Right Resources Elevates Rising Sun and Midnight Star as Gold-Copper Targets

Thirty Years of Historical Work Lifts Two Gold-Copper Targets at Right Resources' New England Project

Right Resources Limited (ASX: RRE) has reported that a three-month review of historical exploration at its 100%-owned EL9142 in New South Wales has elevated Rising Sun and Midnight Star to high-priority gold-copper targets. According to the ASX announcement, the two prospects sit about 1.5km apart within the company's New England region, roughly 50km north-east of Tenterfield, and may represent distal and proximal parts of the same intrusion-related gold system (IRGS).

The update matters because it is based on existing exploration data that appears not to have been fully tested in the early 1990s. Right Resources' review combined historical soil geochemistry, electromagnetic surveys and two diamond drill holes completed by CRA Exploration (CRAE) with newer datasets including regional radiometrics, gravity interpretation and a 2023 LiDAR survey completed by the company.

"In this case, our New England review has successfully taken a rigorous look at three decades of historic data to accelerate two genuine targets within our exploration pipeline. Midnight Star has sat untested since the early 1990s despite a strong and coherent geochemical signature, and Rising Sun was only ever tested by two shallow holes that failed to close off the anomaly. These targets justify further exploration," said Graham Howard, Managing Director.

Historical Data Review Identifies Gaps in Earlier Exploration

According to the announcement, CRAE carried out exploration between June 1990 and December 1992, including 527 soil samples, airborne and ground EM surveys, and two diamond holes totalling 230 metres at what Right Resources now refers to as Rising Sun and Midnight Star.

The company's review found that some key indicator elements in the original soil dataset were not analysed to modern standards. In particular, detection limits for several pathfinder elements were described as comparatively high, while silver, antimony and tellurium were either not assayed or returned unexpectedly low results.

That point is important for investors following early-stage exploration. If the analytical method used in the 1990s was not sensitive enough, the full scale or character of the geochemical footprint may not have been recognised at the time. Right Resources is using that observation to support a fresh surface sampling programme with lower-level modern assays.

The review also brought in regional context. Furthermore, the company said radiometric data helped define a major fault interpreted as a granite-volcanic contact, while gravity data outlined an anomalous low near Rising Sun that may point to an intrusive body at depth. In exploration terms, that can help explain why two nearby prospects show different metal signatures.

Two Targets, Two Styles of Mineralisation

The ASX update presents Rising Sun and Midnight Star as related but geologically distinct targets within the same broader system.

This distinction matters because different metals can occur at different distances from the heat source in an intrusion-related system. A distal target may show broader gold and base metal dispersion, while a proximal target can carry stronger tungsten, tin, molybdenum and bismuth near the intrusive contact.

Does Rising Sun Remain Open Beyond Shallow Historic Drilling?

At Rising Sun, CRAE's work outlined a coincident EM anomaly and a broad multi-element soil anomaly containing gold, arsenic, lead, zinc and copper over about 600m by 275m. The trend strikes north-northwest and, according to the announcement, remains open to the south, southeast and southwest.

Historical ridge and spur sampling returned peak values including:

• Arsenic to 2,200ppm
• Lead to 1,050ppm
• Zinc to 780ppm
• Copper to 330ppm
• Bismuth to 800ppm
• Gold to 0.1ppm

The company said the arsenic anomaly is broader than the gold anomaly, extending about 1,100m wide and 1,700m long, with an offset of roughly 100m to the east. Right Resources interprets that arrangement as consistent with geochemical zonation in an IRGS setting.

Phase Two soil sampling, carried out on a tighter 10m x 100m grid directly south of the EM conductor, also returned anomalous values including gold to 0.133ppm, copper to 120ppm, zinc to 700ppm, bismuth to 35ppm, tungsten to 50ppm and cobalt to 85ppm. CRAE reportedly recorded that the anomaly remained open to the south.

Two diamond holes were drilled in 1992 to test the conductor:

Neither hole returned significant mineralisation. Even so, Right Resources highlighted a feature in DD92CR1 that may justify another look. Geological logging recorded increasingly silicified, flinty and strongly altered volcanic rocks toward the bottom of the hole, together with elevated copper readings and higher magnetic susceptibility.

In practical terms, silicification means silica has been added to the rock by mineral-bearing fluids, while magnetic susceptibility measures how strongly the rock responds to a magnetic field. Both can be useful indicators of changing rock chemistry and alteration near potential mineral systems.

The company's view is that the historic drilling was too shallow and not sufficient to explain the full anomaly. For investors, Rising Sun appears to be less about a failed drill test and more about an incomplete one.

Midnight Star Shows Strong Pathfinder Chemistry but No Drilling

Midnight Star sits about 1.5km north of Rising Sun and has a different geological character. According to the company, the prospect includes fossiliferous, skarn-altered calcsilicates striking northwest-southeast across an area of about 850m by 400m, close to the Morgans Creek Leucomonzogranite.

