Pivotal Metals will add 1,500m of diamond drilling at Lorraine Mine East to test eight previously undrilled IP targets next to the past-producing Lorraine Copper Mine.
- An additional 1,500m of diamond drilling is planned at Lorraine Mine East, extending the initial 1,800m program nearing completion at Belleterre.
- Eight priority targets have been identified from the December 2025 IP survey, with 1 to 2 holes planned at each target initially.
- Targets cover both magmatic Cu-Ni sulphide potential (LIP1, LIP2, LIP11) and vein-hosted Au-Cu potential (LIP3, LIP4, LIP5, LIP10).
- The Lorraine Mine produced approximately 600kt @ 1.4% Cu, 0.6% Ni and 0.6 g/t Au between 1964 and 1968, with high-grade vein-hosted gold not systematically drill-tested after mining ceased.
- Diamond hole 26-PIV-08 at Shanty Lake is at 420m, approximately 150m from the modelled FLTEM conductor, having intersected primarily mafic volcanic rock as anticipated.
- A Horden Lake Mineral Resource Estimate update is due shortly with a scoping study expected before the end of Q3 2026.
Additional drilling planned at Lorraine Mine East
1,500mp.1
Initial program nearing completion
1,800mp.1
Lorraine Mine historic production
600kt @ 1.4% Cu, 0.6% Ni and 0.6 g/t Au (1964–1968)p.1
Underground channel sample grade
28m @ 45 g/t Au and 3.2% Cup.3
Second channel sample interval
9.5m @ 14.1 g/t Au and 3.2% Cup.3
Mine dump grab samples
up to 13.8 g/t Au and 11.6% Cup.2
Current depth of hole 26-PIV-08
420mp.4
Distance to modelled FLTEM conductor
approximately 150mp.4
Shanty Lake FLTEM conductor dimensions
400m x 150m steeply dipping bedrock conductor starting from 150m depthp.3
Belleterre landholding
160km2 100% ownedp.1
Horden Lake Mineral Resource Estimate
37mt @ 1.1% CuEqp.7
Horden Lake Indicated resource
19.5 Mt @ 1.17 CuEq %p.8
Horden Lake Inferred resource
17.4 Mt @ 1.02 CuEq %p.8
The announcement is a program expansion and progress update rather than a report of new assay results. Drilling at Lorraine Mine East will test IP anomalies that the Company states have had no prior drill testing, over a corridor extending up to 1.8km east of the historic mine. Investors should note that historic production and channel-sample grades cited relate to past work at Lorraine, not to results from Pivotal's current drilling.
Drill Program Expanded at Belleterrep.1
Additional 1,500m targeting untested copper-nickel and gold anomalies adjacent to the past-producing Lorraine Copper Minep.1
Highlightsp.1
- Program Expansion: 1,500m additional drilling now planned for Lorraine Mine East, extending the initial 1,800m program nearing completion at Belleterre.
- Never-Drilled Targets: Multiple IP-defined magmatic sulphide and gold anomalies with no prior drill testing, immediately adjacent to the past-producing Lorraine Mine.
- In the Shadow of the Headframe: Program targets both magmatic Cu-Ni sulphide mineralisation and structurally controlled, vein-hosted Au-Cu mineralisation.
- Lorraine Mine production of 600kt @ 1.4% Cu, 0.6% Ni and 0.6 g/t Au (1964–1968) demonstrates the fertility of the Lorraine system.
- Vein-hosted Au-Cu mineralisation, including the trend hosting bonanza grades of 28m @ 45 g/t Au from underground channel sampling.
- Drill Rig on Site: Diamond hole 26-PIV-08 is currently 150m from the Shanty Lake target. Drill will move to Lorraine Mine East next.
- Horden Lake Progress: MRE update due shortly, with scoping study progressing in parallel - expected before end Q3 2026.
