Locksley Resources shifts focus to NSW copper-gold drilling, exits US projects

Company launches 15,500-metre exploration campaign at Greater Tottenham district

By LineZotpaper

Published21 October 2026

Read Time3 min

Sources2 outlets

Locksley Resources has redirected its exploration efforts from its US critical minerals portfolio to its Greater Tottenham copper-gold district in New South Wales, launching an integrated technical program to fast-track a major drilling campaign. The strategic pivot follows a decision in August to halt fieldwork at its Mojave project in California, driven by a collapse in antimony prices and a reassessment of project scale.

The company is pursuing a comprehensive 15,500-metre drilling campaign across its 1000-square-kilometre Greater Tottenham district in the Cobar region of central New South Wales.

Locksley has established a local operations base at Tottenham to serve as a hub for core processing, sampling and logistics. A key part of the current work involves a systematic review of historical diamond core from more than 70 drill holes sunk over several decades, intended to sharpen drill targeting.

Metallurgical sampling is already underway using fresh sulphide material from historical drill core at the Carolina prospect, while the company finalises a drill rig contract and progresses access arrangements with local landholders.

The existing resource at the Tottenham prospect stands at 9.86 million tonnes grading 0.73 per cent copper, 0.22g/t gold and 2g/t silver. Days ago, Locksley secured an option on the nearby Iron Duke project, adding a historical resource of 1.3 million tonnes at one per cent copper and 0.6g/t gold.

“Locksley has moved quickly at Greater Tottenham,” said chairman Bevan Tarratt. “The core facility is working, historical core is being re-logged, metallurgical samples are being collected and drill planning is advancing across our priority areas.”

At Iron Duke, permitting with the NSW Mines Department is well advanced for an initial 5500-metre program from 28 drill pads, targeting a 100-metre to 150-metre gap in known mineralisation. The site has a history of high-grade results, including rock chip samples returning up to 26.1 per cent copper and drill intercepts of 13 metres at 1.56 per cent copper and 4.48 grams per tonne gold from just 37 metres.

A larger 10,000-metre program is being designed for the Carolina and Mount Royal-Orange Plains prospects. The company is also finalising an independent mineral resource estimate for Tottenham and Iron Duke to establish a geological baseline for future resource growth.

The pivot was prompted by a strategic review completed in August, after which Locksley ceased all fieldwork at its Mojave project in California. The decision was influenced by a more than 57 per cent collapse in antimony prices from their 2025 peak and a lack of project scale at the US site.

The Greater Tottenham project sits within the Girilambone Basin of the resource-rich Lachlan Fold Belt, a region that hosts several of NSW’s most significant copper and gold operations, including the Cobar mining district and the Tritton and Mineral Hill mines.

Analysis

Why This Matters

The drilling campaign aims to define and expand resources in a strategic metals district, directly responding to global demand for copper essential to electrification.
Locksley's strategic pivot reflects the tough economics facing early-stage critical minerals exploration when underlying commodity prices slump.
Success at Greater Tottenham could strengthen Australia's position as a reliable supplier of copper and gold.

Background

The Lachlan Fold Belt in central NSW is a proven mineral province that hosts major copper-gold operations, including the Cobar mining district. Locksley Resources, an ASX-listed company, had previously focused on a critical minerals portfolio in the United States, including the Mojave project in California. A strategic review triggered by a sharp decline in antimony prices led the company to reallocate capital and resources to its Australian assets, specifically the large, underexplored Greater Tottenham district.

Key Perspectives

Locksley Resources: Chairman Bevan Tarratt expresses confidence in the company's rapid execution, highlighting progress in re-logging core, collecting metallurgical samples, and advancing drill planning. The company sees Greater Tottenham as a district-scale opportunity with established resources and high-grade potential. Investors and Market Analysts: The market will be closely watching the results of the independent mineral resource estimate and the initial drill results from the 15,500-metre campaign. The successful permitting at Iron Duke and the progression of landholder access are critical near-term milestones. Industry Skeptics: While the historical high-grade results are encouraging, the project remains in the exploration and definition phase. The risk of relying on historical data and the capital intensity required to develop a district-scale project remain significant hurdles.

