October 2026, reverse circulation (RC) drilling has commenced at the project in the Walker Lane Trend, with approximately 3,500m planned initially across 10 to 11 holes. The company said the programme is fully funded.

Building on the maiden campaign

The new programme follows the completion and interpretation of the company's maiden 22-hole RC campaign at Gold Mountain earlier in 2026. According to the announcement, all 22 holes intersected gold or silver mineralisation.

The company highlighted four intersections from that campaign:

- DRC#22: 170.7m at 0.9g/t gold from 121.9m, including 50.3m at 1.2g/t gold from 207.3m

- DRC#19: 67.1m at 1.7g/t gold from 169.2m, including 3.0m at 20.0g/t gold from 189.0m

- DRC#9: 27.4m at 8.3g/t gold from 221.0m, including 9.1m at 21.9g/t gold from 224.0m

- DRC#16: 15.2m at 2.4g/t gold from 268.2m, including 6.1m at 5.0g/t gold from 274.3m

The company described DRC#9 as the discovery hole, establishing the presence of high-grade gold in what it believes is "a feeder zone to the much broader, lower-grade gold mineralised system." It said DRC#22 returned "the thickest continuous gold intersection recorded by the Company at Gold Mountain to date".

The maiden campaign also improved the company's understanding of how mineralisation relates to structures and to the Oddie Rhyolite, which it said has emerged as "an important host of gold mineralisation within the Adit Zone." The Adit Zone remains open along strike and down dip, according to the announcement.

Managing Director Phil Carter said: "It's great to have the rig turning again at Gold Mountain following our decision to fast-track this program." He added: "Our maiden drilling identified high-grade gold within a much broader mineralised system."

Programme objectives

According to the announcement, the follow-up drilling is intended to expand the Adit Zone through step-out drilling, infill existing drill patterns, better define the relationship between the higher-grade structures and the surrounding lower-grade envelope, and provide further geological and structural information.

This mix of step-out and infill work suggests the company is testing both the extent and the continuity of the system, although the announcement does not refer to any Mineral Resource estimate.

Company context

49 Metals describes itself as an exploration company focused on the discovery and development of gold and silver assets, with three gold projects in Nevada's Walker Lane Trend. The company noted that Nevada produces in excess of 3 million ounces of gold a year, accounting for more than 64% of United States gold production.

Next steps and uncertainties

The company said it expects initial assay results approximately four to six weeks after drilling commences, "subject to laboratory turnaround times."

Analysis: The announcement reports no new assay results; the intersections cited are drawn from earlier releases, and the company confirmed it is not aware of any new information that materially affects them. Accelerating the drilling indicates the company sees merit in a quick follow-up, but exploration outcomes are inherently uncertain. Broad, lower-grade intercepts and narrower high-grade zones such as those at the Adit Zone need further drilling to establish geometry, true widths and continuity before any assessment of economic potential is possible.

The announcement also contains a forward-looking statements caution, noting that the company's expectations involve known and unknown risks and that it "can give no assurance that they will be achieved." The first assays from this programme should indicate whether the Adit Zone extends beyond the area tested so far.