Substantial Untested Conductor Below High-Grade Alotta (Cu-Ni-Pge-Au) - Looking for Massive Sulphides; Funding Locked
- Noel Ong
- 7 hours ago
- 9 min read
Announcement
Pivotal Metals Limited (ASX: PVT) has released new Fixed-Loop Time Domain EM (FLTEM) results from the Midrim–Alotta area of the Belleterre-Angliers Greenstone Belt (BAGB) Projects in Abitibi, Québec, Canada, ~85 km south of Rouyn-Noranda (Figure 1). The work defines a substantial, untested conductive plate directly beneath the shallow, high-grade Alotta sulphide body, and indicates prior drilling was sub-optimal; a new NE-oriented drill strategy is now planned to test depth extensions and potential feeder pathways.
In parallel, Pivotal has secured A$5.4 million to fast-track drilling across its Belleterre copper–gold portfolio, with first rigs scheduled for December 2025. The raise blends an Australian institutional placement with a Canadian flow-through share (FTS) placement, positioning the Company to immediately advance the newly defined Alotta conductor and commence IP at Lorraine ahead of drilling.
Figure 1: Location of BAGB Projects (source: PVT)
Large new conductor at Alotta extends ~150 m down-plunge below known massive sulphides; modelling remains open to the east pending Q4 infill FLTEM over lake-covered ground (Figure 2).
Figure 2: Section view of Alotta showing high-grade mineralisation and interpreted FLTEM conductor extending strongly downplunge. (source: PVT)
Orientation breakthrough: optimal drilling is from the NE, contrasting with historical SW-oriented holes that largely ran parallel to the conductor plane (i.e., effectively untested at depth) (Figure 3).
Figure 3: Long section of the looking north Alotta deposit, showing newly defined FLTEM conductor extending strongly to depth. Almost all drilling is parallel to conductor plane and does not test the anomaly. (source: PVT)
Shallow high grades already in hand: e.g., 24.2 m @ 2.3% Cu, 1.2% Ni & 1.9 g/t 3PGE; 15.7 m @ 3.1% Cu, 1.6% Ni & 2.9 g/t 3PGE; and bonanza intervals up to 23.8% Cu and ~21 g/t 3PGE (sample-scale).
Pipeline of conductors confirmed at Lac Long North and Lac Kirwan West, adding shallow bedrock targets consistent with Alotta-style magmatic sulphide settings.
Gold upside at Lorraine: target development continues along a ~1.5 km corridor, anchored by historic underground channel sample 28 m @ 45 g/t Au (plus 1 m @ 53 g/t Au in drilling); IP is planned in Q4.
Operating setting advantage: world-class Abitibi infrastructure, low-cost hydropower, nearby mills/smelters, and potential toll-milling pathways for future high-grade discoveries.
Ivan Fairhall, Pivotal Managing Director, commented:
“The previously discovered Alotta deposit hosts some of the most sensational magmatic sulphide mineralisation seen globally. This new conductor at Alotta potentially unlocks the feeder source of the deposit, because we now know prior drilling was incorrectly orientated. This represents a very exciting opportunity to substantially expand this high-grade deposit.
This adds to our suite of conductors that significantly expand the exploration potential of the entire Midrim Project and supports the systematic application of modern geophysics across our wider Belleterre land package. These are high conviction targets for new discovery within a well established mineralised environment.”
Alotta (Cu-Ni-Pge-Au) — Why This Conductor Changes the Targeting
FLTEM defines a robust conductive plate anchored in the known massive sulphides from surface to ~90 m depth, then continuing ~150 m down-plunge. The new plunge interpretation means historic drilling (Figure 4) largely missed the conductor. Only one historic hole (18-ZA-06) clipped the plate (7.9 m @ 1.1% Cu, 2.2% Ni, 1.9 g/t 3PGE). The conductor is open eastward due to summer access constraints; infill FLTEM in Q4 will tighten the model and potentially widen the shallow conductive zone.
