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Lightning Minerals Ltd (ASX:L1M)

ALERT: Price-sensitive ASX Announcement for L1M
Current share price for L1M : $0.011 -0.001 (-8.33%)+
Announcement
Release
21 Sep 2026 8:44AM
Price at Release
$0.012
Full Release
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Summary
Lightning Minerals reported that integrated Phase 2 results at its 100%-owned Warby Tungsten Project in North Queensland, about 25 km north of Mount Surprise, confirm a substantially larger open tungsten system than previously interpreted, with 91 soil samples, 17 panned concentrate samples, 6 additional Phase 2 rock chips integrated with earlier rock chips and 21 reference samples outlining a high-grade quartz-wolframite/scheelite vein swarm associated with a broader W-Sn geochemical footprint and additional Au-Cu potential; soil anomalies above 30 ppm W, including multiple zones above 50 ppm W and peaks above 100 ppm W, remain open in several directions, while drainage concentrates across roughly 4.3 km² returned up to 44,800 ppm W and 41,700 ppm Sn, suggesting mineralisation extends well beyond the shallow WW1-era historical workings along a largely untested 13 km Angore Granite contact, and rock chips confirmed exceptional surface grades with 5 of 6 Phase 2 samples above 1% W, including a peak of 5.5% W and one sample returning 2.22 ppm Au, 0.21% Sn and 1.31% W; the geological model points to structurally controlled vein-hosted tungsten with possible deeper intrusive or greisen-style W-Sn mineralisation, leading the company to fast-track Phase 3 soil sampling to refine anomalies and prepare maiden drill targets, while also considering more regional drainage sampling, LiDAR, trenching and drilling.
Key Points
  • Phase 2 results integrated with earlier data indicate the Warby Project hosts a substantially larger tungsten mineralised system than first interpreted.
  • The project is a high-grade quartz-wolframite/scheelite vein swarm with additional tin, gold and copper potential.
  • Surface rock chip sampling returned exceptional tungsten grades, with 5 of 6 Phase 2 samples above 1% W and a peak assay of 5.5% W.
  • One Phase 2 rock chip sample returned 2.22 ppm Au, 0.21% Sn and 1.31% W, confirming a multi-element association.
  • Reconnaissance soil sampling outlined anomalous tungsten values above 30 ppm W, with several zones above 50 ppm W and results open in multiple directions.
  • Drainage panned concentrate sampling defined a regional W-Sn dispersion footprint over about 4.3 km².
  • Peak panned concentrate assays reached 44,800 ppm W and 41,700 ppm Sn.
  • Historical WW1-era workings are shallow, collapsed and likely represent only a fraction of the broader mineralised vein system.
  • The mineralised system is structurally controlled along NNW-trending faults and linked to fractionated microgranite dykes near the Angore Granite contact.
  • The exploration model supports both vein-hosted tungsten mineralisation and possible deeper greisen-style W-Sn targets.
  • Most of the 13 km prospective granite contact remains untested, leaving considerable exploration upside.
  • Lightning Minerals has fast-tracked Phase 3 soil sampling to extend and infill anomalies and vector a maiden drilling program.
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.