Drilling - ASX:RRL
Regis exploration update: high-grade gold at Havana, Swizzler and Garden Well; no new resources
Regis's half-yearly exploration update reports new drilling across the Tropicana JV (Regis 30%), Duketon and NSW. The strongest new results are high-grade intervals at Havana Underground, Havana surface holes and Swizzler, plus Garden Well and Beamish South extensions. Rosemont North, Kings Plains and Last Chance returned narrow, low-grade or uncertain results, and no Mineral Resource or Ore Reserve was updated.
(price sensitive) - Regis Resources announced: "Biannual Exploration Update" (78 pages) - read the original
Score
What investors must know
- Havana Underground hole HAUGD0011 returned 26m at 6.6g/t Au from 145m, and nearby HAUGD0012 returned 51m at 2.5g/t Au from 145m (Tropicana JV, Regis 30%).
- Havana surface holes HDD428W4 (4m at 23.1g/t from 743m) and HDD428W9 (21m at 3.8g/t from 769m) and Havana South HSD187W1 (12m at 6.1g/t from 436m) are the best surface results.
- Beamish South reserve-definition hole RRLBMRCD394 returned 14.3m at 4.6g/t Au from 304m, including 1.0m at 54.2g/t, and RRLBMRCD289W1 returned 1.0m at 65.0g/t.
- Garden Well South extended about 200m south of the Reserve with 6.2m at 1.9g/t from 621m, and Moolart Well's first diamond holes intersected fresh-rock gold (16.6m at 2.0g/t from 342m at Moolart Central).
- Rosemont North returned only narrow, low-grade intervals; the single high-grade result (0.5m at 164.3g/t from 557m in RRLRMDD184) is very narrow.
- Kings Plains and Last Chance (NSW) remain early: Kings Plains intervals are low to moderate grade, and Last Chance results sit in a core-loss fault zone with uncertain significance.
The drill intercepts, normalised
Really good - a hit most explorers would headline.
How this hit compares
Better than 95% of the 319 gold intercepts DrillScore has decoded in the past 12 months.
Among hits starting 0-150 m down-hole - open-pit reach: the cheapest ounces to mine - better than 96% of 124.
Best hit 172 g-m against an average of 110 g-m in the previous 1 drill result (1.6x).
Compare every hit, depth by depth and company by company - depth is down-hole, to the start of the interval.
How every hole did - one block per hole, coloured by its best hit
- Really good 3
- Good 18
- Modest 35
- No significant hit 200
21 of 256 holes reached 'good' or better (3 really good, 18 good); the other 235 were modest, low or nil.
The holes, side by side - schematic, best hole first
Each line is a hole drilled from the surface (top); each block is a reported interval at its down-hole depth, sized by its width and coloured by its rating. The holes are side by side for comparison, not at their real positions, and are drawn only as deep as their deepest reported interval. Hover a block for the numbers; the 44 other holes are in the table below.
Every interval, in numbers
Every interval as metal-metres: width x grade (gram-metres for gold, %-metres for copper). Gold bands are Stockhead's rule of thumb: over 50 good, 100-200 really good, 200-500 excellent, beyond that stellar (and under 10, low). Top share is how much of an interval comes from its richest sub-interval - the smearing check.
