Breakthrough Minerals Ltd
- ASX Code: BTM
- Market Cap: $33,132,684
Breakthrough Minerals Confirms High-Grade Copper-Gold at Turpentine, With the Deposit Still Growing
Breakthrough Minerals (ASX: BTM) has reported the first assay results from its 2026 resource expansion drilling program at the Turpentine Deposit, with Breakthrough Minerals high-grade copper-gold at Turpentine deposit directly validating a geophysically generated exploration target below and beyond the existing resource. In the same announcement, the company released the remaining assay results from its maiden diamond drilling program at the Barbara Copper-Gold Project, confirming mineralisation extends past the current resource boundary at depth and along strike.
Together, the results add momentum to BTM's ambition to grow its 200,000 tonne copper equivalent (CuEq) Mineral Resource across the North Queensland Copper-Gold Project (NQCGP), a resource base the company describes as entirely uncommitted.
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Turpentine Steps Outside Its Own Resource Envelope
The central finding from this announcement is confirmation that the Turpentine mineralised system continues to the north and at depth, beyond the boundaries of the existing Mineral Resource estimate.
Turpentine is already BTM's largest single deposit, hosting an Inferred Mineral Resource of 8.7 million tonnes (Mt) at 1.16% CuEq for 101,000 tonnes of contained CuEq. The current approximately 4,000 metre drilling program was designed specifically to test whether that footprint could be extended down-plunge to the north, using a target generated from gravity inversion modelling supported by magnetic survey data.
The first three holes from that program have now returned assay results, with all three intersecting copper-gold mineralisation.
Turpentine Drill Results Summary: 26TUR001 to 26TUR003
| Hole ID | From (m) | Interval (m) | CuEq (%) | Key high-grade interval |
|---|---|---|---|---|
| 26TUR001 | 210 | 31 | 0.52% | 7m @ 1.02% CuEq |
| 26TUR002 | 180 | 16 | 1.30% | 6m @ 2.18% CuEq |
| 26TUR003 | 216 | 19 | 1.03% | 4m @ 2.83% CuEq |
All intercepts are downhole lengths; true widths are estimated at approximately 75–95% of downhole length.
The first hole, 26TUR001, targeted a down-dip gap within the existing resource and is reported to have intersected wider and higher grade mineralisation than estimated in the current block model, a positive signal for resource quality in areas already captured within the estimate.
Holes 26TUR002 and 26TUR003 were the first drilled into the interpreted northern down-plunge continuation, meaning they tested ground outside the existing resource boundary. Both returned strong copper-gold intersections, with 26TUR003 delivering an interval of 4 metres at 2.83% CuEq within a broader 19 metre zone. Both holes finished within mineralisation, with remaining samples still at the laboratory awaiting assay. Furthermore, additional results are expected to be reported as they become available.
"At Turpentine, the first assays since drilling commenced have directly validated the down-plunge target generated from our gravity inversion modelling, that's exactly the outcome we were hoping for from this program," said Nigel Broomham, Managing Director of Breakthrough Minerals.
Six More Holes Already in the Ground
The result picture at Turpentine remains only partially formed. As at the date of the announcement, six additional holes have been completed along the northern down-plunge target zone and are awaiting assay, with drilling continuing.
This is relevant for investors because the results reported to date come from only the first three holes drilled into the target area. The geological validation provided by 26TUR002 and 26TUR003 sets up a pipeline of pending results across a target that was generated systematically from geophysical modelling rather than opportunistic step-out drilling.
Barbara: Mineralisation Confirmed to at Least 575 Metres Depth
The Barbara Copper-Gold Project hosts a current Mineral Resource of 6.5 Mt at 0.97% CuEq. BTM has now completed its maiden diamond drilling program at the deposit, and the remaining assay results from that program indicate a mineralised system that persists well below and beyond the existing resource outline.
