The exploration drill rigs market size by 2032 is projected to reach US$4.5 billion ($6.89 billion), growing at a compound annual growth rate of 6.2% in this forecast period.
Market research and consulting firm Dataintelo Consulting reports this robust growth is attributed to burgeoning demand for minerals, advancements in drilling technologies, and increased investment in exploration globally.
As global industrialisation and urbanisation continues unabated there is a growing need for raw materials such as metals, minerals, and hydrocarbons.
This and the depletion of easily accessible resources is leading to a surge in drilling activities and necessitated the exploration of deeper and more challenging terrains, which requires sophisticated and efficient drill rigs in turn.
Yesterday (11 November) a number of ASX-listed mining companies have announced related news, from “high-grade” assays to visible mineralisation and the start of new drilling campaigns.
Antimony aid
Krakatoa Resources (ASX:KTA) has uncovered visible antimony mineralisation from 12 diamond holes drilled at the Zopkhito Antimony-Gold Project in Georgia.
With three holes abandoned due to ground conditions, Krakatoa says 15 holes reached target depths for a total of 18 holes, covering an area of 2,309m at the project.
The company also drilled nine underground in-adit core sampling holes. Seven of these holes intersected visible antimony.
Assays are currently pending, which Krakatoa expects to be returned later this year and into Q1 2026.
Global demand for antimony has risen drastically recently, following Chinese export bans restrict almost half of the world’s supply.
As reported by Mining.com.au, China has lightened restrictions of critical minerals exports for short-term relief of manufacturers, though keeping the US defence sector still out of reach of needed commodities.
Meanwhile, over in northeast Queensland, antimony and gold explorer Pacgold (ASX:PGO) has delineated several zones of mineralisation at its St George Project from a soil and rock chip sampling program.
Targeting the Fence and Ridgeline prospects, Pacgold has confirmed antimony and gold in structurally-controlled veins measuring more than 5km of strike from 2,050 samples.
Highlights from the campaign include 52.7% antimony and 2.93 grams per tonne gold; 9.35% antimony and 10.20g/t gold; and 1.56% antimony and 8.42g/t gold in samples taken from Fence.
The Ridgeline prospect returned highs of 10.45% antimony and 1.95g/t gold from different samples collected in the area.
Managing Director Matthew Boyes says the initial sample assays have produced “outstanding antimony and gold values from structures at surface with considerable mapped strike extents”.
“I feel we have just scratched the surface of what I believe will become a significant gold-antimony province of which we control over 900km2 of exploration tenure”
“This tenement package has some of the most well-developed antimony-rich veins across the entire Hodgkinson Province and with the reverse circulation rig due on site this week to test the first of the three main target areas before the end of the month,” Boyes says.
“I feel we have just scratched the surface of what I believe will become a significant gold-antimony province of which we control over 900km2 of exploration tenure.”
Pacgold has completed an induced polarisation geophysics campaign at the St George Mine area, ahead of drilling. The rig is scheduled to arrive on site by 12 November, with drilling to begin imminently.
Pacgold will be attending this year’s Noosa Mining Investor Conference, held between 12-14 November 2025, at the Peppers Noosa Resort. Mining.com.au is a media partner for this year’s event.
Many Peaks for African gold
Many Peaks Minerals (ASX:MPK) has reported extensions to the Ferké Gold Project in Côte d’Ivoire, after returning results from its final 16 holes completed in a recent diamond drilling campaign.
Assays returned 35.7m @ 3.81g/t gold from 512.3m; 8m @ 5.13g/t gold from 511.7m; 13m @ 5.94g/t gold from 57m; and 8m @ 4.36g/t gold from 483m.
The company completed drilling at 64 holes, spanning 20,951m at the Ouarigue prospect.
Many Peaks has organised a reverse circulation drilling campaign to begin this month, targeting expansions to known gold mineralisation. This program will be followed up with further diamond drilling.
Queens Gift
Antares Metals (ASX:AM5) has begun drilling at the Queens Gift prospect, located within the Mt Isa North Copper and Uranium Project in northwest Queensland.
The company intends to cover an initial 1,000m area at the prospect with reverse circulation drilling, seeking extensions to the known uranium mineralisation envelope down dip ahead of a resource update.
Currently listed under the JORC 2004 category, Queens Gift has a resource of 1.7 million pounds of triuranium octaoxide @ 330 parts per million triuranium octaoxide.
Antares intends to upgrade this resource to be compliant with a JORC 2012 classification.
CEO Johan Lambrechts says the company expects to expand the known uranium resource in scale and characteristics through drilling beneath the existing resource.
“Drilling any target is always at the pinnacle of an activity list for an exploration company, and we are excited to be drilling on the Queens Gift uranium project,” Lambrechts says.
Write to Maddison Elliott at Mining.com.au
Images: Aureka, Tempest & West Cobar
