Mamba Exploration Plans 50-Hole RC Drill Programme at Meeka East

Mamba Exploration Moves to Expand Its Footprint Across Gold and Copper Ground

Mamba Exploration Limited (ASX: M24) has used its latest ASX update to expand the Meeka East Gold Project landholding by about 10km², while also moving closer to an up to 50-hole RC drilling program in Western Australia's Murchison Goldfield. According to the announcement, the company has agreed to acquire three prospecting licence applications totalling 538ha, pegged a further three applications covering about 5km², and scheduled a Yugunga-Nya heritage survey for late July 2026 ahead of drilling approvals.

The update matters because it combines three investor-relevant developments in one report: a larger gold exploration footprint at Meeka East, a near-term drilling catalyst, and an early-stage review of historical copper data across the Copper Hills/Gabanintha tenure. For junior explorers, timing between target generation and drill testing often drives market attention. In this case, Mamba is attempting to add ground and preserve cash at the same time.

Expanding the Meeka East Land Position

The ASX announcement outlines two separate tenure moves at Meeka East. One is an agreed acquisition on the Bella Trend. The other is direct pegging on the New Australian South trend. Together, they increase Mamba's coverage along prospective gold-bearing structures.

Bella Trend Acquisition Adds Northern Extension Ground

Mamba has entered into a Tenement Sale Agreement to acquire a 100% interest in three prospecting licence applications:

• PLA51/3460
• PLA51/3461
• PLA51/3462

These applications cover a combined 538 hectares, or 5.38km², on the Bella Trend. In the announcement, the company said the ground extends coverage of target rock types and structures along the northern extension of the Bella Trend.

The commercial terms are straightforward and cash-preserving.

For investors, the structure has two clear implications. First, the acquisition does not require a cash outlay, which helps preserve funds for fieldwork and drilling. Second, the absence of a royalty means there is no additional future burden attached to any discovery on this newly acquired ground.

Furthermore, the report states that the tenements are eligible for inclusion in Mamba's existing YNPBC Heritage Agreement. That is operationally useful because it may simplify heritage-related planning compared with setting up a separate arrangement for newly added applications.

Key transaction point: The Bella Trend acquisition is being completed entirely in scrip, with 2,500,000 Mamba shares, no cash, and no royalty payable.

New Australian South Pegging Extends Contiguous Tenure

Alongside the acquisition, Mamba has pegged three new prospecting licence applications covering approximately 5km² on the New Australian South trend at Meeka East.

According to the ASX update, these leases extend the company's contiguous tenure along the Mulga Bill structure in ultramafics. Ultramafics are iron and magnesium-rich rocks that can host mineral systems, including gold in some geological settings. Expanding along this structure gives Mamba a broader set of target zones beyond the Bella Trend area.

Taken together, the Bella Trend acquisition and New Australian South pegging add about 10km² of new ground. For an early-stage explorer, that increase is material because it broadens the range of structures and rock types available for follow-up work.

Meeka East Drilling Plans Move Closer to Execution

The land package expansion sits alongside a more immediate operational objective: getting drills turning at Meeka East.

In the report, Mamba said that following the large-sample Fine Soil Sampling program completed in April, it has planned an RC drilling program of up to 50 holes. That drilling is intended to begin after heritage approvals and Programme of Works (PoW) approvals are in place.

The company has already submitted the PoWs, and the Yugunga-Nya heritage survey of proposed drill areas is scheduled for late July 2026.

This sequence matters. Junior explorers often identify targets through surface geochemistry, but value tends to shift when those targets are tested below surface. Soil anomalies can indicate that gold may be present, however drilling is needed to determine whether mineralisation continues at depth and whether it has continuity.

What Will the RC Program Target?

According to the project update included in the announcement, the planned drill areas lie within:

• Yaloginda Formation sediments
• Adjacent dykes
• Trends with known gold occurrences along strike
• Undercover targets identified through soil sampling
• Areas consistent with earlier gold geochemical results at 140' Well North

"Undercover" means the prospective rocks are buried beneath surface cover such as soil or transported material, making them harder to assess from outcrop alone. This is one reason soil geochemistry and later drilling become important — they help identify targets where the mineralised rocks are not directly visible at surface.

Mamba also reported that its earlier soil work identified over 20km of strike prospectivity. Strike refers to the horizontal extent of a geological trend. A long strike length does not confirm economic mineralisation, but it can indicate scale and justify systematic drill testing.

