Pivotal Metals Expands Horden Lake Copper Deposit with Significant Step-Out Success
Pivotal Metals (ASX: PVT) has announced compelling results from its 2025 step-out drilling program at the Horden Lake Cu-Ni-Au-PGM Project in Quebec, Canada, revealing a significant 500-metre extension to the known mineralisation and validating the company's exploration strategy.
High-Grade Copper Extends Beyond Known Resource
The 11-hole drilling program successfully extended the shallow mineralisation at Horden Lake to the southwest, increasing the total strike length to 2,600 metres. All holes in the program intersected significant mineralisation, with several standout results including:
- 4.3% CuEq over 0.5m within a wider 19.5m @ 0.71% CuEq from 125m (HN-25-125)
- 2.3% CuEq over 2.6m within a wider 28.3m @ 0.57% CuEq from 179.6m (HN-25-127)
- 3.8% CuEq over 0.9m within a wider 3.1m @ 1.41% CuEq from 121m (HN-25-134)
These results build upon Pivotal's current pit-constrained resource of 37Mt @ 1.1% CuEq, which already positions Horden Lake as one of the leading high-grade open pit copper projects on the ASX. Additionally, this success mirrors recent gold-copper discoveries in Queensland where other exploration companies have been making significant progress.
EM Survey Proves Its Worth as a Targeting Tool
The drilling program targeted a shallow electromagnetic (EM) conductor identified 500 metres southwest of the main deposit. Despite its proximity to nearly 50,000 metres of historical drilling, this target had never been properly tested.
"These step-out results confirm the growth potential of the Horden Lake deposit. We have clearly extended the deposit strike, with mineralisation strongly open with the highest grades in the deepest holes," said Ivan Fairhall, Managing Director of Pivotal Metals.
Crucially, the results validate electromagnetic surveying as a high-conviction targeting tool for the project. The drilled conductor had a modelled conductivity of 3,000-5,000 siemens, while conductors beneath the main Horden Lake deposit have even higher modelled conductivity up to 15,000 siemens.
"A very important takeaway is that these results perfectly validate EM as a high conviction targeting tool. This is the first of multiple new EM anomalies that have not been drilled," Fairhall noted.
Understanding Copper Equivalent Values in Resource Estimation
In metals exploration, copper equivalent (CuEq) calculations provide a standardised way to express the combined value of multiple metals in terms of a single metal. At Horden Lake, the CuEq includes contributions from copper, nickel, gold, palladium, platinum, silver, and cobalt.
The formula used is:
CuEq% = Cu% + Ni% × 1.11 + Au ppm × 0.56 + Pd ppm × 0.24 + Pt ppm × 0.17 + Ag ppm × 0.001 + Co ppm × 0.0001
This calculation accounts for metal prices, recovery rates, and sales costs, providing investors with a clearer picture of the deposit's overall economic potential. Copper was chosen as the base metal for equivalency due to its dominant economic contribution.
| Metal | Recovery | Price (USD) | Sales Cost | Equivalent Factor |
|---|---|---|---|---|
| Copper | 90% | $9,918/t | 10% | 1.00 |
| Nickel | 50% | $19,836/t | 10% | 1.11 |
| Gold | 60% | $2,600/oz | 10% | 0.56 |
| Palladium | 55% | $1,200/oz | 10% | 0.24 |
| Platinum | 40% | $1,200/oz | 10% | 0.17 |
| Silver | 65% | $30/oz | 10% | 0.001 |
| Cobalt | 25% | $35,264/t | 10% | 0.0001 |
Growth Trajectory for Horden Lake
The Pivotal Metals Horden Lake expansion exploration results demonstrate continuity with limited shallow historical drilling in the area. Notable historical results include:
- 23.7m @ 0.84% CuEq from 33.4m (HOR-13-02)
- 35.1m @ 0.46% CuEq from 13.8m (H26820)
What makes these results particularly promising is that the mineralised zone and conductor remain open at depth, with the two deepest holes delivering some of the highest-grade assays of the program. This suggests potential strengthening of mineralisation at depth, similar to what Metal Bank achieved with their resource increase at their flagship project.
Investment Thesis: Why Pivotal Metals Deserves Attention
Pivotal Metals is strategically positioning itself in the critical minerals space with Horden Lake as its flagship asset. The project offers several compelling advantages:
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Scale Potential: The current resource of 37Mt @ 1.1% CuEq now has demonstrated expansion potential both along strike and at depth.
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Exploration Upside: Multiple undrilled EM conductors remain across the property, many with higher conductivity than the successfully drilled target.
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Metallurgical Viability: Recent metallurgical testwork has confirmed excellent recoveries of approximately 90% for copper and 50% for nickel.
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Infrastructure Advantages: Located in mining-friendly Quebec with highway access, the project benefits from favourable jurisdiction and infrastructure.
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Critical Minerals Exposure: The deposit contains a suite of critical minerals essential for the energy transition, including copper, nickel, and platinum group metals.
The validation of EM as an effective targeting tool substantially de-risks future exploration efforts and increases confidence in the company's ability to continue expanding the resource base efficiently. This approach to gaining majority control of valuable assets has also been successful for companies like Inca Minerals in their Stunalara takeover.
Electromagnetic Surveying in Mineral Exploration
Electromagnetic (EM) surveying is a geophysical technique that measures variations in the Earth's electromagnetic field to identify conductive materials beneath the surface. In mineral exploration, this method is particularly effective for detecting sulphide mineralisation, which often contains the valuable metals being sought.
The Pivotal Metals Horden Lake expansion program has demonstrated the effectiveness of EM surveying as a targeting tool. The company utilised two main types of EM surveys:
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Fixed Loop Time Domain EM (FLTEM): This ground-based technique involves setting up a large loop of wire to generate an electromagnetic field. When the current is switched off, any conductive bodies in the subsurface produce a secondary field that can be measured.
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Down-hole EM (DHEM): This technique involves lowering an EM receiver down a drillhole to detect conductive bodies that may be offset from the hole or located deeper than the drilling.
The success of the step-out drilling program validates the company's technical approach and provides a clear pathway for further resource growth at Horden Lake. This strategic approach to securing and advancing key projects is reminiscent of Lucapa's recent acquisition of a majority stake in their diamond project.
Why Investors Should Follow Pivotal Metals
With copper playing a crucial role in the global energy transition and electrification trends, high-grade copper projects in favourable jurisdictions like Canada are becoming increasingly valuable. Pivotal's Horden Lake project combines size, grade, and expansion potential in a way few junior miners can match.
The company has methodically built value through systematic exploration, with each program yielding positive results. The latest step-out drilling demonstrates that significant resource growth potential remains, with mineralisation open along strike and at depth.
The Pivotal Metals Horden Lake expansion strategy appears well-founded based on these latest results. For investors seeking exposure to critical minerals with a company demonstrating clear pathways to resource growth, Pivotal Metals presents a compelling opportunity worth close monitoring. Furthermore, securing appropriate funding for project advancement, as seen with Vital Metals' recent financing, will be crucial for the company's continued success.
"Horden Lake continues on its growth trajectory, building its position as a leading high-grade open pit copper project on the ASX," summarised Ivan Fairhall.
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