High-grade gold mineralisation has been confirmed at the Seven Leaders prospect, returning notable downhole intersections from 21 of 32 drill holes.
Hastings Technology Metals recently completed drilling of the Whiteheads gold project, delivering results it said could deliver a maiden resource estimate (MRE) by December 2025.
Hastings chief operating officer Tim Gilbert said that Hastings is very excited by the new drilling results as they indicate a “larger and higher grade” deposit than initially anticipated.
“The next stage of results and subsequent resource estimation will really define how much bigger and better Seven Leaders might be,” he said.
Notable intersections from the 21 reverse circulation (RC) holes include one from five metres at 15.17 grams per tonne (g/t) gold (Au) from 27 metres. This finding includes a hit at two metres at 25.55g/t Au from 28 metres.
Another significant find is at 35 metres at 1.94g/t from surface, including one metre at 18.05g/t Au from 33 metres.
Hastings noted that the 32-hole 1222-metre drill program was completed in October to confirm historical grades and mineralisation extent for the MRE.
It also added that these drilling results indicated strong support for gold grades and thicknesses “greater than results” from historical intervals.
The deposit remains open along strike and depth.
Earlier in September, Hastings agreed to a binding sale and purchase agreement with Metal Bank for the acquisition of Hastings’ gold assets across Western Australia (WA).
Under this proposal, Metal Bank acquired the Whiteheads gold project, Ark gold tenements, and Darcy’s gold tenements at a cost of around $2.3 million in shares.
“This is a very exciting time for Hastings and Metal Bank (MBK) shareholders as we progress Seven Leaders towards production,” Gilbert said.
“Hastings’ gold assets are proposed to be sold to MBK for MBK consideration shares.
“The in-specie distribution of MBK consideration shares to Hastings’ shareholders will be voted on at the upcoming annual general meeting (AGM), ensuring long term value in gold is retained for the company’s shareholders.”
Hastings said that while the company is still waiting for 11 drill results, the current findings underpin the geological modelling and resource work in progress.
Looking ahead, mining consultancy firm Entech has been sounded out for MRE and scoping study work.
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