Exultant Mining Uncovers Gold and Silver in Previously Overlooked Quartz Veins from Historic Tuglow Drill Core

Historic Tuglow Copper Mines Located in Highly Prospective Macquarie Arc Geological Zone

The Tuglow Copper Mines consist of three historic operations—Cotton & Frazer's, Cunningham's, and Tuglow Copper Mine (formerly Bourchier's)—aligned on sub-parallel north–south lodes extending over one kilometre. Historic mining and sampling yielded impressive grades, with assays up to 14% copper, 23.02% lead, 13.1% zinc, 283 g/t silver, and 26.4 g/t gold, underscoring the significant mineral potential that has renewed Exultant’s exploration interest.

These workings are hosted within sedimentary and volcanic rocks of the Rockley Volcanics, representing the easternmost sequence of the Macquarie Arc. This arc is a renowned metallogenic province characterized by multiple economically important mineral systems, including major porphyry and epithermal deposits such as Cadia Valley, Northparkes, and Cowal. This regional geological context supports Exultant’s view that mineralisation at Tuglow may extend beyond early discoveries, with a focus on understanding deeper mineral systems informed by the arc’s proven prospectivity.

Geological Review Uncovers Unsampled Quartz Veins Missed by 1974 Diamond Drilling

Historic diamond drill holes TDDH1 and TDDH2, drilled by Le Nickel Exploration in 1974 to test induced polarisation anomalies near Tuglow workings, were re-examined. TDDH1 reached 152.5 metres depth, located about 90 metres west of the old Tuglow shaft, while TDDH2 extended to 154.85 metres testing a weaker IP anomaly north of Cotton & Frazer’s workings. Both intersected alternating siltstone, tuffaceous siltstone, andesitic tuff, lapilli tuff, and agglomerate. The original drilling targeted down-dip extensions of mined massive sulphide mineralisation, resulting in selective sampling.

Exultant accessed the core stored at the WB Clarke Geoscience Centre in Londonderry, NSW, and conducted a detailed geological review. This identified several previously unsampled intervals, including broad zones of iron oxide-stained quartz veining in TDDH1 and narrow sulphide-bearing veins in TDDH2. Recognizing the value of these intervals given modern exploration methods, Exultant submitted them for gold and multi-element assays using Au-AA23 and ME-MS61 techniques.

TDDH1 Reveals Broad 21-Metre Gold and Silver Zone in Quartz Veining Previously Deemed Barren

The standout assay from TDDH1 returned 21.1 metres grading 0.18 g/t gold and 2.1 g/t silver from 3.4 metres depth. This broad intercept highlights gold and silver anomalism within quartz veining that earlier explorers considered barren and did not sample. The 21-metre width contrasts with the narrow sulphide lodes historically mined. Within this zone, higher-grade sub-intervals were identified, including a 4.5-metre section at 0.26 g/t Au and 4.7 g/t Ag from 20 metres depth, and a 0.5-metre segment at 0.33 g/t Au with 1.29% zinc from 24 metres depth, indicating base metal presence alongside precious metals.

Executive Chairman Brett Grosvenor highlighted that detecting gold and silver in quartz veins previously overlooked is among the most promising outcomes, suggesting the Tuglow system may host mineralisation beyond the narrow sulphide lodes mined historically.

TDDH2 Intersects Narrow High-Grade Zinc, Lead, and Copper Zones Confirming Broader Mineralisation

TDDH2 assays revealed narrow but high-grade base metal intervals distinct from the precious metal anomalies in TDDH1. The hole intersected a shear zone between 38.5 and 40.9 metres, associated with Frazer’s lode, where historic logs noted a 20-centimetre massive sphalerite–chalcopyrite–pyrite zone. Exultant’s resampling targeted previously untested intervals, identifying 0.35 metres at 3.05% zinc and 0.14% lead from 45.2 metres, and 0.2 metres at 1.7% copper from 54.1 metres.

Though narrow, these grades confirm mineralisation beyond earlier sampling, supporting the thesis of significant base metal potential within the Tuglow system. The spatial distribution of these intervals across drill holes indicates a mineralisation trend extending across the property, with both precious and base metals suggesting a complex system warranting further exploration.

