L1M raises $2.5M - exploration programs to start early next year.

Our exploration Investment Lightning Minerals (ASX: L1M) just raised capital to fund drilling on its QLD and NSW assets.

L1M raised $2.5M at 3.2c per share.

The raise also came with a total of 1:1 options exercisable at 4c per share with a 3 year expiry.

We participated in the raise.

L1M confirmed that the funds would be used to follow up the recent drilling from its Mt Turner project in QLD… and to start work on its project in NSW.

We covered the NSW asset here.

L1M just finished a round of drilling on its QLD project returning some pretty interesting gold grades from the old pits that were mined on this ground.

(Source)

The drilling (and sampling work) has now mapped ~12km of strike across the project…

Also, here is a diagram explaining the different expected mineralised zones from the adjacent porphyry target (in blue above), the 2 drill holes where in the green zone below and hit base metals:

(Source)

What we want to see next from L1M

Soil sampling and drill results used to generate a new drill program 🔄

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

L1M released these results yesterday which along with the drilling results, will be used to help locate further drill targets once analysed.

Further drilling into the porphyry copper target and into additional targets to be generated 🔲

L1M is planning to get back drilling at the project in 2026, after the data from the current work program is analysed, targets generated and then a new drill program planned.

(Source)