Resolution Minerals surges 366% as visible tungsten boosts Idaho drilling narrative

Resolution Minerals Ltd (ASX: RML) has emerged as one of the standout microcap performers on the ASX in 2025, with its stock climbing over 366% year-on-year. As of 12:02pm AEST on September 8, 2025, shares in the mineral exploration company were trading at A$0.056, down 1.75% for the session on high turnover of 13.3 million shares—but the underlying narrative remains firmly bullish.

Investors are eyeing Resolution’s Idaho-based Horse Heaven Project, where the first phase of a 3,000-metre diamond core drilling program has delivered early signs of critical mineral potential. Specifically, the presence of scheelite—a key tungsten ore—has been visually confirmed in three of the first four holes drilled at the Golden Gate target, setting the stage for assay-driven catalysts in the weeks ahead.

With market capitalization swelling to A$70.26 million, the mineral exploration company’s latest program is not just about gold or silver—it’s about the emergence of a strategically significant U.S.-based tungsten and antimony play at a time when Western supply chain concerns are dominating investor sentiment.

Why are investors closely tracking Resolution’s U.S. exploration results and share price performance?

For a company with roots in gold and copper, Resolution Minerals’ pivot toward battery and defense metals is proving timely. The Horse Heaven Project in Idaho—comprising nearly 700 federal lode claims—positions the Australian-listed explorer squarely in the U.S. critical minerals narrative. Tungsten, in particular, is gaining institutional attention amid broader efforts to reduce Western dependence on Chinese and Russian supply chains.

The latest drilling update from Golden Gate includes 960 metres across four diamond core holes, all completed within a rapid 14-day window. Visual identification of scheelite under ultraviolet light in three of the four cores has raised early optimism. While laboratory assays remain pending, the structural and textural indicators observed in core samples mirror those from the adjacent Stibnite Gold Project, operated by Perpetua Resources.

These results mark the first time tungsten has been targeted with assays in this area, despite Horse Heaven’s historical role as a U.S. government-supported tungsten production site in the 1950s.

What makes the Golden Gate target at Horse Heaven a potential multi-metal discovery zone?

Geologically, the Golden Gate target sits within the Idaho Batholith—a large, Cretaceous-aged granitic intrusion known to host gold, silver, antimony, and tungsten. Resolution’s geologists encountered quartz-sericite to silicified felsic granite, believed to be granodiorite to monzonite. These altered rocks—oxidised and veined with quartz and sulphides—indicate low-temperature epithermal mineralisation typical of multi-element systems.

Most notably, the presence of scheelite was confirmed visually in holes HHGG25-001, HHGG25-002, and HHGG25-003 using UV lamps. Diagnostic bright sky-blue fluorescence was observed at intervals ranging from near-surface (0.6m) to deeper intercepts (73m), suggesting potential mineralisation both vertically and laterally. One core sample from HHGG25-003 was estimated to contain 4% scheelite in disseminated form—though the company has been careful to caution that visual estimates are not substitutes for lab-confirmed grades.

In fact, the company reiterated that UV fluorescence, while a traditional exploration technique, should not be interpreted as indicative of grade or economic abundance. Assays will ultimately determine if these intervals carry commercially viable concentrations of tungsten, gold, and antimony.

How does this drilling campaign compare to historical activity in the region?

The current drill program at the Golden Gate target is aimed at validating and extending historical results from the 1980s, which had already indicated promising gold mineralisation. Notably, one of the legacy holes—87-GGR-31—returned a gold intercept of 85.34 metres at 0.937 grams per tonne, including a higher-grade section of 38.10 metres at 1.459 grams per tonne. Another hole from that period, 86-GGR-01, intersected 30.48 metres at 1.354 grams per tonne of gold. These prior results provide a strong geological foundation for Resolution Minerals’ current efforts to re-test the area using modern drilling and multi-element assays.

Resolution Minerals plans to assay for antimony and tungsten this time—something not done in previous campaigns—while also verifying gold and silver grades. Structural modelling and orientation work will follow the current drilling phase to better estimate true widths and inform future targeting.

With drilling underway for the fifth hole and up to seven more to go in the Phase 1 program, Resolution has flagged the potential deployment of a second drill rig to accelerate progress. Completion of the 3,000-metre program is targeted for early October 2025, with assay results expected within six to eight weeks.

What is the institutional sentiment around Resolution Minerals and its strategic U.S. positioning?

Analysts and fund managers tracking ASX-listed critical minerals plays have taken note of Resolution’s asset shift. Unlike traditional gold juniors competing in crowded Australian belts, Resolution now offers differentiated exposure to U.S. critical minerals—specifically tungsten, antimony, and potentially uranium.

CEO of U.S. Operations Craig Lindsay remarked that the current visuals are “more encouraging than initially expected,” citing alteration textures similar to those at the Stibnite mine and visual scheelite across multiple holes. He also highlighted that Golden Gate represents just a small portion of the larger Horse Heaven project area, hinting at exploration scalability.

Given the U.S. government’s declared strategic need for tungsten, antimony, and other defense-related minerals, institutional capital is increasingly gravitating toward U.S.-based exploration stories. This makes Resolution a potential candidate for future public-private development frameworks, grants, or offtake partnerships if assays confirm scale and grade.

How is Resolution’s stock positioned within the ASX exploration universe?

Resolution Minerals is currently ranked 1,120 of 2,299 on the ASX overall and 331 of 1,066 in its sector—placing it firmly in the outperformer bracket. Its 1-year return of +366.67% has been driven by a combination of strategic asset acquisition, momentum in critical minerals, and successful early-stage exploration milestones.

With over 1.25 billion shares outstanding and a rising profile in investor forums and institutional decks, the stock has transitioned from a speculative gold junior to a high-risk, high-reward battery metals proxy in North America. The next major trigger will be assay results—not just for gold and silver, but for tungsten and antimony, which could fundamentally reshape the company’s valuation model.

Short-term price action may remain volatile, but the medium-term trajectory hinges on confirmation of grades and delineation of a coherent resource base. If the tungsten story proves out, Resolution could graduate from microcap obscurity to a key player in the U.S. domestic supply agenda.

What’s next on the roadmap for Resolution Minerals at Horse Heaven?

With five holes drilled and seven remaining, Resolution is in the thick of its first real U.S.-based exploration push. Structural analysis, multi-element assays, and strategic options—including potential JV deals or secondary placements—are likely on the table heading into Q4.

Beyond Golden Gate, the broader Horse Heaven claim area spans over 5,600 hectares, offering substantial exploration upside. If early assay results confirm meaningful tungsten or gold grades, the company may shift focus to securing a resource footprint, advancing permitting, or attracting larger players for downstream development.

For now, all eyes remain on the lab. With assays due by late October, investors will soon find out whether the bright blue scheelite glow under UV light translates into commercial-grade mineralisation—and whether Resolution’s market cap still has room to climb.