49 Metals (ASX:49M) is fast-tracking follow-up drilling at Gold Mountain, with around 3,500m of RC drilling scheduled to start in October across 10 to 11 holes.
The focus is the Adit Zone, and the reason is simple.
All 22 holes from the maiden campaign returned gold and/or silver mineralisation.
The first campaign changed the story
The maiden drilling program did more than confirm mineralisation.
It defined a broad gold system with multiple higher-grade structures and delivered several standout intercepts.
These included:
- 170.7m @ 0.9g/t Au from 121.9m, including 50.3m @ 1.2g/t Au
- 67.1m @ 1.7g/t Au from 169.2m
- 27.4m @ 8.3g/t Au from 221.0m, including 9.1m @ 21.9g/t Au
- 15.2m @ 2.4g/t Au from 268.2m, including 6.1m @ 5.0g/t Au
That gave 49 Metals enough confidence to push straight into the next phase.
Adit Zone now gets the step-outs
The October program is designed to test extensions of the Adit Zone along the interpreted mineralised corridor and infill key areas to improve confidence in continuity.
The company also wants to better define how the higher-grade structures sit inside the broader mineralised envelope.
The maiden campaign appears to have identified a system with both scale and internal grade.
Figure 1: Indicative Hole Locations Proposed for Adit Zone.
The feeder-zone angle
Discovery hole DRC#9 returned 27.4m @ 8.3g/t Au, including 9.1m @ 21.9g/t Au.
This high-grade mineralisation may represent a feeder zone into the broader lower-grade system.
Subsequent drilling supported that broader-scale picture, with DRC#19 and DRC#22 returning much thicker mineralised intervals.
The next drilling now has to show how continuous those higher-grade structures are.
Fully funded and moving quickly
The program is fully funded.
49 Metals reported a cash balance of A$6.8M at 30 June 2026, giving it room to complete the follow-up campaign without waiting on fresh capital.
The company is also looking to add several diamond holes, with rigs and contractors currently being sourced.
What comes next
Drilling is expected to start in October.
Initial assays are expected around four to six weeks after drilling begins, subject to laboratory turnaround.
The maiden program proved Gold Mountain carries a broad mineralised system, now 49 Metals is going back to see how much bigger the Adit Zone can get.
