High-Tech Metals Ltd (HTM) has released an updated Mineral Resource Estimate for the Mt Fisher gold project in Western Australia, providing a revised technical foundation for upcoming development studies. The updated estimate for the Wagtail deposit now totals 105,000 tonnes at 3.8 g/t gold for 13,000 contained ounces. This reporting incorporates data from 65 reverse circulation drill holes completed between 2025 and 2026, which the company states has significantly refined its geological interpretation and confidence levels.

The resource is divided into an open-pit component and an underground portion, with approximately 73% of the total classified in the Indicated category. This classification shift follows a comprehensive review of the deposit’s mineralisation geometry, replacing the global resource reporting model used previously. By applying separate cut-off grades for surface and depth, the company aims to better align the project data with potential extraction methods.

"This Resource update is a vital step forward in providing confidence to progress Wagtail from an exploration Project towards a potential mining operation. The estimate incorporates all drilling completed since the previous MRE and reflects a substantially improved understanding of the geology and the model now provides a much stronger foundation for mine planning and economic evaluation.” 

“Importantly, Wagtail remains open beyond the current MRE limits, and the updated model highlights opportunities for future resource growth through further drilling.”

— James Merrillees, Chief Executive Officer

When compared to the project’s 2022 resource, the current model shows a material increase in tonnage alongside a lower average grade. While the 2022 estimate reported 63,700 tonnes at 7.11 g/t for 14,600 ounces, the 2026 update reflects 105,334 tonnes at 3.76 g/t for 12,723 ounces. The company noted that the contained gold inventory has been broadly maintained while the updated geological wireframes provide a more robust representation of the system’s continuity.

The project remains open both at depth and along strike, which the company indicates provides clear potential for future resource expansion. Following the completion of this updated estimate, the operational focus has shifted toward finalizing the scoping study for Wagtail. This development work will incorporate recent metallurgical testwork and mine optimization plans, supported by the ongoing mining and profit-share agreement with SSH Mining Australia. While a scoping study is currently in progress, no specific completion date has been finalized. The data from this drilling and modeling work is expected to provide the necessary framework for determining the project's economic viability as HTM moves beyond initial exploration and assessment stages at the site. The technical model, now bolstered by more than 3,300 meters of additional drilling, serves as the primary instrument for guiding these forthcoming economic evaluations and engineering milestones for the gold asset.

Read the full announcement: Updated Wagtail Gold MRE Underpins Development Studies