The most significant result comes from 26BAR009, the deepest hole of the program, which intersected 73 metres at 0.24% CuEq from 503 metres, including 10 metres at 0.56% CuEq from 550 metres, with mineralisation traced to 575 metres vertical depth. This represents a clear extension below the current resource footprint.
Barbara Drill Results Summary: New Holes Reported
| Hole ID | From (m) | Main interval | CuEq (%) | High-grade zone |
|---|---|---|---|---|
| 26BAR004 | 440 | 45m | 0.24% | 7m @ 0.54% CuEq |
| 26BAR006 | 339 | 39m | 0.32% | 7m @ 1.08% CuEq |
| 26BAR008 | 50 | 13m | 0.26% | 3m @ 0.68% CuEq |
| 26BAR009 | 503 | 73m | 0.24% | 10m @ 0.56% CuEq to 575m depth |
All intercepts are downhole lengths; true widths are estimated at approximately 75–95% of downhole length.
Results from 26BAR006 and 26BAR004 provided further evidence of continuity within the mineralised envelope at depth. Notably, 26BAR008 tested a shallow northern extension of mineralisation along the Barbara Shear Zone, outside the current resource model, and returned mineralised intercepts, consequently supporting further testing in that direction.
Taken alongside the initial Barbara results reported in June 2026, which included 35 metres at 1.34% Cu from 204 metres in 26BAR001, the completed maiden program at Barbara has outlined a mineralised system that remains open at depth and along strike to the north.
Understanding CuEq: The Benchmark That Connects the Dots
A key metric used throughout this announcement is copper equivalent, or CuEq. For readers unfamiliar with the term, a brief explanation follows.
What Is CuEq?
Copper equivalent expresses the combined value of multiple metals — in this case copper and gold — as a single copper grade figure. It allows intersections across a project to be compared on a consistent basis, regardless of whether one zone is copper-dominant and another gold-dominant.
How Does BTM Calculate It?
According to the announcement, BTM uses metal prices of US$9,773 per tonne for copper and US$3,300 per ounce for gold, with recoveries of 91.2% for copper and 68.6% for gold. The formula converts gold content into its copper equivalent value before adding it to the copper grade.
Why Does It Matter to Investors?
A higher CuEq grade indicates greater estimated economic value per tonne of rock. When BTM reports an intersection such as 4 metres at 2.83% CuEq, this means the combined value of copper and gold in that interval is equivalent to copper grading 2.83%, a high-grade result in the context of the broader deposit.
Quick Glossary
| Term | Meaning |
|---|---|
| CuEq | Copper equivalent, combined metal value expressed as a single copper grade |
| Inferred Resource | A mineral resource category with lower geological confidence, based on limited sampling |
| Down-plunge | The direction in which a mineralised body extends deeper into the earth |
| Gravity inversion modelling | A geophysical technique using surface gravity measurements to model subsurface rock density and identify exploration targets |
| ISCG | Iron Sulphide Copper Gold, the deposit style interpreted at both Barbara and Turpentine |
| DHEM | Downhole electromagnetic surveying, used to detect conductive targets from within a drillhole |
What Comes Next: A Busy Remainder to 2026
BTM's exploration pipeline remains active across multiple fronts. The company's broader 2026 campaign is targeting approximately 10,000 metres of total drilling across the NQCGP.
Upcoming Activities by Project
| Project | Planned activity |
|---|---|
| Turpentine | Ongoing drilling to test northern down-plunge target; six holes awaiting assay with further results expected |
| Hazel Creek (broader) | Approximately 2,500 metre RC program targeting Turpentine South, Eight Mile Creek North, Eight Mile Creek East and the SE Offset Prospect |
| Barbara | Planned return to test northern extensions of the Barbara Shear Zone; proximal mineralised targets to be drilled |
| Barbara (technical) | Selected holes to be surveyed using downhole electromagnetic (DHEM) techniques to identify additional conductor targets |
The six holes already drilled into the Turpentine northern down-plunge zone represent the most immediate catalyst, with results expected to be reported progressively as they are received from the laboratory.
