Drill Results
Stockworks samples up to 6.38 g/t Au at Pirenopolis
Brazil-focused explorer Stockworks Gold pursues Pirenópolis play as Cabin Lake sale advances and new leadership shifts shape strategy
Executive Summary
- The most recent release (2026-03-09) reports high-grade reconnaissance results from Pirenópolis, Stockworks Gold’s Brazil gold project. Stream-sediment samples returned up to 6.38 units of gold (reported as 6.38 ppm in the detailed notes; the headline cites 6.38 g/t), with three zones identified as potential bedrock sources and coincident geophysical features. Western-claim bedrock indications appeared in two reconnaissance samples (0.133–0.216 ppm) upstream, suggesting a discernible path toward primary mineralization. The project remains in an early-stage exploration phase, focused on defining bedrock sources via drill targets informed by a regional airborne magnetic survey that shows features extending over 30 kilometers.
- The March 2026 update follows a longer arc of Pirenópolis activity in 2025, including exploration initiation (drone magnetic survey, geochemical sampling), and a broader corporate pivot toward Brazil (Pirenópolis) while pursuing asset divestments (Cabin Lake) to sharpen focus and liquidity.
- Earlier announcements show a strategic shift: Stockworks (formerly Rover Critical Minerals) announced the Cabin Lake sale to Fin Resources Ltd. with staged milestone payments and a 2% NSR on production; a 5% finder's fee agreement with Meccano Consulting (subject to regulatory approval) accompanies the deal. The sale terms indicate a cash component (AUD) and share-based consideration, plus milestone payments tied to drill results and resource milestones.
- Corporate actions include a management change in September 2025, with David Kelsch appointed as President and COO and a new director slate, signaling a shift in focus toward aggressive exploration in Brazil and potential acquisitions. The news flow also shows ongoing warrant and option activity, and a name change earlier in 2025 to Stockworks Gold.
- The company’s interim financial statements (as of Sept 30, 2025) show a deteriorated liquidity position with a significant deficit and negative working capital. Assets include mineral rights for Cabin Lake and Pirenópolis, but liabilities (accounts payable, loans, promissory notes) remain meaningful. There is evidence of exploration expenditures driving losses, with impairment considerations visible in the cash flow statements. The cap table includes multiple warrants and options with a mix of short-dated and long-dated expiries, indicating ongoing potential dilution if exercised.
- Overall, the March 2026 Pirenópolis results add incremental, positive information about prospectivity and drill-target development but remain early-stage with no defined resource or financial uplift guaranteed. The Cabin Lake sale and new management signal a strategic refocus and potential near-term liquidity improvements, contingent on regulatory and closing milestones.
Material Impact
- Short-term materiality: Moderate positive. The Pirenópolis results provide fresh, high-grade reconnaissance signals and an actionable path to bedrock targets, supporting the credibility of Pirenópolis as a viable exploration project. However, the news is still at the early-stage exploration level (no resource estimate, no drill results, no economics yet), so the impact on the stock price is likely incremental rather than transformative.
- Medium-term considerations: The Cabin Lake sale progresses with staged payments, regulatory approvals, and a 2% NSR on production, which could materially improve the balance sheet and reduce capital burn if closing proceeds as planned. The sale and the accompanying finder’s fee arrangement introduce near-term cash and potential dilution through share components of the deal, depending on structure and timing.
- Alignment with expectations: The Pirenópolis project has been a continuing focus; the new management emphasis aligns with the 2025 exploration initiation and the Brazilian opportunity. The positive surface results are in line with a cautious, stepwise exploration plan rather than a sudden material uplift. The combination of ongoing exploration and asset divestment fits a strategy of de-risking and refocusing capital toward Brazil, albeit with execution risks (regulatory approvals for Cabin Lake, success in Pirenópolis drill targeting).
STW · Price
Company Overview
- Company: Stockworks Gold Inc. (formerly Rover Critical Minerals, renamed in 2027 per a prior release history)
- Flagship project: Pirenópolis Gold Project, Goias, Brazil
- Stage: Exploration
- Target type: Orogenic gold style, with regional structures and geophysical features guiding drill targets
- Current focus: High-grade stream sediment anomalies and bedrock source exploration; integration of drone-based magnetic data with ground-truth sampling
- Secondary asset context: Cabin Lake gold property (Northwest Territories, Canada)
- Stage: Exploration; potential sale to Fin Resources Ltd. with staged payments and a 2% net smelter/production-related royalty upon production
- Strategic purpose: Monetize Cabin Lake to focus resources on Pirenópolis
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Jun 22, 2026 · 13:26