VHM Limited has completed its 2026 aircore infill drilling program at the Goschen Project in Victoria, returning twin-hole Total Heavy Mineral grades 5.6% higher in Area 1 and 3.6% higher in Area 3 than corresponding historical results within mineralised horizons.

The program comprised 333 holes for 11,164 metres across Areas 1 and 3 between 20 March and 18 April 2026. The initial results cover 31 twin holes, consisting of 17 holes in Area 1 and 14 holes in Area 3, which generated 547 paired samples for comparison against historical drilling.

The data confirms the reliability of the historical drilling database and supports the current geological interpretation of modelled mineralised horizons across Areas 1 and 3. Assay and analytical work is continuing, with the expanded dataset intended to support future Mineral Resource Estimate updates for the Goschen Project.

“The 2026 drilling program has delivered a very positive outcome for VHM, confirming the historical drilling database and supporting our geological interpretation across both Areas 1 and 3. The fact that recent drilling returned slightly higher grades than the pre-2026 drilling provides additional confidence in the quality of the Goschen resource and the work completed to date.”

— Andrew King, Chief Executive Officer

The drilling results follow several operational milestones for the asset. In March 2026, the board approved development of the Goschen Project at its permitted processing capacity of 5 million tonnes per annum, replacing a previously announced staged development approach. VHM subsequently entered a long-term strategic partnership with Iluka Resources in July 2026, which includes a binding offtake agreement and a A$40 million convertible note funding package.

The project's approvals timeline concluded when the Victorian Minister for Planning approved the Planning Scheme Amendment for the Goschen Project in September 2026.

Read the full announcement: Initial drill results increase MRE confidence