Australian-listed Golden Deeps Limited has reported copper grades of up to 9.2%, zinc grades of 23.2% and silver grades of 417 grams per tonne from its Graceland critical metals prospect in northern Namibia, as the company continues deeper diamond drilling to investigate mineralisation beneath the high-grade zones identified near the surface.
In its quarterly activities report for the three months ended 30 September 2026, Golden Deeps said laboratory results received from four shallow diamond drill holes confirmed the continuation of mineralised zones beneath Gossan 1 and Gossan 1 East at its Central Otavi Project in the Otavi Mountain Land.
The four holes were completed during the previous quarter, with their results received during the September quarter. The company also commenced a deeper drilling programme during the period to investigate three priority sulphide targets along an 800-metre corridor at Graceland.
Up to 10 diamond drill holes are planned in the initial programme, which is designed to establish whether the copper, silver, zinc, lead and germanium mineralisation identified near the surface extends into deeper sulphide zones.
Golden Deeps said individual assays from drill hole GLBPD009 at Gossan 1 returned grades of up to 23.2% zinc, 8.2% lead and 118 grams per tonne of germanium, while assays from GLBPD007 at Gossan 1 East reached 9.2% copper and 417 grams per tonne of silver.
These represent individual high-grade assays rather than average grades across the full mineralised intersections.
At Gossan 1, drill hole GLBPD009 intersected 8.20 metres grading 3.5% copper equivalent from a depth of eight metres. The intersection contained 0.40% copper, 31 grams per tonne of silver, 6.23% zinc, 2.06% lead and 30.4 grams per tonne of germanium.
Within that intersection, a higher-grade interval of 2.12 metres returned 6.2% copper equivalent, including 10.3% zinc, 4.31% lead, 64.1 grams per tonne of silver and 56.2 grams per tonne of germanium.
At Gossan 1 East, drill hole GLBPD007 returned 4.48 metres grading 4.0% copper equivalent from a depth of 2.52 metres, including 2.48% copper, 84 grams per tonne of silver, 0.44% zinc and 171 grams per tonne of antimony.
The intersection included 2.28 metres grading 7.3% copper equivalent, containing 4.55% copper, 150 grams per tonne of silver and 306 grams per tonne of antimony.
A narrower interval of 1.12 metres returned 13.0% copper equivalent, including 8.16% copper, 270 grams per tonne of silver, 1.40% zinc and 561 grams per tonne of antimony.
Another drill hole, GLBPD001, intersected 1.45 metres grading 2.9% copper equivalent from 4.64 metres at Gossan 1 East, including 2.01% copper, 42.6 grams per tonne of silver and 161 grams per tonne of antimony.
Within this intersection, 0.56 metres returned 5.7% copper equivalent, including 3.97% copper, 71 grams per tonne of silver and 335 grams per tonne of antimony.
Golden Deeps said the results demonstrated the continuity of mineralised zones beneath the surface exposures and supported further investigation of deeper sulphide targets identified through induced polarisation geophysical surveys.
Chief executive Jon Dugdale said the results had strengthened the company’s confidence in the mineral potential of Graceland.
“The spectacular and consistent results we have received from our earlier work programs at Graceland give us confidence that the multiple targets identified by the IP survey show potential for copper-silver-zinc-lead and germanium bearing sulphide zones,” he said.
Golden Deeps commenced its deeper diamond drilling programme during the September quarter, following an announcement on 26 August 2026 outlining plans to investigate high-grade mineralisation and geophysical targets at Graceland.
The programme is initially investigating the down-plunge extension of the Gossan 1 mineralised zone, with additional drilling planned at Gossan 1 East.
The company also intends to investigate Gossan 1 Far East, which it described as the largest and strongest of the three induced polarisation anomalies identified within the corridor.
Unlike Gossan 1 and Gossan 1 East, the Far East target has no visible mineralisation at the surface. It occurs at the eastern end of the 800-metre corridor and remains open to the east and at depth.
Golden Deeps said further drilling below 100 metres would depend on the results of the initial programme, with subsequent work potentially investigating deeper extensions of the mineralised zones and the Far East anomaly.
“The diamond drilling program is currently testing the IP target below the high-grade Gossan 1 zone, with drilling planned to test the Gossan 1 East target and the strongest IP anomaly detected to date at Gossan 1 Far East,” Dugdale said.
The company’s exploration strategy is focused on identifying mineralisation resembling the geological characteristics of the historic Tsumeb mine.
According to figures cited by Golden Deeps, the Tsumeb mine historically produced 27 million tonnes of ore grading an average of 4.3% copper, 10% lead, 3.5% zinc, 95 grams per tonne of silver and 50 grams per tonne of germanium.
The historical production figures provide geological context for the company’s exploration strategy but do not establish that Graceland contains a deposit of comparable size or grade.
Golden Deeps also continued soil, rock-chip and channel sampling at its South Ridge and Butterfly North prospects during the September quarter.
South Ridge is being investigated for copper, lead, zinc and silver mineralisation, while work at Butterfly North includes reassessing earlier induced polarisation survey data to identify potential drilling targets.
The Butterfly North anomaly lies along strike from the historic Khusib Springs mine, which previously produced approximately 300,000 tonnes of ore grading 10% copper and 584 grams per tonne of silver.
These historical production figures relate to Khusib Springs and do not represent mineral resources identified at Butterfly North.
Golden Deeps said the geophysical data would be remodelled to assist in identifying drilling opportunities, while results from the latest surface sampling would be released once finalised.
The company is also considering further exploration at its Border, Driehoek and Kaskara prospects, including investigations into possible extensions of known mineralisation and deeper targets.
Border contains an existing zinc-lead-silver mineral resource, while Driehoek is being investigated for similar metals. Kaskara is being evaluated for vanadium, copper, lead, zinc and germanium mineralisation.
Golden Deeps is also reviewing soil sampling results from EPL8546 at Nosib West, which lies along strike from its Nosib vanadium-copper-lead-silver discovery.
The company said this work would help identify further copper-silver exploration opportunities in geological formations similar to those investigated by Midas Minerals immediately west of its project areas.
Golden Deeps also reported that three uranium exploration licence applications in western Namibia had been offered for grant, subject to environmental clearance requirements.
The applications were submitted through its subsidiary Huab Energy Pty Ltd and cover areas extending south of the Langer Heinrich uranium mine.
The company said satellite imagery had identified potential uranium-bearing palaeochannels, which could warrant investigation for mineralisation similar in geological character to that found at Langer Heinrich.
The three exclusive prospecting licences have not yet been confirmed as fully granted, with environmental clearance certificates remaining an outstanding requirement.
Golden Deeps reported company-wide exploration and evaluation expenditure of A$513,000 during the September quarter, representing 77% of its total net expenditure of A$670,000.
The company held A$3.548 million in cash at 30 September 2026.
