Key highlights

  • Lightning identified an undrilled molybdenum target at the 3.7 km² Eastern Rhyolite Complex within the Mt Turner Project.
  • A roughly 600 m x 400 m annular soil anomaly above 30 ppm Mo coincides with an induced polarisation chargeability response at about 120 m depth.
  • Forty-nine confirmatory soil samples have been submitted for laboratory analysis.

Lightning Minerals Limited (ASX:L1M) announced on 8 October 2026 the identification of an undrilled molybdenum target at the Eastern Rhyolite Complex (ERC) within its wholly owned Mt Turner Project in Queensland. The company says the integrated geological, geochemical and geophysical signature is interpreted as consistent with a Climax-style porphyry molybdenum system.

Evidence behind the target

The target was identified through an internal review of historical data, including about 3,500 historical soil samples together with reprocessed aeromagnetic and induced polarisation data. The announcement lists three converging features: a roughly 600 m x 400 m annular molybdenum soil anomaly above 30 ppm Mo; an IP chargeability response, above 30 milliseconds per second, at about 120 m depth that may indicate sulphides; and oxidised stockwork veining at surface with handheld XRF readings of up to 1,400 ppm Mo.

The ERC also displays rhyolite dyke swarms, sericite alteration and fluidised breccias, and has had no previous drilling.

Copper and project context

The company states the IP anomaly may indicate sulphide mineralisation including copper, to be confirmed by drilling. Mt Turner already hosts a 14 km gold system along the Drummer Fault and a Western Zone gold soil anomaly. The company describes the exploration model as a centralised porphyry system with peripheral gold mineralisation controlled by surrounding structures.

Confirmatory work

A confirmatory soil program has been completed and 49 samples have been submitted to a laboratory, with results pending. The company says the results will help validate the anomaly and define drill targets.

Position within Mt Turner

The ERC is one of several gold, copper and molybdenum prospects within the Mt Turner Project, which the company describes as its Priority One project. The review highlighted the molybdenum-in-soil anomaly alongside an IP chargeability response above 30 milliseconds per second and surface stockwork veining. Lightning has also provided an InvestorHub page for shareholders to engage with the announcement.

Risks shareholders may weigh

The target is based on historical soil data, handheld XRF readings and geophysics, which are indicators and not laboratory assays or drilling results. Chargeability responses can have several causes, and copper potential at depth is unconfirmed. The announcement does not give a drilling date or budget.

Molybdenum price movements, funding, approvals and the outcome of the pending soil assays are further considerations, along with the project's existing gold focus.

What's next

Laboratory results for the 49 confirmatory soil samples are pending. The company intends to use them to validate the anomaly and define drill targets at the ERC as part of its Mt Turner program.