Ivan Fairhall, Pivotal Managing Director, commented: "The Lorraine Mine East program represents a compelling opportunity to test targets that sit in the shadow of a proven, high-grade mineralising system - yet amazingly remain entirely undrilled.p.1
"Our IP survey has defined multiple anomalies over 1.8km of strike that align with both the magmatic sulphide environment of the Lorraine Mine deposit, and the gold-copper vein system that delivered some of the most spectacular grades encountered during historic mining. With the drill rig already on-site nearing the Shanty Lake target, we expect to mobilise immediately on completion to Lorraine Mine East."p.1
Pivotal Metals Limited (ASX:PVT) ('Pivotal' or the 'Company') is pleased to announce a 1,500m expansion of its diamond drilling program at the Lorraine Mine East target area shortly. This extends the initial 1,800m program, as we execute our strategy to identify and test targets to make a new discovery on this well-established regional scale property.p.1
The Belleterre projects consist of multiple target areas across a 160km2 100% owned dominant greenstone package, located in Québec, Canada. Quebec is a globally recognised Tier-1 mining jurisdiction with over 20 operating mines, established permitting frameworks, access to low-cost hydroelectric power and year-round infrastructure.p.1
Lorraine Mine East - Target Overviewp.2
Lorraine Mine East encompasses multiple high-priority drill targets defined by the Company's December 2025 Induced Polarisation (IP) survey, conducted immediately east of the past-producing Lorraine Mine. Targets are complemented with a thorough reinterpretation of prior exploration, which included mapping and surface sampling, geochemical surveys, magnetic surveys.p.2
Pivotal has identified 8 priority targets, with 1 to 2 holes planned at each target initially. Progression through the targets will be subject to results and other operational sequencing considerations (such as follow up geophysical surveys).p.2
The program is scoped at 1,500m of diamond drilling, to commence shortly.p.2
The Lorraine Mine was a massive sulphide Cu-Ni-Au deposit mined between 1964 and 1968, with historic production estimated at approximately 600kt @ 1.4% Cu, 0.6% Ni and 0.6 g/t Au. Mining was concentrated on the near-surface massive sulphide body, with exploration focused on Cu-Ni. The high-grade vein-hosted gold system encountered during underground development was not systematically drill-tested following cessation of mining, leaving the broader structural corridor essentially unexplored.p.2
Mine dump grab samples returning up to 13.8 g/t Au and 11.6% Cu, confirming the high-grade character of the primary mineralising event.p.2
Plan map of the Lorraine Mine East drill target area over UAV magnetic TMI background, showing the 2025 IP Survey Area outline and IP anomaly picks labelled LIP1 to LIP11, planned and pre-Pivotal DDH collars, underground development on the 6th level, and surface sampling points. Annotated result boxes include past production of 600kt @ 1.4% Cu, 0.6% Ni, 0.6 g/t Au; mine waste dumps up to 13.8 g/t Au and up to 11.6% Cu; outcrop 5.5 g/t Au & 0.47% Cu and 0.6% Cu & 0.9% Ni; 0.7m @ 4.4 g/t Au (05-L-08 from 221m); underground channels in 601 W drift 28m @ 45g/t Au & 3.2% Cu and 9.4m @ 14.1g/t Au & 3.2% Cu; 1m @ 53.5 g/t Au (U-6-76, from 27m, 12m below 601W); outcrop 1.2 g/t Au & 0.75% Cu and 0.7 g/t Au & 2.7% Cu; soil anomaly 1.09 g/t Au; outcrop 1% Cu & 0.16 g/t Au; an eastern limit of drilling line; and a labelled +1km prospective horizon with limited sampling and entirely undrilled.
Drill targets are selected and prioritised based on their IP chargeability and resistivity characteristics with consideration for historic results including drilling, surface sampling and associated magnetic features. The target area provides potential for the discovery of both magmatic sulphide Cu-Ni and vein hosted Au-Cu deposits.p.2
Magmatic Cu-Ni Sulphide Targetsp.2
Magmatic sulphide Cu-Ni-PGE potential is supported by the adjacent Lorraine massive sulphide Cu-Ni deposit (mined 1960s), historic drill holes, and historic trench sample results.p.2
- Priority targets LIP1, LIP2, & LIP11 were selected for their magmatic sulphide potential.
- Coincident high-chargeability and low-resistivity IP anomalies with positive magnetic signature interpreted as gabbro-hosted semi-massive and disseminated sulphide mineralisation associated with the Lorraine mine deposit.
- Historic results include surface samples up to 0.63% Cu and 0.93% Ni and drill intersected samples up to 0.56% Cu and 0.72% Ni; gabbro hosted.
