Great Plains Metals Confirms "Pencil Porphyry" Discovery with a 128-meter Intercept at Goodrich Project, NSW

Great Plains Metals Corp. (GPS) has confirmed the discovery of a “pencil porphyry” at its Goodrich Project in New South Wales, based on assay results from diamond hole GGDD004. The company reported a headline intercept of 128.00 m @ 0.34% Cu, 0.17 g/t Au from 81.45 m downhole. Within this interval, a high-grade zone at the porphyry contact returned 3.55 m @ 2.80% Cu, 0.18 g/t Au from 81.45 m.

Several sub-intervals are listed within the 128 m: * 26 m @ 0.52% Cu/0.24 g/t Au * 5 m @ 0.66% Cu/0.49 g/t Au * 12 m @ 0.45% Cu/0.36 g/t Au * 6.89 m @ 0.31% Cu/0.28 g/t Au * 4 m @ 0.26% Cu/0.19 g/t Au

Other holes in the program included GGDD003, which returned 52.97 m @ 0.17% Cu, 0.02 g/t Au, while GGDD005 and MRDD001 terminated in weakly mineralized or unmineralized rock. A historical core re-assay program involving 324 samples is currently underway, with Phase Two drilling expected in Q4 2026 following corporate transfers. No metallurgy, true width, cutoff grade, or QA/QC details were provided.

Great Plains Metals Corp. (GPS) released assay results that confirm the existence of a porphyry system, a conclusion already inferred from geology and earlier visual observations. However, the actual grades fall short of the expectations typically associated with a “discovery hole.” The drilling encountered a long interval of low-grade mineralization with only thin high-grade core, and two of the four holes failed to intersect significant mineralization.

The company’s stock had previously surged from $0.03 to $0.28 following the earn-in and initial drilling hype, before correcting to $0.14 by the time of the release. This price action indicated that the market had priced in a meaningful discovery. The current results are well below the economic threshold required to justify that valuation, and the lack of quality assurance and quality control (QA/QC) undermines confidence in the data.

For an early-stage explorer with no established resource, the results represent a disappointment likely to trigger further selling. An operational update regarding Phase Two drilling is not scheduled until Q4 2026, providing no near-term catalyst for the stock.

Great Plains Metals Corp. (GPS) is a junior explorer focused on early-stage porphyry copper-gold and molybdenum projects in southeastern Australia’s Lachlan Fold Belt. The company holds a 51% interest in the Goodrich (Yeoval) Project, with an earn-in agreement with Godolphin Resources that allows GPS to increase its stake to 70%. The historic Goodrich mine produced copper and gold in the 1800s, and current exploration targets narrow, high-grade pipes under the “pencil porphyry” concept. Drilling at the site includes air-core and diamond holes, with the latest results representing the first assays from the diamond program.

In Victoria, the Everton Project was a past-producing molybdenum mine that historically yielded 1.4% Mo. Recent drilling intersected molybdenite, but assays were weak, leading the company to cease further work at the site. Other assets include an equity investment in Eversley Resources, which holds IOCG and REE interests in South Australia, and the Ashburton Project in Western Australia, which is currently under early-stage compilation.

Financially, the company’s last reported financing was a $4.18M placement in February 2026 at $0.18 per unit, accompanied by $0.28 warrants. While cash burn is unknown, the company will need continuous funding to advance its exploration activities.