Exultant Mining Limited (ASX: 10X) — Maiden Balerion Drilling Intersects Sulphide Mineralisation at Peak View Project, NSW
1 July 2026
Price Sensitive Announcement $
Highlights:
- Three drillholes completed at the Balerion Prospect for a total of 632.5m at Exultant’s 100% owned Peak View Project, located approximately 35km northeast of Cooma in New South Wales
- BLRCDD001 and BLRCDD002 both intersected chalcopyrite, sphalerite and galena mineralisation, providing encouraging support for Exultant’s geological targeting model
- BLRCDD002 intersected a 4m interval of vuggy quartz-carbonate rock hosting disseminated and banded coarse-grained pyrite-sphalerite-galena at a favourable geological contact — comparable to a lithology reported by previous explorers adjacent to massive sulphide mineralisation along the same interpreted contact
- Geological observations from the initial drilling have refined the remaining program to five priority drillholes targeting extensions to historical high-grade mineralisation, including down-dip of PVI006 which previously returned 4.4m @ 342.7g/t Ag, 4.0% Pb, 1.1% Cu, 0.74g/t Au and 0.84% Zn from 48.7m, and PVI008 which returned 0.8m @ 22.0% Zn, 11.6% Pb, 1.2% Cu, 155g/t Ag and 0.5g/t Au from 152.6m
- Assays are pending for all completed drillholes
- The Company switched from RC to diamond drilling following excessive water encountered in the first two holes, improving geological control and structural information
Overview:
Exultant Mining has provided an encouraging maiden drilling update from its Balerion Prospect at the Peak View Project in New South Wales, with the first two completed holes intersecting the sulphide mineralisation and hydrothermal alteration signatures that the Company’s geological and geophysical targeting model predicted.
BLRCDD001, drilled to 245.5m to test a coincident chargeability-resistivity anomaly, intersected a strongly altered package of rhyodacitic lava, volcaniclastic sandstone, carbonate and interbedded siltstone, hosting disseminated and vein-hosted Zn-Pb-Cu sulphides including sphalerite, pyrite, galena and chalcopyrite within a chlorite-sericite-pyrite altered sequence. The sulphide assemblage is interpreted to adequately explain the strong chargeability response the hole was designed to test.
BLRCDD002, drilled to 189.4m testing a low resistivity anomaly, intersected the same volcanic and sedimentary package and added a particularly encouraging observation at 152.5m — a 4m interval of vuggy quartz-carbonate rock hosting disseminated and banded coarse-grained pyrite-sphalerite-galena at the contact between overlying rhyodacitic lava and underlying volcaniclastics. Previous explorers have reported a similar lithology along strike from massive sulphide mineralisation on the same interpreted geological contact, lending additional significance to this intersection ahead of assay results.
A third hole, BLRC003, intersected pyrite-bearing dolerite without significant sulphide intercepts, adequately explaining its targeted gravity-chargeability response and allowing multiple holes previously planned for that area to be consolidated. As a result, the original 12-hole program has been streamlined to 8 holes, with five remaining. These will focus on geophysical anomalies interpreted down-dip of historical high-grade intercepts, including targets beneath PVI006 (4.4m @ 342.7g/t Ag, 4.0% Pb, 1.1% Cu) and PVI008 (0.8m @ 22.0% Zn, 11.6% Pb, 155g/t Ag) — some of the most compelling historical results in the project area.
Drilling progress has been slower than anticipated following excessive water encountered in the first two holes, which prompted the switch from RC to diamond drilling — a change that, while reducing penetration rates, has improved geological control and structural information for the remainder of the program.
Company Notes:
Exultant Mining Executive Chairman, Brett Grosvenor, commented: “While laboratory assays remain pending, our maiden drilling program at Balerion has delivered exactly what we were hoping to see at this stage of the program. The drilling has intersected sulphide mineralisation in the first two holes and significantly improved our understanding of what we believe is a highly prospective mineralised system. The first two drillholes successfully intersected alteration and sulphide mineralisation broadly consistent with the geophysical and geological model that underpinned our targeting strategy. Particularly encouraging was the intersection in BLRCDD002 of sulphide mineralisation and intense hydrothermal alteration associated with a favourable geological contact comparable to that reported adjacent to historical mineralisation within the Balerion prospect. While assays will ultimately determine the significance of the mineralisation, this is precisely the type of geological setting we were aiming to test. With five priority drillholes remaining and assays pending from the initial three holes, we believe the program is becoming increasingly focused on the most prospective parts of the Balerion system. We look forward to updating shareholders as assay results are received and the drilling program advances.”
About Exultant Mining Limited (ASX: 10X):
Exultant Mining is an ASX-listed exploration company advancing its 100% owned Peak View Project in New South Wales, approximately 35km northeast of Cooma. The project’s Balerion Prospect is an advanced exploration target defined by multi-element geochemical anomalism, coincident IP chargeability, gravity and magnetic responses, and associated hydrothermal alteration. The Company’s maiden drilling program is targeting extensions to historical high-grade Zn-Pb-Cu-Ag-Au mineralisation within a prospective volcanic-hosted massive sulphide setting.
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