Resampling Strategy Highlights Limitations of Historic Exploration Approaches

The 1974 Le Nickel drilling program focused on induced polarisation anomalies and down-dip extensions of narrow, high-grade sulphide lodes, resulting in selective sampling—only two intervals sampled in each hole. Historic best results included 3.2 metres at 3 g/t silver, 0.03% copper, 0.07% lead, and 0.04% zinc from 132.8 metres in TDDH1, with gold below detection limits. TDDH2 sampling similarly targeted visible sulphides.

Exultant’s comprehensive core review and resampling of broader quartz veining intervals, previously logged but unsampled, revealed widespread low-grade gold and silver mineralisation overlooked by early explorers focused on high-grade sulphides. This approach reflects advances in exploration philosophy and analytical techniques, demonstrating how revisiting historic data with fresh perspectives can unlock new insights into a mineral system’s scale and complexity.

Enhanced Geological Understanding Supports Exploration of One-Kilometre Mineralised Corridor

The assay results improve Exultant’s geological model of the Tuglow mineral system, revealing precious metal anomalism in quartz veins alongside narrow base metal zones. This suggests a more extensive mineralised envelope than the narrow sulphide lodes mined historically. Combined with historical mining data, the results support the presence of a mineralised corridor exceeding one kilometre across the three historic workings.

Executive Chairman Brett Grosvenor stated that these findings underpin the potential for additional mineralisation beyond historically mined sulphide lodes. The company is compiling historical data and planning further exploration at Black Hammer. Future work may include drilling to test downdip quartz veins, surface sampling, or geochemical surveys to identify similar mineralisation across the project area or along structural trends.

Macquarie Arc Metallogenic Province Context Elevates Black Hammer Project Prospectivity

The regional geological setting bolsters the exploration case for Exultant’s Black Hammer Project. The Macquarie Arc is a globally recognized metallogenic province featuring multiple economically significant mineral systems formed during a specific geological period. It hosts major deposits such as the Cadia Valley porphyry gold-copper system, Northparkes porphyry copper-gold mine, and Cowal gold deposit.

Tuglow’s location within the Rockley Volcanics—the easternmost Macquarie Arc succession—places it in a proven mineralised belt with large deposits formed under similar metallogenic conditions. The mineralisation style at Tuglow, combining copper, lead, zinc, gold, and silver in sulphide and quartz-hosted forms, aligns with epithermal and porphyry systems common in the arc. This context suggests potential for larger-scale mineralisation than historical mining indicated and validates applying modern exploration methods to this historic system.

Next Exploration Phase and Investor Watchpoints for Black Hammer Project

Exultant is actively compiling historical data and planning the next exploration phase to advance the Black Hammer Project. Although details on scope, timing, budget, or methods remain undisclosed, investors should monitor announcements about drilling targets, sampling programs, or other exploration activities. The encouraging Tuglow assay results justify continued systematic work.

Key milestones to watch include new drilling campaigns at Tuglow, surface sampling or geochemical survey outcomes across Black Hammer, geological mapping or resource modelling updates, and identification of exploration targets within tenement EL9826. The company’s integration of historic and new data indicates a strategic approach to exploration planning. Future updates may also cover funding, joint ventures, or partnerships supporting exploration acceleration.

Historic Assay Grades and Core Preservation Demonstrate Value of Archived Exploration Data

Access to historic 1974 diamond drill core stored at the WB Clarke Geoscience Centre was critical for Exultant’s resampling program. The core’s preservation over 50 years enabled detailed geological logging and sampling, underscoring the importance of maintaining comprehensive exploration archives. Early-stage projects often generate data and core that remain underutilized until revisited with improved knowledge and technology.

Historic Tuglow assays—up to 14% copper, 23.02% lead, 13.1% zinc, 283 g/t silver, and 26.4 g/t gold—reflect high-grade mineralisation that justified past mining. While new assay grades from quartz veining are lower (0.18 g/t Au vs. 26.4 g/t Au; 2.1 g/t Ag vs. 283 g/t Ag), this difference highlights two mineralisation styles: narrow, high-grade sulphide lodes historically mined and broader, lower-grade quartz vein systems newly identified. This distinction is geologically significant and suggests a larger mineral system than historic mining alone revealed.