Forgent plc (AIM: FORG), the Australian-focused critical and precious minerals explorer, has announced its first gold discovery from drilling at the Cathedral prospect within its Peak Hill project in Western Australia. The company identified strong gold grades in hole PKAC119 after completing just 25 exploration holes, totalling 1,346 metres drilled and representing approximately 22% of the 112 holes originally planned. The announcement also confirms that Forgent has elected not to exercise its option to acquire an interest in the Mount Sholl nickel-copper-PGE project, citing positive exploration results at Peak Hill and current market conditions as factors behind that decision.

Key Points

  • Forgent plc (AIM: FORG) is an Australian-focused critical and precious minerals exploration company
  • First gold discovery at the Cathedral prospect within the Peak Hill project, Western Australia, returned grades of up to 2.14g/t gold from hole PKAC119
  • 25 exploration holes drilled totalling 1,346 metres; gold also recorded in neighbouring holes PKAC118 and PKAC120; no Mineral Resource or commercial discovery has been established
  • Investors should watch for the conclusion of the Curley's drilling programme and the subsequent decision on the scope and timing of targeted Cathedral follow-up drilling

Cathedral Prospect Delivers Gold Grades of Up to 2.14g/t in Hole PKAC119 After 25 Holes

The headline result from the initial Cathedral programme comes from hole PKAC119, which returned separate one-metre gold intersections of 2.14g/t from 55 metres, 1.48g/t from 47 metres, and 0.94g/t from 23 metres downhole. The company stresses these are separate intervals and do not represent a continuous gold-bearing zone. Neighbouring holes PKAC118 and PKAC120 also recorded gold, returning 0.20g/t and 0.41g/t respectively, providing additional targets for geological assessment. Results elsewhere in the 25-hole programme were generally low grade or below detection. All intervals are downhole lengths and true widths have not been established. Samples were analysed by Jinning Pty Ltd in Perth.

Peak Hill Project Scope and Next Steps Following Cathedral and Curley's Programmes

Forgent's Peak Hill project in Western Australia hosts both the Cathedral prospect and the Curley's programme, which is currently ongoing. The company states that targeted follow-up drilling at Cathedral is anticipated after the Curley's programme concludes, with scope and timing to be determined following a combined assessment of geological information from both prospects. Forgent has also recently identified historical drilling records for the Cathedral area, which will be evaluated alongside its own results. Chief Executive James Parsons described the discovery as "a major exploration milestone," adding that strong grades after just 25 holes reinforce Peak Hill's potential alongside recent success at Curley's.

Forgent Elects Not to Exercise Mount Sholl Option, Citing Peak Hill Prioritisation

The announcement confirms that Forgent has decided not to exercise its previously announced revised option to acquire an interest in Mount Sholl, a nickel-copper-PGE project with a JORC-compliant resource. The company attributed the decision to positive exploration results at both Curley's and Cathedral, as well as market conditions, stating a preference to prioritise near-term exploration activity and capital at Peak Hill and its Green Rock copper-gold project. Forgent stated it remains interested in Mount Sholl and intends to continue discussions with the vendor regarding a potential future acquisition.

No Mineral Resource Established; Further Work Required to Define Cathedral Mineralisation

Investors should note that the company has explicitly stated that no Mineral Resource or commercial discovery has been established at Cathedral. Further work is required to determine the extent and continuity of mineralisation identified in the initial 25-hole programme. The exploration results are based on information compiled by Competent Person Mr Edward Mead, a Fellow of the Australasian Institute of Mining and Metallurgy, in accordance with the 2012 JORC Code. Forgent's broader portfolio includes Peak Hill, the Mount Sholl option, and the Green Rock copper-gold project, positioning the company across gold, copper, and nickel exploration in Australia.