A simpler way to describe this is that the target lies in limestone-rich rocks altered by heat and fluids near a granite intrusion. This style of alteration, known as skarn, is often associated with metals such as tungsten, copper, tin and gold.

Historical soil sampling at Midnight Star defined a coherent anomaly with standout values of:

CRAE geologists also recorded visual observations of molybdenite and native bismuth in hand specimens, along with scheelite and cassiterite in pan concentrate samples. These are mineral forms of molybdenum, bismuth, tungsten and tin respectively, and they can act as vectors toward a nearby mineralised source.

Despite those indicators, the prospect has never been drill tested. The mineralised trend remains open to the northwest, toward the granite contact area that CRAE flagged for follow-up but did not pursue.

For the market, this is likely to be the more obvious near-term catalyst. A coherent geochemical target with clear pathfinder minerals and no prior drilling often attracts attention because the first drill programme can materially change the understanding of the prospect.

What Is an Intrusion-Related Gold System and Why Does It Matter?

Right Resources' interpretation of both prospects is built around the intrusion-related gold system model. This deserves some explanation because it shapes how the company intends to explore the project.

An IRGS is a style of mineral system linked to a cooling intrusion, usually a granite. As the hot body cools, it releases mineral-rich fluids into nearby rocks. Those fluids can carry gold as well as metals such as bismuth, tungsten, molybdenum, arsenic, lead and zinc.

These metals are not always deposited in the same place. Their distribution can change with temperature, rock type and distance from the intrusion. This is called geochemical zonation. In plain terms, one part of the system may show gold and base metals at surface, while another part closer to the source may show tungsten or tin.

That is why Rising Sun and Midnight Star are being interpreted together. According to the announcement:

• Rising Sun may represent a more distal part of the system
• Midnight Star may sit in a more proximal position near the intrusive source
• Regional geophysics may support the presence of an intrusive body at depth

For investors, the relevance is straightforward. If the geological model is correct, surface geochemistry is not being assessed as isolated anomalies but as parts of a larger mineral system. That can provide a more disciplined basis for target ranking and drill planning.

Next Steps Focus on Modern Sampling and Target Refinement

The company has outlined a near-term work programme designed to test the historic interpretation before moving to drilling. According to the update, the next phase will include:

1. Surface sampling of about 285 samples across seven lines at 400m by 50m intervals
2. Modern low-level multi-element and gold assays to address detection limit issues in the old dataset
3. Field mapping and geological review across both targets
4. Detailed structural interpretation using magnetic, radiometric and geological data
5. Review of historic drill core from the two CRAE holes at Rising Sun

The company also stated that a land access arrangement has already been executed for the planned surface sampling area.

Separately, on 20 May 2026, Right Resources entered into a Level 1 Forest Permit with the Forestry Corporation of New South Wales for potential exploration activities in neighbouring State Forest areas on EL9142 and EL9170. The announcement describes this as an enabling step for potential broader work programmes, rather than a project approval for drilling.

Results from the upcoming programme are expected to guide infill soil geochemistry and possible initial drill testing at both Rising Sun and Midnight Star.

Why the Update Matters for the Broader RRE Investment Case

This announcement does not report a new discovery or drilling intercept. However, its value lies in how historical work has been re-ranked into current targets with a defined pathway to follow-up exploration.

Several points stand out from an investor perspective:

• Midnight Star remains untested by drilling, despite strong tungsten-molybdenum-bismuth-tin geochemistry and field identification of mineral indicator species
• Rising Sun still has unresolved geological questions, particularly at depth where alteration and magnetic readings increased toward the end of DD92CR1
• Modern assays may improve target definition, especially where older analytical methods may have under-reported key pathfinder elements
• The work appears cost-conscious, using data review, mapping and surface sampling before committing to more expensive drilling
• The New England work sits alongside, rather than replacing, the company's stated focus on its Pilot Project in the Tumbarumba region

According to the company, Right Resources controls 2,459km² of tenements across the Tumbarumba and New England regions of New South Wales. Its flagship Pilot Project remains the primary focus, with a history of high-grade underground gold production of about 38 g/t Au and a maiden diamond drilling programme being advanced in collaboration with CODES at the University of Tasmania.

The New England update adds another potential pipeline of news flow. In addition, if the planned sampling confirms stronger than previously recorded pathfinder signatures, and if structural interpretation improves the targeting model, both prospects may move closer to drill testing with a clearer geological framework.

Right Resources' ASX update reframes dormant 1990s exploration data into two current gold-copper targets with distinct geological signatures. Midnight Star offers an undrilled skarn-related target with strong tungsten and molybdenum support, while Rising Sun remains open beyond shallow historic drilling. The next catalyst is the planned modern surface sampling programme, which is expected to shape any first-pass drilling decisions at EL9142.

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