| Hole | From | Width | Grade | Metal-metres | Rating | Top share | Notes |
|---|---|---|---|---|---|---|---|
| HAUGD0011 | 145m | 26m | 6.60 g/t Au | Really good | Havana Underground; table and text agree. Company estimates true... | ||
| HAUGD0012 | 145m | 51m | 2.50 g/t Au | Really good | Havana Underground; table and text agree; same zone as HAUGD0011. | ||
| SWUGD0010 | 273m | 17m | 6.00 g/t Au | Really good | Swizzler underground diamond; appendix only, not discussed in text. | ||
| HDD428W4 | 743m | 4m | 23.1 g/t Au | Good | Havana surface diamond; also shown as 4m at 23.1g/t on Figure 18. | ||
| HAUGD0009 | 157m | 20m | 4.40 g/t Au | Good | Havana Underground; appendix only. | ||
| BENDD048 | 349m | 0.7m | 123.5 g/t Au | Good | Ben Hur final results; tabulated width 0.7m (from-to gives 0.8m)... | ||
| HAUGD0009 | 116m | 32m | 2.50 g/t Au | Good | Havana Underground; appendix only. | ||
| HDD428W9 | 769m | 21m | 3.80 g/t Au | Good | Havana surface diamond; text and table agree. | ||
| RRLRMDD184 | 557m | 0.5m | 164.3 g/t Au | Good | Rosemont surface diamond; text and table agree. Very narrow... | ||
| HAUGD0014 | 216m | 13m | 6.00 g/t Au | Good | Havana Underground; appendix only. | ||
| HDD428W6 | 755m | 19m | 4.10 g/t Au | Good | Havana surface diamond; appendix only. | ||
| HSD187W1 | 436m | 12m | 6.10 g/t Au | Good | Havana South surface diamond; text and table agree. | ||
| RRLBMRCD394 | 304m | 14.3m | 4.60 g/t Au | Good | 82% | Beamish South reserve-definition diamond hole; text and table agree... | |
| incl. RRLBMRCD394 | 306m | 1m | 54.2 g/t Au | Including interval within RRLBMRCD394 304.0-318.3m. | |||
| RRLBMRCD289W1 | 112m | 1m | 65.0 g/t Au | Good | Beamish South; text and table agree. Single 1.0m interval. | ||
| HDD428W10 | 767m | 18m | 3.40 g/t Au | Good | Havana surface diamond; appendix only. | ||
| HDD428W8A | 767m | 18m | 3.20 g/t Au | Good | Havana surface diamond; appendix only. | ||
| HDD428W13 | 763m | 13m | 4.30 g/t Au | Good | Havana surface diamond; appendix only. | ||
| HDD428W12 | 756m | 19m | 2.90 g/t Au | Good | Havana surface diamond; appendix only. | ||
| HDD428W11 | 763m | 17m | 3.20 g/t Au | Good | Havana surface diamond; appendix only. | ||
| SWUGD0006 | 266m | 15m | 3.60 g/t Au | Good | Swizzler underground diamond; text and table agree. | ||
| GWUD1068 | 158m | 20m | 2.90 g/t Au | Good | Garden Well UG infill or grade control hole; appendix only. | ||
| RUGDD2452 | 164m | 2.5m | 23.2 g/t Au | Good | Rosemont underground infill or grade control; text and table agree. | ||
| SWUGD0004 | 168m | 20m | 2.30 g/t Au | Modest | Swizzler underground diamond; text and table agree. | ||
| GWUD1066 | 203m | 13.4m | 3.40 g/t Au | Modest | Garden Well UG; appendix only. | ||
| HDD428W7 | 785m | 17m | 2.50 g/t Au | Modest | Havana surface diamond; appendix only. | ||
| HAUGD0013 | 135m | 12m | 3.50 g/t Au | Modest | Havana Underground; appendix only. | ||
| WFD004 | 692m | 24m | 1.70 g/t Au | Modest | Wildfire exploration surface diamond; text and table agree. | ||
| RRLBMRCD392W1 | 295m | 17.1m | 2.20 g/t Au | Modest | Beamish South; text and table agree. Separate 1.4m at 10.9g/t... | ||
| RUGDD2529 | 110m | 2.1m | 18.3 g/t Au | Modest | Rosemont underground; appendix only. | ||
| SWUGD0055 | 54m | 11m | 3.60 g/t Au | Modest | Swizzler underground diamond; text and table agree. Also 4.0m at... | ||
| RUGDD2518 | 142m | 0.3m | 126.0 g/t Au | Modest | Rosemont underground; appendix only. Very narrow single high-grade... | ||
| RUGDD2530 | 135m | 4m | 9.20 g/t Au | Modest | Rosemont underground; appendix only. | ||
| RRLBMRCD388 | 263m | 20m | 1.80 g/t Au | Modest | 51% | Beamish South; text and table agree. | |
| incl. RRLBMRCD388 | 268m | 1m | 18.2 g/t Au | Including interval within RRLBMRCD388 263.0-283.0m. | |||
| SWUGD0008 | 131m | 14m | 2.50 g/t Au | Modest | Swizzler underground diamond; appendix only. | ||
| RUGDD2505 | 100m | 0.9m | 38.9 g/t Au | Modest | Rosemont underground; appendix only. Narrow high-grade interval. | ||
| HAUGD0006 | 139m | 12m | 2.90 g/t Au | Modest | Havana Underground; appendix only. | ||
