L1M hits more gold below historic pits - porphyry drilling coming next

Published 10-NOV-2025 10:37 A.M.

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Our exploration Investment Lightning Minerals (ASX: L1M) just put out the second batch of results from the Mt Turner gold project in Queensland.

L1M is running its first drill program on the project completing 9 holes for a total of 1,113m across 5 target areas.

3 weeks ago L1M released the first batch of assays from its project which included a 20.4m intercept with 2.4g/t gold grades (and 14.3g/t silver) from just 63m below the ground.

L1M proved its theory that gold continued below the old pits that had been mined on its project.

These old pits were operated back in the 80s and 90s, but only to depths of around 20m.

So far, L1M has hit gold at depth in almost every single pit its drilled:

(Source)

Interestingly, we also got assay results from the two holes L1M drilled next to its big porphyry target.

These 2 results included:

17.2m @ 6.2% zinc, 1.4% lead, 10.3g/t silver from 32m
12.4m @ 6.2% zinc, 1.4% lead, 24.2g/t silver from 17.6m

The lead and zinc won't get the market excited, but for us it's more of a technical de-risking of L1M’s porphyry target.

Proving base metals mineralisation is a good early sign that the porphyry could be mineralised.

The image below summarises it well (even though it does look a little confusing).

Basically the results are confirming the thinking on how the system looks underground, with drilling intersecting base metals from that expected zone.

(Source)

Now we wait for L1M to start drilling the porphyry - which it plans to do this quarter

(Source)

What we want to see next from L1M

Diamond drilling program remaining results 🔄

L1M has released most results from the initial drilling program and there are still 2 holes remaining from Pit 6 (~6km west of the drilling from the other pits). these are at the lab being assayed so we would expect to see results on this soon.

Soil sampling program alone ~12.5km fault line 🔄

A soil sampling program formed part of this program to rank and locate additional drill targets.

L1M confirmed today that these assays are pending from the soil sampling program, so we should see results from this soon which will be used to help locate further drill targets.