Resources Quarterly Wrap: Gold’s still glittering as explorers chase new

• Gold remains at historically elevated levels despite a volatile year for prices
• FIN, Koonenberry and Mount Hope are awaiting assays from major exploration programs
• Patronus has delivered fresh gold intersections across its extensive Pine Creek portfolio

Special Report: Gold’s remarkable run over recent years has given explorers plenty of incentive to hunt for the next major discovery, even as the precious metal navigates a volatile market environment.

After reaching record levels earlier in 2026, bullion has retreated from its highs but remains around US$3,900 an ounce, a price that continues to offer considerable potential rewards for companies capable of identifying commercially viable deposits.

Demand has remained resilient despite the volatility. According to the World Gold Council, global physically backed gold exchange-traded funds attracted a record US$31 billion during the September quarter, with investors adding 211 tonnes to their holdings.

Central banks have also continued accumulating gold, supported by longer-term efforts to diversify reserves and manage economic uncertainty. 

Geopolitical uncertainty, inflation concerns and shifting expectations around interest rates have all contributed to gold’s price movements. 

For gold explorers, the elevated price environment strengthens the incentive to find new deposits and expand existing ones. 

But discoveries still depend on successful drilling, geological interpretation and, ultimately, demonstrating sufficient scale, grade and recoverability to support potential development.

A busy September quarter has left several ASX-listed explorers approaching important milestones, with new drilling results, resource-definition work and exploration campaigns expected to provide fresh insights into their projects.

FIN Resources (ASX:FIN), Koonenberry Gold (ASX:KNB), Mount Hope Mining (ASX:MHM) and Patronus Resources (ASX:PTN) are among those advancing their exploration ambitions, spanning the Canadian Northwest Territories, New South Wales and the Northern Territory.

FIN Resources (ASX:FIN)

FIN Resources has completed 1149m of diamond drilling across nine holes targeting eight priority areas at its Cabin Lake gold project in Canada’s Northwest Territories.

The September quarter program followed earlier high-grade gold intersections at the Arrow prospect, with six targets identified through induced polarisation (IP) surveys and two through magnetic and structural interpretation.

Initial logging identified sulphide-bearing iron formation in six holes, along with faulting, veining and alteration.

Some intersections share geological characteristics with the Bugow Iron Formation, which hosts known gold mineralisation at Cabin Lake, suggesting further prospective horizons may exist.

All nine holes have been submitted for gold and silver analysis using PhotonAssay, with results expected in the December quarter.

Meanwhile, FIN is preparing for winter exploration, backed by a C$111,034 government grant to support further IP and ground magnetic surveys.

Undrilled targets are being assessed for the 2026-27 winter season.

Koonenberry Gold (ASX:KNB)

Koonenberry Gold advanced several gold-copper targets across NSW during the September quarter, completing maiden drilling at Dunedoo, starting drilling at Wilga Flats and wrapping up Newmont-funded exploration at Junee.

At Dunedoo, seven RC and diamond holes totalling 1412.95m intersected porphyry-style alteration, quartz-sulphide veining and other geological features associated with gold-copper systems.

Executive chairman Paul Harris said the program had delivered encouraging geological observations, with assays now awaited.

Meanwhile, drilling began at the 4.2km-long Olaf’s Trend at Wilga Flats, around 20km north of Evolution Mining’s Cowal gold mine. The initial four-hole program is targeting epithermal gold mineralisation, with additional copper-gold targets being prepared for testing.

At the Newmont-managed Junee joint venture, nine holes were completed at the Allawah prospect, where Koonenberry holds a 20% free-carried interest.

The company also acquired the Gundagai Gold-Copper Project, adding four exploration licences in the Lachlan Fold Belt.

Assays from Dunedoo and Junee are expected during the December quarter, alongside continued drilling at Wilga Flats and the start of exploration at Gundagai.

A $4 million placement announced in July is supporting the exploration programs.

Mount Hope Mining (ASX:MHM)

Mount Hope Mining is advancing towards a maiden JORC resource at its Mt Solitary gold project in NSW’s southern Cobar Basin, following a successful September quarter of drilling and metallurgical testwork.

The company completed Phase 3 RC drilling in early October, comprising 10 holes totalling 2919m targeting extensions to the Mt Solitary gold system.

All samples have been submitted for analysis, with assays expected during the December quarter.

Meanwhile, maiden metallurgical testwork on a composite sample returned an indicative combined gold recovery of 98.4%, including 70.4% gravity-recoverable gold.

Managing director Fergus Kiley said the results confirmed the tested gold was coarse, free-milling and amenable to conventional gravity and cyanidation processing.

With several established gold processing facilities within 200km, Mount Hope is also assessing potential toll-treatment and ore-purchase opportunities.

The company secured a strategic placement of up to $1.82 million, including a $1.03 million cornerstone investment from Ronin Metals, and ended the quarter with about $3.5 million in cash.

Phase 4 drilling, regional exploration and maiden resource work are planned for the December quarter.

Patronus Resources (ASX:PTN)

Patronus Resources delivered fresh gold intersections across its Pine Creek project in the Northern Territory during the September quarter, with drilling targeting resource extensions and new discoveries.

At Tally Ho, four diamond holes totalling 1432.53m all intersected gold, with standout hits including 2.61m at 6.38g/t gold and 3.17m at 3.32g/t gold, both outside the existing resource.

The broader Fountain Head area hosts a combined resource of 234,000oz at 1.4g/t gold.

Meanwhile, drilling at Davies No. 2 returned shallow intersections including 10m at 2.05g/t gold and 2m at 6.03g/t gold, marking the first modern exploration at the prospect in more than 30 years.

At Burnside North, first-pass drilling at the Hydra target returned 44m at 0.76g/t gold, with the hole ending in mineralisation.

Regional sampling also identified the new 3km-long Golden Wall gold anomaly.

Managing director John Ingram said the quarter had delivered encouraging results and established a pipeline of follow-up drilling targets.

Further drilling is planned at Tally Ho, Davies No. 2 and Burnside North, with Patronus holding approximately $72 million in cash and liquid assets at quarter-end to support its exploration programs.

At Stockhead we tell it like it is. FIN Resources, Koonenberry Gold, Mount Hope Mining and Patronus Resources are Stockhead advertisers.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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