| RRLMWDD151 | 342m | 16.6m | 2.00 g/t Au | Modest | Moolart Central diamond hole, fresh-rock target below regolith-hosted... | ||
| HDD428W6 | 744m | 6m | 5.70 g/t Au | Modest | Havana surface diamond; appendix only. Second interval in same hole. | ||
| SWUGD0062 | 51m | 6m | 5.50 g/t Au | Modest | Swizzler underground diamond; appendix only. | ||
| GWUD1058 | 168m | 18.3m | 1.80 g/t Au | Modest | Garden Well UG infill or grade control; appendix only. | ||
| GWUD1064 | 189m | 17.3m | 1.90 g/t Au | Modest | Garden Well UG infill or grade control; appendix only. | ||
| GWUD1072 | 153m | 17.7m | 1.80 g/t Au | Modest | Garden Well UG infill or grade control; appendix only. | ||
| GWUD1050 | 97m | 13.7m | 2.30 g/t Au | Modest | Garden Well UG infill or grade control; appendix only. | ||
| GWUD1075 | 108m | 14.8m | 2.10 g/t Au | Modest | Garden Well UG infill or grade control; appendix only. | ||
| GWUD1069 | 167m | 11m | 2.80 g/t Au | Modest | Garden Well UG infill or grade control; appendix only. | ||
| RRLBMRCD372W1 | 220m | 13.9m | 2.20 g/t Au | Modest | Beamish South; text and table agree. | ||
| HDD428W5 | 752m | 14m | 2.20 g/t Au | Modest | Havana surface diamond; appendix only. | ||
| GWUD1086 | 293m | 0.5m | 56.1 g/t Au | Modest | Garden Well UG grade control; text and table agree. Very narrow... | ||
| SWUGD0041 | 58m | 11m | 2.70 g/t Au | Modest | Swizzler underground diamond; appendix only. | ||
| GWUD1060 | 190m | 8m | 3.70 g/t Au | Modest | Garden Well UG infill or grade control; appendix only. | ||
| RUGDD2520 | 88m | 2.6m | 11.4 g/t Au | Modest | Rosemont underground; appendix only. | ||
| GWUD1053 | 102m | 15.8m | 1.80 g/t Au | Modest | Garden Well UG infill or grade control; appendix only. | ||
| HDD428W14 | 774m | 12m | 2.30 g/t Au | Modest | Havana surface diamond; appendix only. | ||
| SWUGD0067 | 225m | 9.5m | 3.00 g/t Au | Modest | Swizzler underground diamond; appendix only. | ||
| GWUD1071 | 171m | 15.5m | 1.80 g/t Au | Modest | Garden Well UG infill or grade control; appendix only. | ||
| GWUD1065 | 165m | 18m | 1.50 g/t Au | Modest | Garden Well UG infill or grade control; appendix only. | ||
| RUGDD2455 | 179m | 1.2m | 21.4 g/t Au | Modest | Rosemont underground; text and table agree. | ||
| RUGDD2451 | 251m | 4m | 6.40 g/t Au | Modest | Rosemont underground; text and table agree. |
Checked against the PDF. Every interval above is printed in the announcement itself - each width and grade was found, together, in the PDF's own text.
- Holes reported
- 657
- Drilling
- Mixed: diamond core (surface and underground) and RC (Beamish South, Tropicana surface, regional Duketon and NSW)
- Cut-off grade
- Varies by project as stated in Appendix 1 and Appendix 2 notes: 0.35g/t Au (Kings Plains), 0.4g/t Au open pit note (Beamish), 0.5g/t Au (Tropicana exploration), 0.7g/t Au (Tropicana infill), 1.0g/t Au (Moolart and Garden Well UG), 2.0g/t Au (other diamond per Section 2)
- Max internal dilution
- Varies: 2m for most diamond, Moolart and Tropicana; 3m for Garden Well UG per Section 2; 2m for open pit note
- True widths
- Stated - Only the Havana Underground zone has a true width estimate: the company says a consistently mineralised zone south of the Swizzler shear has estimated true widths of 7-10m. Other intervals are down-hole widths. Section 2 says drilling generally approximates 100-150% of true thickness, but no per-intercept true widths are given.
- Hole spacing
- Beamish South is resource-definition drilling for a proposed open pit; company says the northern portion is complete. Tropicana Havana South surface infill is designed to convert Inferred to Indicated. Duketon regional RC and AC spacing is 200-800m between sections. Garden Well and Rosemont holes are underground infill or grade control or Reserve definition, with no spacing figures given for the intervals reported.
- Depth
- Only down-hole depths are reported for intercepts; no vertical depths are stated. Table depths are in Appendix 2 and are not summarised here. The 60-row table keeps the best intervals by metal content and omits lower-grade NSW and Moolart intervals listed in the PDF.