- The Lorraine gabbroic lithology extends eastward for approximately 3km from the mined area, representing substantial additional ground for discovery of magmatic sulphide deposits.
Vein-Hosted Au-Cu Targetsp.3
Vein-hosted Au-Cu potential is demonstrated by the adjacent historic underground high-grade channel sampling and drilling results (Lorraine mine 6th level 1960s) and historic surface trench sample results.p.3
- Priority targets LIP3, LIP4, LIP5 & LIP10 were selected for their vein-hosted Au-Cu potential.
- High-chargeability IP anomalies extending up to 1.8km east of the Lorraine mine, coincident with historic high-grade gold-copper mineralisation in underground development and surface trenches.
- The structural corridor hosting bonanza grades of 28m @ 45 g/t Au and 3.2% Cu (6th level underground crosscut) and 9.5m @ 14.1 g/t Au and 3.2% Cu remains largely unexplored outside the mined zone.
- Gold grades of up to 5.5 g/t Au in surface outcrop 600m east of the mine, and anomalous gold (1.1 g/t Au) in soils extending 1.5km east along the inferred structural trend.
Shanty Lake Drilling Updatep.3
The Shanty Lake magmatic sulphide Cu-Ni target lies between the Blondeau and Kelly Lake gabbro hosted Cu-Ni deposits. Pivotal's 2025 FLTEM survey identified a large 400m x 150m steeply dipping bedrock conductor starting from 150m depth (refer ASX announcement dated 25 Aug 2025).p.3
This untested conductive target is flanked by gabbro bodies disrupting narrow iron formations within predominantly mafic volcanic sequences where historic drill holes intersected anomalous Cu and Ni. The combination of known prospective host environment, established mineralisation, VTEM conductor, and FLTEM conductor makes Shanty Lake a highly prospective and priority drill target.p.3
Plan map of the Shanty Lake target at Lorraine, Belleterre, showing the in-progress PVT drill hole 26-PIV-08, prior drill holes at less than and greater than 100m depth, the 2025 FLTEM conductor (500m by 150m), VTEM conductors, and total field intensity imagery. Annotations note the Blondeau deposit (1957 discovery, only 3 holes drilled since 1964, 900m from Shanty Lake) with results 0.8m @ 0.9% Cu, 2.2% Ni within 7.6m @ 0.5% Cu 0.6% Ni, no Au/PGM assays (57-P-17, from 71m) and 7.0m @ 0.43% Cu, 0.58% Ni, 0.64g/t 3PGE (BL-82-01, from 202m); Kelly Lake (Globex) 1.4mt @ 0.7% Cu, 0.7% Ni 0.3 g/t PGE, 800m NE; and 0.9m @ 0.74% Ni, 0.1% Cu, no Au/PGM assays (63-PS-05, from 23m).
The drill bit is currently at 420m, approximately 150m from the modelled FLTEM conductor target. Drilling has thus far intersected primarily mafic volcanic as anticipated.p.4
Cross-section looking azimuth 280 degrees through diamond hole 26-PIV-08 at Shanty Lake, showing the drilled trace in green and remaining planned trace in red, annotated 'Drill currently at 420m, Approx 150m from target EM plate', the steeply dipping 500 x 150m FLTEM conductor plate shown in teal, and near-surface historic hole 63-PS-05 with 0.9m @ 0.74% Ni, 0.1% Cu from 23m, no Au or PGM assay. Depth scale ranges from about 400 metres elevation down to -300.
Based on mapping, the target horizon is interpreted to be underlain by mafic volcanic and gabbro. Historic drilling was completed in 1963/64 and returned individual results including 0.9m @ 0.74% Ni, 0.1% Cu (63-PS-05, from 23m) but drilling did not extend past 75m depth. Previous grab and boulder samples returned elevated Ni and Cu concentrations.p.4
Photograph of a tracked diamond drill rig and support equipment on a cleared dirt drill pad surrounded by forest at the Shanty Lake target.