Does the EIS Award Help Offset Program Costs?

The company confirmed that an Exploration Incentive Scheme (EIS) award of $90,000 will be applied against the total cost of the RC program.

That does not fund the entire campaign, but it does reduce the effective drilling cost for Mamba. For investors in a junior explorer, partial cost support can stretch available exploration capital further, especially when combined with a no-cash land acquisition structure.

Near-term catalyst: The next operational milestone flagged in the ASX update is the late July 2026 heritage survey, followed by final approvals and targeted commencement of the up to 50-hole RC drilling program.

Copper Review Adds a Second Commodity Angle

A separate part of the announcement focuses on copper potential across Mamba's Copper Hills/Gabanintha tenure.

The company said it has started a review of historical exploration data following recent regional copper-gold results reported by Solstice Minerals (ASX: SLS) at the Nanadie Copper-Gold Project. This does not mean Mamba has reported copper assays or defined copper targets yet.

The company was explicit that any historical results proposed for release will only be provided once they have been reviewed and verified by a Competent Person against original source data. That distinction is important, and investors should note that at this stage only a review is underway.

For investors, the relevance lies in optionality. If the review identifies credible copper targets from historical work, Mamba could add a second commodity pathway within its existing tenement package. If it does not, the update still indicates management is screening existing ground for additional value rather than relying solely on one project thread.

Ashburton Program Delayed but Still in Planning

The ASX announcement also covered the Ashburton Project, where a 1,400-sample soil program originally planned for June has been deferred.

According to the report, the delay was caused by heavy rain and Mamba's decision to prioritise planning for Meeka East drilling. The company said the Ashburton program is expected to commence in the coming months.

The planned work is designed to generate about 1,400 <80 mesh ppb Au geochemistry samples. In other words, fine soil samples will be tested for very small concentrations of gold to help identify areas that may warrant later follow-up.

The company also completed a lease area reduction in June, relinquishing the Granites area after assessing it as non-prospective. Early-stage explorers often need to balance ground holding costs against target quality, and dropping lower-priority areas can help focus spending where management sees better potential.

Understanding RC Drilling and Why It Matters

For non-specialist investors, Reverse Circulation (RC) drilling is one of the most common early-stage drilling methods used in Australian gold exploration.

RC drilling works by using compressed air to bring crushed rock chips back to the surface through the drill rods. Those chips are then logged and sampled for assay testing. Compared with diamond drilling, RC drilling is generally faster and lower cost, which makes it suitable for testing multiple targets across a broad area.

Why Is This Important at Meeka East?

1. It is the first direct test of subsurface targets generated by Mamba's soil sampling program.
2. Up to 50 holes gives the company scope to test several trends rather than a single isolated anomaly.
3. Results may help confirm whether the geochemical targets reflect meaningful gold mineralisation at depth.
4. The program can refine future drilling priorities, even if initial holes return mixed outcomes.

This is often the stage where a project begins to move from surface indications to a more evidence-based geological model. Positive RC results can support follow-up drilling, while weaker results may still improve targeting by narrowing the focus.

Key Milestones From the ASX Update

The announcement sets out a clear sequence of operational markers for the second half of 2026.

For the market, the most immediate event remains the heritage survey. A completed survey, followed by approved PoWs, would clear the way for drilling, which is the main catalyst identified in the report.

Why Investors May Be Watching Mamba Now

Mamba's latest update is not built around assay results or a resource estimate. Instead, it is about positioning. The company is increasing its landholding at Meeka East, preserving cash through an all-scrip acquisition, and pushing toward a first meaningful round of RC drilling across targets generated by prior geochemical work.

There are several reasons this may attract investor attention:

• Drilling is approaching with a defined near-term approvals path
• Around 10km² of additional ground has been added across prospective trends
• The Bella Trend acquisition carries no cash payment and no royalty
• The RC program has a $90,000 EIS contribution to offset part of the cost
• A historical copper review introduces a possible second exploration theme
• Ashburton tenure management shows the company is adjusting its portfolio rather than holding all ground regardless of prospectivity

However, the next step remains practical rather than promotional. According to the ASX announcement, progress at Meeka East depends on heritage and regulatory approvals being completed so the planned RC program can begin. For a junior gold explorer, that transition from target generation to drilling is often the point where geological ideas start to face direct testing.

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