Antares Metals Ltd (ASX: AM5) received assay results from the first 16 holes of its maiden 52-hole aircore drilling campaign at the Quinns Gold and Copper-Zinc VMS Project. The initial assays cover 769 metres of drilling across holes QNAC001 to QNAC016. The program tests the Enterprise and Venture prospects.
Every drill hole south of the historic Enterprise mine intersected gold from the surface across an east-west line. Hole QNAC015 returned an intercept of 6 metres at 3.11 g/t gold from surface, including 3 metres at 4.43 g/t gold from 3 metres depth. Hole QNAC012 returned 3 metres at 3.33 g/t gold from 12 metres downhole at the lower contact of a quartz vein.
The first 10 aircore holes at the Venture prospect intersected anomalous gold beneath cover across the western part of a 600-metre by 250-metre soil anomaly. Drilling at Venture confirmed the presence of quartz veining and a banded iron formation horizon, confirming that the anomaly reflects bedrock gold mineralisation rather than surface dispersion.
Key Initial Drill Intercepts:
- QNAC015: 6m @ 3.11 g/t Au from 0m, including 3m @ 4.43 g/t Au from 3m
- QNAC012: 3m @ 3.33 g/t Au from 12m
- QNAC011: 3m @ 0.98 g/t Au from 21m
- QNAC014: 3m @ 0.75 g/t Au from 15m
- QNAC006: 3m @ 0.47 g/t Au from 15m and 3m @ 0.36 g/t Au from 30m
Key Takeaways & Strategic Impact
The results confirm extensions to the mineralised footprint on Mining Lease M51/19, validating the earn-in agreement where Antares is earning a 90% interest. The presence of continuous gold in ferricrete and clays from surface indicates the potential for near-surface lateritic gold mineralisation across the top 6 metres. Near-surface deposits offer low-cost extraction profiles and early processing pathways.
The Quinns landholding lies approximately 10 kilometres from Monument Mining’s Burnakura gold mill. Confirmed shallow gold tonnes in close proximity to operational regional infrastructure enhance the commercial viability of future resource development. Proving bedrock origin at Venture also opens up a larger mineralised corridor directly south-east of historical mining operations.
Recent aircore and historical drilling (maximum downhole gold, g/t Au) and soil sampling at Enterprise and Venture prospects.
Key Players, Partners & Industry Stakeholders
Antares Metals Ltd, an Australian resources Company listed on the Australian Securities Exchange under the ticker AM5, manages the project. The drilling forms part of the minerals exploration sector in Western Australia. Drilling contractor Kinners Contracting Pty Ltd completed the aircore operations using a truck-mounted Rotomec 50 drill rig.
The vendor group includes CNN Investments Pty Ltd, Kilonova Metals Pty Ltd, and Ross Neve, who retain a 1% Net Smelter Royalty over tenements. Royal Gold Inc holds an overriding 1.5% Net Smelter Royalty over Mining Lease M51/19. Historical exploration companies that previously evaluated the ground include St Barbara Mines Ltd, Silver Swan Group Ltd, and CRA Exploration.
Managing Director Terry Topping leads Antares Metals and serves as the Competent Person under JORC Code standards.
“Completing our first drilling at Quinns is an important milestone for Antares,” said Managing Director Terry Topping. “The team has put 57 holes and completed more than 2,100 metres into two of our highest-priority targets, the ground around the historic Enterprise Mine and the Venture soil anomaly. These first results show shallow gold extending south of Enterprise, and we look forward to reporting the remaining Venture assays and the Enterprise infill results as they are received”.
Project Location & Regional Geology
The exploration takes place at the Quinns Gold and Copper-Zinc VMS Project, located approximately 50 kilometres south of Meekatharra in Western Australia’s Murchison region. The project covers a landholding of 383 square kilometres inside the Archaean Meekatharra-Wydgee Greenstone Belt within the Yilgarn Craton.
Geologically, the Enterprise and Venture prospects sit on tenement E51/1853 and Mining Lease M51/19. Transported sheet wash and alluvium between 10 and 50 metres depth mask the underlying sequences. The local rock sequence comprises felsic volcanics, mafic volcanics, and banded iron formations folded along the Quinn’s Antiform.
Key Milestones & Exploration Timeline
Antares Metals released the exploration results to the Australian Securities Exchange on 5 November 2026. Field teams completed drilling operations in October and November 2026.
The results follow historical shallow reverse circulation drill programs executed by St Barbara Mines between 1989 and 2002, as well as work by Silver Swan Group in 2011. Antares executed the formal purchase agreements for the project tenure during January 2026 and finalized earn-in rights over Mining Lease M51/19 in October 2026.
Exploration Timeline:
- 1989–2011: Historic drilling by St Barbara Mines and Silver Swan Group
- January 2026: Execution of Tenement Purchase Agreement for Quinns tenure
- 6 October 2026: Acquisition of earn-in rights over M51/19 Enterprise mine
- 5 November 2026: Announcement of maiden 16-hole aircore assay results
Operational Approach & Next Steps
Field teams drilled two lines spaced 160 metres apart, placing holes at 20-metre intervals with 60-degree inclinations toward 270 degrees azimuth. This orientation intersects observed structures at right angles between the banded iron formation and mineralised quartz veins. Workers collected one-metre samples through cyclone splitters and composited them across three-metre intervals for 30-gram fire assay analysis at ALS laboratories in Wangara, Perth.
The Company will report assay results from 36 remaining holes testing the core of the Venture soil anomaly, where soil sampling recorded peaks up to 1,570 ppb gold. Antares will also release results from 15 infill holes drilled on a 20-metre by 20-metre pattern across the Enterprise laterite cap.
Management will integrate these drill results to design follow-up reverse circulation programs testing primary depth extensions. Geophysical exploration will advance concurrently through airborne magnetic surveys alongside ground gravity and induced Polarisation surveys over base metal copper targets at Austin, Defiance, and 4E.
Disclaimer:
This information is provided for general informational purposes only and does not constitute financial, investment, or legal advice. Mineral exploration and development involve substantial financial and operational risks, and preliminary assay results or historical data do not guarantee future commercial discoveries or economic viability.
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.