Belleterre Projects Overviewp.5
Pivotal holds a dominant 160km2 position on the Belleterre-Angliers Greenstone Belt, which forms part of the Archean Superior Province of the Canadian Shield – one of the worlds most productive mineral systems.p.5
Greenstone belts are characterised by an abundance of volcanic and sedimentary lithologies intruded by felsic, mafic, and ultramafic bodies. These lithologies are known to host magmatic Cu-Ni-PGE, shear zone and quartz vein hosted Au, and volcanogenic massive sulphide Cu-Zn deposits.p.5
Pivotal's wider Belleterre project area already host a number of magmatic Cu-Ni-PGE and Au deposits, occurrences, and a past producing mine. Notable discoveries include the Midrim, Alotta, Lac Croche, Delphi-Patry, Zulu, Lorraine Mine, Blondeau, and LaForce occurrences where wide zones of spectacular Cu-Ni-PGM mineralisation have been defined.p.5
- 21.1m @ 2.5% Cu, 1.7% Ni & 2.8 g/t 3PGE (from 29m, Midrim)
- 14.4m @ 2.8% Cu, 2.4% Ni & 4.1 g/t 3PGE (from 57m, Midrim)
- 21m @ 2.1% Cu, 2% Ni & 2.1 g/t 3PGE (from 37m, Alotta)
- 24.2m @ 2.3% Cu, 1.2% Ni & 1.9 g/t 3PGE (from 53m, Alotta)
- 15.7m @ 3.1% Cu, 1.6% Ni & 2.9 g/t 3PGM (from 55.3m, Alotta)
- Samples to 0.4m @ 23.8% Cu & 0.4m @ 20.5 g/t 3PGE (Alotta)
- 600kt @ 1.4% Cu, 0.6% Ni, 0.6 g/t Au prior-production (Lorraine Mine)
- 28m @ 45 g/t Au in u/g channel sample (Lorraine)
These individual deposits are not fully closed off, but most importantly are collectively evidence of a strong and widespread high-grade polymetallic mineralising event. Multiple regional anomalies combined with the known occurrences infer a very large system covering several kilometres which remains extremely under-explored.p.5
Regional airborne total magnetic field map of the Belleterre Projects with 100% Pivotal claim outlines, labelling the Midrim, Laforce and Lorraine project areas, mined deposits and numerous mineral occurrences shown as red dots, with an inset location map spanning Ontario and Québec including Kirkland Lake, Rouyn-Noranda and Val d'Or.
Outstanding Location with Excellent Access to Infrastructurep.6
The Belleterre project area is located 85 km south of Rouyn-Noranda; the heart of the Abitibi greenstone belt, and one of the worlds most productive geological areas estimated to have produced 7 Mt of copper and 200 Moz of gold since 1901.p.6
The project area is extremely well serviced by infrastructure, being nearby a major mining services center, hosting an extensive electrical grid, road and rail network, and skilled labour force.p.6
There have been over 100 mining operations in the region with multiple mills in operation. Given the high-grade nature of the exploration targets, there is the potential to delineate deposits with potential for direct shipping to existing milling facilities. The Company notes Agnico Eagle's nearby Canadian Malartic Mine has a well publicised 14 Mt/annum of spare milling capacity forecast from 2028.p.6
The exceptionally low hydropower costs (estimated 5.5c/kWh) and close proximity to Glencore's 'Horne' copper and 'Sudbury' nickel smelters, further underscore the structural cost advantages for new discoveries made in this region.p.6
Regional location map of the Belleterre-Angliers Greenstone Belt Projects (BAGB) across the Ontario–Québec border, showing the Midrim, Lorraine and La Force claim groups in green, with nearby towns Rouyn-Noranda, Val-d'Or, Amos, La Sarre, Kirkland Lake and New Liskeard, the Horne smelter, Canadian Malartic and Westwood operations, Sudbury 90km to the southwest, and highways, railways, power transmission lines and hydroelectric facilities.