Against the project's earlier holes
Several new intervals are stronger than the best earlier intercepts on DrillScore's list (best 25 shown there top out at 110.4 g-m for BSD395AW2). The Havana Underground 26m at 6.6g/t and the Havana surface and Swizzler intervals are the strongest new results in this period. Garden Well UG and Rosemont results are broadly similar in grade to the earlier Garden Well and Rosemont holes on DrillScore's list. Rosemont North, Kings Plains and Last Chance are weaker than earlier Rosemont highlights. Rosemont holes marked previously reported (RRLRMDD182W1-W5, RRLRMDD188 and 188W1) are excluded here, as are the 46 Beamish South holes released 5 August 2026.
Against similar explorers
On DrillScore's rough gram-metre scale (good 50, really good 100, excellent 200), the top Havana Underground interval would sit in the upper range; most other intervals in this table are modest. High grades over narrow widths, such as Rosemont RRLRMDD184 and RUGDD2518, are typical of vein-style gold and carry more uncertainty than wide, lower-grade zones.
Gram-metre calculator - gram-metres explained - the leaderboard
Disclosure checks - the ASX's own focus areas
- Drill-hole table (collars, dip, azimuth, depth, every intercept)pass
- JORC Table 1, Section 1 - sampling techniques and datapass
- JORC Table 1, Section 2 - reporting of exploration resultspass
- Competent person statementpass
- No metal equivalents - grades as assayedpass
- Balanced reporting - low and high grades both showncaution
Appendix 2 tabulates holes with nil results ('No Significant Intersection'), and the 105 Tropicana holes match the stated program count. However, the body text lists selected better intersections only. Beamish South's text says 110 holes for 15,707m were completed, but only 74 are tabulated. Section 2 for Kings Plains says results have not been comprehensively reported. Our 60-row table keeps the best intervals, so lower-grade NSW and Moolart results are not listed here.
- No visual estimates - assays onlypass
- True widths statedpass
Red flags and notes
1m @ 54.2g/t Au from 306.1m contributes 82% of the gram-metres of 14.3m @ 4.6g/t Au from 304m in RRLBMRCD394; the rest of the interval is much lower grade.
Appendix 2 tabulates holes with nil results ('No Significant Intersection'), and the 105 Tropicana holes match the stated program count. However, the body text lists selected better intersections only. Beamish South's text says 110 holes for 15,707m were completed, but only 74 are tabulated. Section 2 for Kings Plains says results have not been comprehensively reported. Our 60-row table keeps the best intervals, so lower-grade NSW and Moolart results are not listed here.
Section 2 states a 2.0g/t Au cut for diamond drilling except GWUG and Moolart, but Beamish South diamond holes are tagged in Appendix 2 as open pit (0.4g/t, 2m dilution), and Ben Hur holes are tagged as 1.0g/t with 1.5g/t minimum composite and 3m dilution. Readers cannot tell which cut applies to each hole.
The body says 110 holes for 15,707m were completed in the period, but Appendix 2 tabulates 74 Beamish South holes. Whether the other 36 are pending or reported elsewhere is not stated.
Figure 11 (Ben Hur) shows an 8.0m at 2.6g/t callout that does not appear in the Ben Hur intercept list or Appendix 2.
The text gives 0.4m at 35.2g/t from 182.2m (RRLMWDD151), Figure 7 shows 0.35m, and Appendix 2 lists 0.3m. The table value should be used.
Why these matter: JORC Table 1 - metal equivalents - balanced reporting - visual estimates
How the price reacted
DrillScore 72 (top 30% of drill results), and on day 1 the stock moved +1.2% against the gold index (XGD).
From the last close before the market could trade on it ($6.25 on 30 Oct 2026), with day-1 volume 0.7x the 20-day average.
RRL's past price-sensitive news
After 9 earlier announcements, RRL rose on day 1 5 times and fell 4 times - an average move of -0.3%.
DrillScore holds no past share price reactions to Regis price-sensitive news. The stock closed at A$6.25 before release and is A$6.65 now, up about 6.4%. That period also saw gold, the ASX gold index and the miner ETFs rise, so the move cannot be attributed to this release. This is description only, not a forecast.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for RRL and it isn't advice.
After 5 other drill results rated 'Strong', stocks moved -0.2% by day 1, +0.2% by day 5 and -0.2% by day 20 against the XGD on average.
- Day 1
- -0.2%
- Day 5
- +0.2%
- Day 20
- -0.2%
After its earlier announcements, RRL moved +0.1% by day 1, -0.8% by day 5 and -1.3% by day 20 against the XGD on average.
