Penny Taylor

August 27, 2026 — 12:31pm

Moonlight Resources has put a modern stamp on a 160-year-old copper field, with its first drilling at the Peak Downs prospect in central Queensland returning broad, shallow mineralisation and strengthening the case for a potential resource. Peak Downs forms part of the company’s 100 per cent-owned Clermont project.

The 56-hole, 2988m reverse circulation program twinned selected old holes and filled gaps between previous drill positions. Moonlight says the results suggest strong continuity, led by 22m grading 1.26 per cent copper from surface, including 8m at 2.41 per cent from 2m.

Other hits ran 14m at 1.5 per cent copper from 52m, with 4m at 3.57 per cent from 54m and 6m at 2.64 per cent from 52m, containing 2m at a punchy 6.26 per cent from 54m. From surface, 12m at 1.42 per cent contained 2m at 3.03 per cent from 4m, while another 12-metre interval graded 1.21 per cent and featured 4m at 1.99 per cent from 6m. A wider 28-metre intercept at 0.7 per cent included 2m at 2.73 per cent from 24m.

An intriguing cobalt kicker also emerged, with 14m at 1.5 per cent copper and 511 parts per million (ppm) cobalt from 52m. Moonlight says more work is required to establish its distribution, mineralogical association and metallurgical significance.

‘Our focus at Peak Downs now moves to provide the key inputs required to assess the basis for a near-term Mineral Resource.’

Moonlight Resources managing director Greg Starr

Peak Downs brings serious history to Moonlight’s 268-square-kilometre Clermont project in the Anakie Inlier’s copper and gold country. Records show approximately 100,000 tonnes of near-surface secondary ore averaging a hefty 17 per cent copper were mined between 1862 and 1877 from a lode system interpreted to run roughly 2.5km.

The story did not end there. Later exploration drilling returned 39m at 1.11 per cent copper and 20m at 1.49 per cent, suggesting the field still had more cards to play.

Recognising Peak Downs was underexplored using modern techniques, Moonlight designed its recent campaign to test whether the old field had more running room. Eighteen holes stopped after running into historical underground voids, helping to map the old workings for future resource modelling.

Moonlight Resources managing director Greg Starr said: “The results from our maiden Peak Downs drilling provide the modern confirmation of copper mineralisation across a system previously defined largely by historical drilling and old mining records.”

With all assays now in the bag, Moonlight says it plans to combine the new results with inherited drilling and mining data to refine its geological model. Targeted diamond drilling is next cab off the rank to tighten geological and structural control and provide representative core for metallurgical assessment.

The next round of testwork will put Moonlight’s copper through its paces, testing recoveries, mineralogy and the key ingredients needed for potential heap-leach processing as the company sizes up whether solvent extraction-electrowinning could provide a viable development pathway. In parallel, the company will sharpen its mine-void and depletion model to strip out material already claimed by more than a century of historical mining.

The full dataset will then serve as the basis for a future resource estimate, with extensions, higher-grade zones and poorly drilled areas ranked for follow-up drilling.

Moonlight believes Peak Downs has characteristics consistent with Besshi-style copper mineralisation – essentially a stratabound sulphide system where mineralisation can extend laterally along favourable rock horizons. Near-surface malachite and azurite transition into primary chalcopyrite and pyrite sulphides across multiple mineralised horizons.

Moonlight says that geology provides a framework for testing how far the copper system might extend, alongside its hunt for gold elsewhere across Clermont.

The company has adopted a similar approach at three gold prospects 15km west of Peak Downs. Flagship Leo Grande has progressed from validation work into a coherent gold system extending over more than 1km of strike and building towards an initial resource estimate. At the same time, Goldfinger offers a high-grade target and Petersens another exploration front.

The latest findings give Moonlight exposure to two metals with a powerful market backdrop. Copper demand is expected to strengthen from 2027 as clean energy, data centres and electricity infrastructure consume more metal against gradual supply growth, while gold prices are forecast to remain high through the second half of 2026 and 2027.

Peak Downs now adds a genuine copper string to Moonlight’s Queensland bow. Its first campaign has delivered the modern dataset needed to put the old field’s scale to the test. Diamond drilling, metallurgy and modelling will now see whether that 160-year-old pedigree has more to give as Moonlight builds the case for a new resource story.

Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au