Figure 4: Plan view of Alotta deposit showing historic drilling and previously interpreted mineralised envelope and steeping dipping newly defined FLTEM conductor. (source: PVT)
Key historical intercepts (context):
24.2 m @ 2.31% Cu, 1.23% Ni, 1.75 g/t 3PGE (approx.) from 53.1 m (18-ZA-04)
15.7 m @ 3.11% Cu, 1.64% Ni, 2.86 g/t 3PGE from 55.3 m (19-ZA-05) (Figure 5)
Figure 5: Spectacular 'bonanza grade' intersection of massive chalcopyrite-pyrrhotite mineralisation, 0.5m @ 22% Cu, 0.78% Ni, 11g/t Pd, 3.6 g/t Pt, 0.24 g/t Au from 55.3m (19-ZA-05). Forms part of 15.7m @ 3.1% Cu, 1.6% Ni, 2.2 g/t Pd, 0.6 g/t Pt, 0.25 g/t Au. Drilled by Chase Mining in 2019. (source: PVT)
Multiple short-interval bonanza assays, including 0.4 m @ 23.8% Cu and high-grade Pd/Pt spikes (Figure 6).
Figure 6: 0.25m massive chalcopyrite sulphide mineralisation, within 0.4m assaying 23.8% Cu, 0.1% Ni, 4 g/t Pd, 1.5 g/t Pt, 0.1 g/t Au from 75.8m (20-ZA-01) (source: PVT)
Regional Thesis — A Feeder-Style Plumbing System
Within a 5 km corridor (Midrim–Lac Croche–Delphi-Patry–Zullo–Alotta), high-grade magmatic sulphide occurrences point to a large mineralising event. The Company’s model now emphasises deep-seated feeders that could localise multiple high-grade accumulations, with scale potential at depth. Recent FLTEM has already expanded the footprint of bedrock anomalies as far as Lac Long North and east to Midrim East, broadening the effective area to ~15 km x 8 km (Figure 7).
Figure 7: Midrim project area showing widespread high grade mineral occurances and geophysical anomalism, and limited drilling outside of the historical target areas. (source: PVT)
Other Targets Advancing
Lac Long North & Lac Kirwan West: FLTEM over discrete VTEM anomalies confirmed shallow, weak-to-moderate conductors; drill targets generated.
Lorraine (Gold) (Figure 8): Soil infill around a prior 1.09 g/t Au anomaly did not reproduce that outlier, but the broader IP survey (Q4) will test extensions along the ~1.5 km corridor from the historic 28 m @ 45 g/t Au UG channel and 1 m @ 53 g/t Au drill intercept.
Figure 8: Lorraine Mine gold high-grade gold target (source: PVT)
Next Steps (Q4 program cues)
Infill FLTEM at Alotta over lake-limited eastern sector (Figure 9).
Extend FLTEM to additional Belleterre Cu-Ni-PGE occurrences (beneath/adjacent to known bodies).
Test unresolved airborne EM anomalies across the tenure for further sulphide accumulations.
Run IP at Lorraine to vector gold-bearing vein systems along strike.
Prioritise plates for drilling to evaluate strike/depth extensions of mineralisation.
Figure 9: Midrim FLTEM survey layouts, red stars denoting centre of delineated conductors. Note Alotta (top LHS) large area that was un-surveyed due to summer access constraints, and limits the eastern boundary of the conductor which remains open. (source: PVT)
Project & Infrastructure Context (Why Québec Matters)
(Figure 10)
Belleterre sits 85 km south of Rouyn-Noranda within the Abitibi, a premier, long-lived mining district with power, roads/rail, mills, workforce, and proximity to smelters (e.g., Glencore’s Horne and Sudbury). Low-cost hydropower (~5.5 c/kWh) and potential spare milling capacity in the region provide strategic pathways to development for high-grade discoveries.