This announcement has been authorised by the Board of Directors of the Company.p.6
About Pivotal Metalsp.7
Pivotal Metals Limited (ASX:PVT) is an explorer and developer of world-class critical mineral projects. Pivotal holds the 100% of the flagship Horden Lake property, which contains a JORC compliant Indicated and Inferred Mineral Resource Estimate of 37mt @ 1.1% CuEq, comprising copper, nickel, palladium and gold (refer Table 1). Pivotal intends to grow the mineral endowment of Horden Lake, in parallel with de-risking the Project from an engineering, environmental and economic perspective.p.7
Horden Lake is complemented by a battery metals exploration portfolio in Canada located within the prolific Belleterre-Angliers Greenstone Belt comprised of the Midrim, Alotta, Laforce and Lorraine high-grade nickel copper PGM sulphide projects in Quebec. Pivotal intends to build on historic exploration work to make discoveries of scale which can be practically bought into production given their proximity to the world famous Abitibi mining district.p.7
Mineral Resourcesp.8
On 29 April 2025 the Company released an updated mineral resource estimate for Horden Lake "Large Increase in HL Project - Shallow High Grade Cu Deposit". The summary mineral resource estimate is shown in Table 1.p.8
Table 1: Horden Lake 2025 Mineral Resource Estimate Statement
p.8| Tonnes Mt | CuEq % | Cu % | Ni % | 3E g/t | Ag g/t | Co ppm | CuEq kt | Cu kt | Ni kt | 3E g/t | Ag koz | Co t | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MRE by cut-off category | |||||||||||||
| In-pit | 31.2 | 1.10 | 0.63 | 0.18 | 0.37 | 10.6 | 140 | 341 | 196 | 58 | 375 | 10,598 | 4,353 |
| Out-of-pit | 5.8 | 1.13 | 0.65 | 0.24 | 0.32 | 9.0 | 151 | 66 | 38 | 14 | 60 | 1,672 | 878 |
| Total | 37.0 | 1.10 | 0.63 | 0.19 | 0.37 | 10.3 | 141 | 407 | 234 | 72 | 435 | 12,270 | 5,231 |
| MRE by classification | |||||||||||||
| Indicated | 19.5 | 1.17 | 0.72 | 0.19 | 0.35 | 9.6 | 144 | 229 | 141 | 37 | 220 | 6,049 | 2,808 |
| Inferred | 17.4 | 1.02 | 0.53 | 0.20 | 0.38 | 11.1 | 139 | 178 | 92 | 35 | 214 | 6,220 | 2,423 |
| Total | 37.0 | 1.10 | 0.63 | 0.19 | 0.37 | 10.3 | 141 | 407 | 234 | 72 | 435 | 12,269 | 5,231 |
2025 MRE cut-off: In-pit = USD 25/t NSR, Out-of-pit = USD 65/t NSR. SG = 3.12. 3E = Pd + Pt + Au at average ratio of 3.6 : 3.4 : 1; Refer to the original market announcement for a complete metal breakdown.p.8
Metal Equivalentsp.8
Horden Lake metal equivalents have been calculated using the following recovery and metals prices assumptions (Table 2). The metallurgical assumptions are informed by recent metallurgical testwork. Refer to ASX announcement 12 March 2025 "Testwork Confirms Excellent Metallurgy at Horden Lake" for more detailed information.p.8
Table 2: Metal equivalent parameters
p.8| Metal | Unit | Price | Recovery | Sales Cost | ME Factor |
|---|---|---|---|---|---|
| Copper (Cu) | USD/t | 9,918 | 90% | 992 | 1.00 |
| Nickel (Ni) | USD/t | 19,836 | 50% | 1,984 | 1.11 |
| Gold (Au) | USD/oz | 2,600 | 60% | 260 | 0.56 |
| Palladium (Pd) | USD/oz | 1,200 | 55% | 120 | 0.24 |
| Platinum (Pt) | USD/oz | 1,200 | 40% | 120 | 0.17 |
| Silver (Ag) | USD/oz | 30 | 65% | 3 | 0.009 |
| Cobalt (Co) | USD/t | 35,264 | 25% | 3,526 | 0.0001 |
Copper equivalent is calculated based on the formula: CuEq% = Cu% + Ni% * 1.11 + Au ppm * 0.56 + Pd ppm * 0.24 + Pt ppm * 0.17 + Ag ppm * 0.001 + Co ppm * 0.0001p.8
In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be sold and recovered, based on current market conditions, metallurgical testwork, and the Company's metallurgical consultant's experience. Copper is chosen as the equivalentp.8
Forward-Looking Statements
1,500m diamond drilling program at Lorraine Mine East to commence shortly, with the rig to mobilise on completion of the Shanty Lake hole.
1 to 2 holes planned at each of the 8 priority targets initially, subject to results and operational sequencing.
Horden Lake Mineral Resource Estimate update due shortly.
Horden Lake scoping study expected before end Q3 2026.