What to Watch

The release of the independent mineral resource estimate for Tottenham and Iron Duke.
Commencement of the drilling campaigns at Iron Duke, Carolina, and Mount Royal-Orange Plains.
The performance of copper and gold prices, which will heavily influence project economics.
Any further consolidation or farm-in agreements in the Greater Tottenham area.

Sources

Locksley gears up for major NSW copper-gold drilling push · Sydney Morning Herald - Latest News
Locksley gears up for major NSW copper-gold drilling push · Brisbane Times - Latest News

Checked

12 claims in this story checked against 1 source: 9 supported.

Show each claim

Partly supportedLocksley has exited its US projects while shifting focus to NSW.Sydney Morning Herald - Latest News: “The move comes just two months after the company made the savvy call to halt exploration at its US critical minerals portfolio and redirect its firepower towards its Australian assets.”
Partly supportedLocksley launched a 15,500-metre exploration campaign.Sydney Morning Herald - Latest News: “kicking off an integrated technical program designed to fast-track a 15,500-metre drilling campaign”
SupportedLocksley redirected its exploration efforts from its US portfolio to Greater Tottenham.Sydney Morning Herald - Latest News: “following a strategic pivot away from its US assets”
SupportedThe Mojave fieldwork halt was influenced by a more than 57 per cent fall in antimony prices from their 2025 peak and a lack of project scale.Sydney Morning Herald - Latest News: “In August, Locksley ceased all fieldwork at its Mojave project in California following a strategic review, a decision influenced by a more than 57 per cent collapse in antimony prices from their 2025 peak and a lack of project scale.”
SupportedChairman Bevan Tarratt said, “Locksley has moved quickly at Greater Tottenham,” followed by a quote about the core facility, re-logging, samples and drill planning.Sydney Morning Herald - Latest News: “Locksley Resources chairman Bevan Tarratt said: “Locksley has moved quickly at Greater Tottenham. The core facility is working, historical core is being re-logged, metallurgical samples are being collected and drill planning is advancing across our priority areas.””
SupportedGreater Tottenham is a 1,000-square-kilometre district and the planned drilling campaign is 15,500 metres.Sydney Morning Herald - Latest News: “its enormous 1000-square-kilometre Greater Tottenham copper-gold district in the Cobar region of New South Wales, kicking off an integrated technical program designed to fast-track a 15,500-metre drilling campaign”
SupportedThe existing Tottenham resource is 9.86 million tonnes grading 0.73 per cent copper, 0.22g/t gold and 2g/t silver.Sydney Morning Herald - Latest News: “an existing resource at the Tottenham prospect of 9.86 million tonnes (Mt) grading 0.73 per cent copper, 0.22g/t gold and 2g/t silver.”
SupportedLocksley secured an option on Iron Duke, which has a historical resource of 1.3 million tonnes at 1 per cent copper and 0.6g/t gold.Sydney Morning Herald - Latest News: “securing an option on the nearby Iron Duke project, adding a historical resource to its inventory of 1.3 Mt at one per cent copper and 0.6g/t gold.”
Partly supportedPermitting for an initial 5,500-metre Iron Duke program from 28 drill pads is well advanced.Sydney Morning Herald - Latest News: “At Iron Duke, the company says permitting with the NSW Mines Department is well advanced for an initial 5500-metre program designed from 28 drill pads.”
SupportedThe Iron Duke program targets a 100-metre to 150-metre gap in known mineralisation.Sydney Morning Herald - Latest News: “The drilling will test a 100m-150m gap in the known mineralisation and probe for extensions.”
SupportedIron Duke rock-chip samples returned up to 26.1 per cent copper, and a drill intercept was 13 metres at 1.56 per cent copper and 4.48g/t gold from 37 metres.Sydney Morning Herald - Latest News: “Previous rock chip sampling returned values up to a spectacular 26.1 per cent copper and drilling delivered intercepts including 13m at 1.56 per cent copper and 4.48 grams per tonne (g/t) gold from just 37m.”
SupportedA 10,000-metre program is being designed for Carolina and Mount Royal-Orange Plains, and an independent resource estimate is being finalised for Tottenham and Iron Duke.Sydney Morning Herald - Latest News: “the company is designing a bigger 10,000-metre drill program for its Carolina and Mount Royal-Orange Plains prospects”