InvestSMART

Antares Metals Limited (ASX:AM5)

ALERT: Price-sensitive ASX Announcement for AM5
Current share price for AM5 : $0.005 -0.001 (-16.67%)+
Announcement
Release
6 Oct 2026 8:13AM
Price at Release
$0.006
Full Release
download
Summary
Antares Metals Limited (ASX: AM5) announced it has agreed to earn a 90% legal and beneficial interest in Mining Lease M51/19, which contains the historic high-grade Enterprise gold mine at Quinns in Western Australia, through an earn-in and joint venture with CNN Investments Pty Ltd. The consideration comprises $50,000 cash, 20,000,000 fully paid ordinary shares at a deemed issue price of $0.005, subject to shareholder approval, and $200,000 of exploration expenditure within two years; if approval for the shares is not obtained, the share component will be replaced by $100,000 cash, and CNN will retain a 10% free-carried interest to production. The acquisition adds Enterprise as a fourth priority drill target at Quinns alongside Venture, Fennell, Finlay and Venture as described in the announcement, strengthens Antares’ consolidation of the Quinns goldfield, and supports its view that 20km of the Meekatharra greenstone belt has been underexplored for orogenic gold because prior work focused mainly on VMS copper-zinc mineralisation. Enterprise historically produced 865.41 ounces of gold from 1,389.5 tons at an average recovered grade of 19.3 g/t Au between 1897 and 1917, and historical drilling returned shallow gold intercepts including 9m at 4.68 g/t Au from 28m, 7m at 2.88 g/t Au from 27m, 4m at 3.21 g/t Au from surface, 7m at 2.59 g/t Au from surface and 9m at 3.18 g/t Au from surface. Antares said the southern part of M51/19 remains open for additional air core drilling, while nearby targets include the Venture soil anomaly measuring 600m by 250m with peak results of 1,570 ppb and 500 ppb gold, and the Fennell prospect where rock chips returned up to 65.20 g/t Au, 16.63 g/t Au and 8.77 g/t Au. The company has expanded its current Quinns air core program to 2,500m to test Enterprise extensions, Venture and Fennell, and plans further soil sampling and geophysical surveys across its 383km2 Quinns tenure, with the announcement also including JORC tables and appendices summarising historical drilling methods, collar data and assay results for the Enterprise prospect.
Key Points
  • Antares agreed to earn a 90% interest in Mining Lease M51/19 hosting the historic Enterprise gold mine at Quinns.
  • The earn-in terms are $50,000 cash, 20,000,000 shares at $0.005 subject to shareholder approval, and $200,000 exploration spend within two years.
  • If shareholder approval for the consideration shares is not obtained, Antares will pay an additional $100,000 cash instead.
  • CNN Investments will retain a 10% interest free carried by Antares to production.
  • Enterprise historic production was reported as 865.41 ounces of gold from 1,389.5 tons at an average recovered grade of 19.3 g/t Au between 1897 and 1917.
  • Historical drilling at Enterprise returned shallow high-grade results including 9m at 4.68 g/t Au from 28m and 7m at 2.88 g/t Au from 27m.
  • The acquisition lifts Antares’ Quinns drill target count to four and strengthens its control over the Quinns goldfield.
  • Antares believes the 20km belt at Quinns remains largely untested for orogenic gold because earlier explorers focused mainly on VMS copper-zinc mineralisation.
  • The Venture prospect adjacent to Enterprise hosts a 600m by 250m soil gold anomaly with peak values of 1,570 ppb and 500 ppb Au.
  • The Fennell prospect northwest of Enterprise returned rock chip results up to 65.20 g/t Au, 16.63 g/t Au and 8.77 g/t Au.
  • Antares expanded its current Quinns air core drilling program to 2,500m to test extensions of Enterprise mineralisation and nearby gold targets.
  • Further soil sampling and geophysical surveys are planned across the 383km2 Quinns tenure.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.