- Day 1
- +0.1%
- Day 5
- -0.8%
- Day 20
- -1.3%
In the 20 trading days before this release the XGD gold index moved -7.2% (falling). After 34 past gold announcements released into a falling gold index, stocks moved +2.0% by day 1, +4.1% by day 5 and +11.4% by day 20 on average - before taking the market's own move out.
- Day 1
- +2.0%
- Day 5
- +4.1%
- Day 20
- +11.4%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/oz) | US$3,899 | US$3,886 | -0.3% |
| Gold (A$/oz) | A$5,548 | A$5,737 | +3.4% |
| Copper (US$/lb) | US$6.46 | US$6.09 | -5.7% |
| AUD/USD | 0.7027 | 0.6774 | -3.6% |
At the last close before release (30 Oct 2026), gold was US$3,898.9/oz and A$5,548/oz. Now it is US$3,886/oz and A$5,737/oz. The weaker Australian dollar (down 3.6% to US$0.6774) lifted the A$ gold price even as US$ gold eased. At A$5,737/oz gold sits well above the A$2,990-3,390/oz FY27 guidance range and the A$3,617/oz September quarter AISC, both as recorded in DrillScore's history. No price deck for a study is in this release, so no price comparison is possible. Sector moves since release: S&P/ASX Gold index (XGD) up 6.0%, GDX up 5.9%, GDXJ up 4.3%, and COPX down 3.8%. The US 10-year yield rose to 5.15% and the US dollar index to 103.4, which generally weighs on gold in US$ terms. Copper fell 5.7%, which is not relevant as no copper is reported here.
Against RRL's own history
DrillScore's history includes Duketon and Tropicana intercepts from 24 July and 21 August 2026, with the top listed intercept at 110.4 g-m (BSD395AW2, 48m at 2.3g/t). This release contains several new intervals that are stronger than that list, including Havana Underground 26m at 6.6g/t. Cash and funding history: the June 2026 quarter shows cash of A$1,184m and the September 2026 quarter shows A$1,280m, but DrillScore's record also holds A$1,277m for the same quarter, which should be reconciled. No earlier capital raisings are on record. Earlier price-sensitive news reactions are not on record.
Risks & caveats
- Several standout intercepts are very narrow (0.3m to 1.0m) and high grade, so they may not represent the wider zone.
- Most Moolart Well assays are outstanding and the interpretation is not complete.
- Last Chance core loss is significant and the company is considering alternative drilling methods.
- Ben Hur's Exploration Target (4.0-6.0Mt at 2.2-2.8g/t Au) is conceptual, and no drilling was done there this period.
What's next
- Beamish South Mineral Resource update and assessment of initial Ore Reserve potential - not stated
- Ben Hur underground Resource update and mining scenarios - not stated
- Rosemont North drilling resumes - early 2027
- Full interpretation and work program for Moolart Well and Moolart Central - not stated
- Ongoing Kings Plains step-out diamond drilling - not stated
Questions worth asking
- How many of the 110 Beamish South holes drilled in the period are reported here (74 are tabulated), and when will the remainder be released?
- What are the true widths of the Havana Underground intercepts (HAUGD0011 and HAUGD0012), and will this zone be included in the next resource update?
- Why do the Appendix cut-offs for Beamish South diamond holes (0.4g/t open pit) differ from the 2.0g/t diamond criterion in Section 2?
- Which Moolart Well and Kings Plains assays are still outstanding, and when will they be reported?
- What is the plan to address core loss at Last Chance, and when will alternative drilling results be available?
What it means
For someone following Regis, this update is mainly about exploration upside, not a change to reserves or production. The strongest new intercepts are at Havana Underground and Havana surface holes in the Tropicana JV, where Regis holds 30%, and several are high-grade over useful widths. Duketon results are mixed: Garden Well and Beamish South extend or confirm known zones, while Rosemont North is narrow and low-grade. NSW drilling is early and largely narrow or uncertain. No resource or reserve has been upgraded yet, so the next checkable milestones are the Beamish South resource and reserve update and the Ben Hur resource update. This is general information only, not personal advice.
General information only - not financial advice. DrillScore's analyses are produced automatically by an AI model (Claude, by Anthropic) from the company's own ASX announcement and public market data, and scored by a fixed formula (how it works). They can be wrong or incomplete, don't consider your objectives or circumstances, and are not a recommendation to buy, sell or hold anything. Always read the original announcement and consider advice from a licensed adviser.
Decoded 15 Nov 2026, 8:17 am by claude-haiku-5-5 - confidence: medium. Spotted a mistake? Tell us.
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