Capricorn Metals (ASX: CMM) has delivered another round of high-grade drilling results from Western Australia. The update, dated 26 October 2026, covers the September 2026 quarter at the Mt Gibson Gold Project.
Crews completed 26,668 metres (88 holes) of combined diamond and RC drilling. Many of the hits sit well outside current mine designs.
Investors searching for Lexington gold drilling results will find several standout hits. The best is 6.0m @ 57.38g/t Au from 616.0m. Mineralisation also continues outside the Orion South Underground stope designs.
It sits well below current reserve pit designs and remains open along strike and at depth. Executive Chairman Mark Clark described the quarter’s results as very pleasing.
Lexington Gold Drilling Results Explained
Drillers went after the north-plunging high-grade lodes. They tested them down-dip and along strike. Hits showed up from about 260 metres to beyond 840 metres down-hole. The team wants a clear picture of lode shape and grade spread.
That picture will back a maiden Inferred underground Mineral Resource Estimate. The drilled zone lies over 600 metres north along strike from Orion South. Orion South’s maiden underground ORE stands at 5.0 Mt at 2.3 g/t Au for 365 Koz, announced 27th July 2026.
Both deposits are strongly open at depth and along strike. Their combined drill-tested length is a small portion of the 8-kilometre strike hosting the current resource base.
Drilling on broader underground targets remains at an early stage. That is why the company sees the corridor as a potential long-life underground operation. Full details are in the ASX announcement.
Best Intercepts From The Quarter
These headline Lexington intercepts show the grade and width driving market interest:
- 6.0m @ 57.38g/t Au from 616.0m
- 3.38m @ 55.97g/t Au from 294m
- 7.0m @ 40.01g/t Au from 401.0m
- 14.5m @ 8.44g/t Au from 501.0m
- 29.5m @ 6.65g/t Au from 760.5m
- 20.0m @ 4.69g/t Au from 364.0m
- 32.0m @ 3.25g/t Au from 260m
- 23.33m @ 3.14g/t Au from 556.1m
- 32.5m @ 2.64g/t Au from 518.0m
- 34.8m @ 2.10g/t Au from 584.2m
Lexington underground intersections use a minimum 1g/t Au over a minimum 1m interval. They allow up to 5.5m of consecutive internal waste. No upper cuts have been applied.
Why The Geology Matters
Mineralisation at Lexington and the adjacent Hornet system sits within a major high-strain zone. It is associated with porphyritic felsic intrusives and volcanic hydrofracture breccias.
This intrusion-related setting generally gives thicker intercepts and higher grades than shear-hosted Orion South. The quarter’s results are consistent with that interpretation. It continues to guide targeting for the extensional diamond drilling.
The cross section shows the two lodes reaching well beneath the reserve pit design. The deepest intercept on section, CMRC2612D, remains open at depth. Assays due early next month are expected to support the resource work. Together, these points explain why the Capricorn Metals gold project is drawing close attention.
Lexington cross section showing two north-plunging lodes extending below the current reserve pit outline. [ASX]
Hornet And Orion South Add Weight
Beyond Lexington, two neighbouring prospects strengthened the broader Mt Gibson story:
- Hornet delivered 3.0m @ 89.88g/t Au from 120m beneath the current reserve pit outline.
- Hornet also returned 12.18m @ 2.33g/t Au from 319m, including 4.0m @ 3.57g/t Au from 319m.
- Orion South completed a further 10,575 metres (45 holes) of resource conversion and extension drilling.
- Orion South returned 21.83m @ 9.54g/t Au from 371m.
- Drilling has now defined more than 1,600 metres of prospective strike at Orion South.
- A steep Western Lode sits outside the current PFS stope design and will be tested further.
Capricorn Metals ASX Share Price And Next Steps
The Capricorn Metals ASX share price can react to resource news. This release carries no price data, so check live quotes on the ASX site. Mr Clark links the results to the company’s Range 500 growth strategy. Several milestones now matter for the stock:
- A maiden Inferred Lexington underground resource is expected later this quarter.
- Further assay results across the Mt Gibson deposits are expected in Q2 FY27.
- The on-site core processing facility is built, and commissioning is planned for November 2026.
- Orion South drilling will try to lift Inferred resources to Indicated, where drill density allows.
- Risks include resource risk, metals price swings, currency moves and variances in ore grade or recovery.
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FAQs
Q1: What did the Lexington gold drilling results show?
A1: The best intercept was 6.0m @ 57.38g/t Au from 616.0m. Another returned 3.38m @ 55.97g/t Au from 294m.
Q2: When is the Lexington resource due?
A2: A maiden Inferred underground estimate is expected later this quarter. Further assay results across Mt Gibson follow in Q2 FY27.
Q3: How much drilling was completed?
A3: Capricorn completed 26,668 metres (88 holes) in the September 2026 quarter. Orion South added 10,575 metres (45 holes).
Q4: How far does the Orion South system extend?
A4: Drilling has defined more than 1,600 metres of prospective strike. The wider resource base spans an 8-kilometre strike.
Disclaimer:
This article draws on Capricorn Metals’ ASX announcement of 26 October 2026 and is general information only. It is not financial advice. Exploration results do not guarantee a Mineral Resource or profitable mining. The maiden Lexington estimate is still unconfirmed and could change. Gold and share prices move constantly. Please check the announcement, think about your own circumstances and seek licensed advice.
Luke Carlino is a seasoned Copywriter, Content Strategist, and Social Media Manager specialising in Mining, Finance, and Business journalism. With more than a decade of industry experience, he brings rigorous editorial standards and commercial acuity to every project.