Figure 10: Belleterre Projects location map in relation to nearby current and historic mining and milling operations. (source: PVT)
A$5.4m total funding secured — A$4.25m via an institutional placement (firm commitments; scale-backs applied) plus ~A$1.1m through Canadian flow-through shares (FTS). Drilling to commence in December 2025.
Register & manager — Powerhouse Ventures (ASX: PVL) as Sole Lead Manager; participation from Matthew Latimore flagged (to become a substantial holder).
Placement terms — A$2.5m at A$0.011 per share (≈16.9% discount to 15-day VWAP), issued in two tranches (T1 under LR 7.1A; T2 subject to mid-December shareholder approval). Directors to subscribe A$90k in T2.
FTS leg — C$2.62m (~A$2.89m) at a premium to the placement price; proceeds earmarked for eligible exploration. Secondary sale of FTS shares to Australian investors at A$0.011 noted; T1 settlement 3 Nov 2025.
Use of proceeds — accelerate Belleterre programs: drill the Alotta down-dip EM conductor and advance Lorraine with a Q4 IP survey to refine first-pass drill targeting.
Program context — Belleterre spans ~160 km² with multiple Cu–Ni–PGE targets; corporate optionality maintained via Horden Lake (JORC 37 Mt @ 1.10% CuEq) optimisation alongside Belleterre discovery work.
Ivan Fairhall, Pivotal Managing Director, commented:
“This is a transformational milestone for Pivotal, and a significant validation for our Quebéc project portfolio. Our Belleterre projects host exciting drill ready targets, which are associated with a regional scale high-grade mineralising system that remains vastly under-explored. The newly identified targets at Belleterre are of top priority for Pivotal, with drilling scheduled this quarter.
“The strong demand and support from strategic, institutional and sophisticated investors, including leading Australian resources investor Matt Latimore, underscores confidence in the scale and quality of our Quebec projects.
“With a fully funded exploration program ahead, we are now very well positioned to unlock the exciting exploration opportunities at Belleterre, and value of Horden Lake where we hold a recently enlarged shallow mineral resource estimate totalling 37mt @ 1.1% CuEq.”
About Pivotal Metals
In parallel, Pivotal is advancing its Horden Lake Cu-Ni-PGE-Au project with a 2025 JORC MRE of 37 Mt @ 1.10% CuEq (Indicated + Inferred) (Table 1) and ongoing metallurgical/engineering de-risking—providing corporate optionality between near-resource growth and Belleterre discovery upside.
Table 1: Horden Lake 2025 Mineral Resource Estimate Statement (source: PVT)
Samso Concluding Comments
Alotta looks like it's about the geophysical story. The FLTEM plate sits right beneath shallow high-grade sulphides and was largely missed because historical holes tracked sub-parallel to the conductor. A NE-oriented program is the simple, testable fix.
The broader Midrim–Alotta corridor continues to read like a feeder-style plumbing system. Multiple high-grade showings across a short distance suggest scale is possible, but until a few well-placed holes bite into the heart of that plate, EM remains a vector—not an outcome.
Like real estate, the space of mineral exploration is largely reflected by location. Abitibi’s power, people, and processing options compress timelines if high grades carry at depth. In practical terms, strong intercepts here are more actionable than the same intercepts in a remote belt.
The next important box to tick is the relationship with the capital market, and the latest raising is a great confidence boost to the company. Management is always bolder and more effective with cash in the bank.
Figure 11: The share price chart for PVT as of 29th October 2025. (source: commsec)
A market capitalisation of just AUD $20M is still a fair bet. If things line up for PVT, the whole high-grade Cu-Ni-Pge-Au narrative could be good timing. I can see now that there is a slowing down in the small end of the ASX, some let's hope narratives that are built on substance will take over the headlines for investors.
What I’m watching next will be the infill FLTEM over the unsurveyed eastern margin at Alotta, the first NE-oriented fences into the plate, and whether sulphide thickness and metal tenor improve down-plunge. If the geometry call is right, the drill bit should answer quickly.
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