The Investment Case: A Growing Resource Base With Room to Run
The NQCGP Resource Base at a Glance
| Deposit | Tonnes (Mt) | CuEq grade (%) | Contained CuEq (kt) | Status |
|---|---|---|---|---|
| Barbara | 6.5 | 0.97% | 63 | Open at depth and along strike |
| Mt Colin | 0.6 | 2.13% | 13 | Measured, Indicated and Inferred |
| Turpentine | 8.7 | 1.16% | 101 | Open to north (down-plunge) |
| Turpentine South & Eight Mile Creek North | 3.0 | 0.79% | 23 | Inferred |
| Total NQCGP | 18.8 | 1.07% | 200 | Entirely uncommitted |
Source: BTM ASX announcement, 30 October 2025
Several elements of the update stand out from an investment perspective:
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Geophysics-to-drill validation. The Turpentine northern extension target was generated using gravity inversion modelling, a technical process converting surface gravity measurements into subsurface density models. The first two holes drilled into this interpreted target both returning significant copper-gold mineralisation is a meaningful technical indication that BTM's targeting methodology is functioning as intended.
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Holes finishing in mineralisation. Both 26TUR002 and 26TUR003 finished their assayed intervals still within mineralisation, meaning additional assay results from the same holes remain pending. The reported intervals may therefore understate the full extent of mineralisation intersected.
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Outperforming the block model. 26TUR001 is reported to have intersected wider and higher grade mineralisation than estimated in the existing Mineral Resource block model, a positive indicator for resource quality in areas already captured, not solely for extensions.
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Barbara extending the system at depth. The deepest hole at Barbara traced mineralisation to at least 575 metres depth, well below the current resource. Combined with the northern surface extension confirmed by 26BAR008, the Barbara deposit has now demonstrated growth vectors in multiple directions.
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Resource base is entirely uncommitted. BTM has stated that its 200,000 tonne CuEq global resource remains entirely uncommitted, not tied to any offtake, development obligation, or joint venture arrangement. This preserves optionality for the company as the resource base continues to grow.
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Why Investors Should Keep Watching BTM
The announcement outlines a company at an active stage of its exploration program across two flagship deposits. The first holes into the Turpentine northern down-plunge zone achieved the outcome the company was targeting, confirming that the geophysical model corresponds to actual mineralisation. With six more holes already drilled into the same target zone and awaiting assay, and drilling continuing, the results pipeline over the coming weeks appears material.
At Barbara, the completed maiden program has established depth and strike extensions that may support a future resource update. In addition, planned DHEM surveying of selected holes adds a further technical layer that could identify new conductor targets in proximity to an already established mineralised system.
The broader picture is a company executing a defined resource growth strategy across two flagship deposits, within a project area in the Mt Isa region of North Queensland, one of Australia's established copper-gold provinces.
"Breakthrough Minerals (ASX: BTM) has reported high-grade copper-gold mineralisation on the interpreted northern extension of its largest deposit, Turpentine, with the first holes validating a geophysically derived target. Six more holes at Turpentine are awaiting assay results, and Barbara has demonstrated mineralisation to at least 575 metres depth. With a 200,000 tonne CuEq resource base and active drilling across multiple fronts, investors may wish to watch for upcoming assay results as BTM works to grow its resource inventory."
Want to Learn More About Breakthrough Minerals' Growing Copper-Gold Resource Base?
With high-grade results validating the Turpentine northern extension, six holes awaiting assay, and the Barbara deposit now confirmed open at depth and along strike, Breakthrough Minerals (ASX: BTM) is at an active and potentially compelling stage of its resource growth campaign. Investors seeking to learn more about the company, its 200,000 tonne CuEq North Queensland Copper-Gold Project, and its ongoing 2026 drilling program can visit the official Breakthrough Minerals website at breakthroughminerals.com.au.
