L1M identifies tungsten potential at Queensland project - assays due in ~2 weeks

Published 19-MAY-2026 13:52 P.M.

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Our exploration Investment Lightning Minerals (ASX: L1M) just flagged a new tungsten target at its 100%-owned project in North Queensland.

L1M’s project sits to the west of its main gold/copper project - and until now we hadn’t really thought about it as part of our L1M Investment case.

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But with tungsten prices at all time highs, today's announcement definitely caught our attention…

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L1M’s announcement today flagged:

Historical regional drainage sampling returning tungsten anomalies of up to 102ppm tungsten
Visible tungsten mineralisation observed during recent fieldwork - coarse sprays of acicular wolframite in quartz with malachite and limonite gossan
Multiple shallow historical workings confirmed along a ~2km northwest-trending structural corridor
WW1-era workings, with no evidence of modern systematic exploration in the target area
14 rock chip samples from 9 vein positions submitted to ALS Laboratories - Assay results due in ~2 weeks

So there are old historic workings that have been explored systematically and we should know a lot more about these inside the next few weeks.

We aren’t geologists but unexpected surprises like these are always good to follow - you just never know what might come from these type targets - especially if there is evidence of old workings in the area.

Here is a look at where the tungsten prospective samples and where it came from:

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What else is L1M up to?

The next drilling campaign at the company’s core copper-gold project - with drilling scheduled to begin in May 2026 so we could get an update any day now.

Here is where most of the results from the phase 1 drill program came from (including that 20.4m @ 2.4g/t intercept at Pit 3):

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Here is the drilling priorities at Mt Turner form back in December, L1M is planning to be back drilling here next month:

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These plans included a deep hole into the porphyry target, so if this goes ahead as a part of the drilling it could be of interest to see what lies adjacent to the gold mineralisation.

What we want to see next from L1M

Drilling commencement at Mt Turner in May 🔲

L1M recently confirmed that the next drilling campaign at Mt Turner is scheduled to begin in May 2026.

We want to see the drill rig turning and results flowing from the phase 2 program, especially from the follow-up holes around Pit 3 and the porphyry target.

Lithium divestment or partnership progress 🔲

L1M flagged that it would look to divest or partner its lithium portfolio across Australia, Brazil and Canada.

We want to see this process progress - any deal would free up capital and management bandwidth to focus on the gold and copper story.

NSW and WA project updates 🔲

With the strategic reset now locked in, we want to see targeted exploration programs kick off at L1M's Lachlan Fold Belt projects in NSW and WA based gold projects.