Resources Top 5: Tambourah strikes WA gold as RMI grows Saudi gold-silver story

• Tambourah intercepts 4m at 41.7g/t Au from 55m at Baxters South
• RMI identifies extensive Au-Ag veins and a Cu-Mo anomaly in Saudi Arabia
• Alvo Minerals, Golden Dragon and Hamelin Gold launch drill programs

Your standout small-cap resources stocks for Thursday, October 22 and Friday October 23, 2026.

Tambourah Metals (ASX:TMB)

Small-cap explorers had little to cheer about in the final two days of the week, with weakness across the materials sector dampening enthusiasm across the board.

Tambourah bucked the trend in intraday trading on Thursday, with its share price nearly doubling before closing 14% higher at 3.3c.

It finished the week at 3c.

News of high-grade gold hits at its Bryah project in WA’s Murchison region caught the market’s attention on Thursday.

Drilling at the Baxters South prospect returned 4m at 41.7g/t Au from 55m, including 1m at 146.5g/t Au.

Another hole served up two mineralised zones.

The shallower interval returned 6m at 9.5g/t Au from 64m.

A deeper intercept confirmed high-grade gold in fresh rock, delivering 3m at 35.5g/t Au from 169m.

Tambourah considers the deeper interval to be a new discovery of primary gold mineralisation.

It is now planning follow-up work, including AC drilling, microscopic examination of the primary gold mineralisation and further modelling of magnetic data to refine targets.

Resource Minerals International (ASX:RMI)

RMI has been a strong performer since identifying potential for high-grade copper, molybdenum and gold at its Wadi Salamah project in Saudi Arabia in early April.

It enjoyed another solid session on Thursday after uncovering extensive gold-silver-bearing quartz veins and a separate copper-molybdenum geochemical anomaly.

It ended the day 13% higher at 13c, before easing to 12c at Friday’s close.

Its share price has risen by nearly 300% since the end of March.

The group identified two zones of quartz veins with a combined strike length of more than 1.4km. Rock chip sampling also extended the known gold-silver mineralisation further south.

At Target A, one sample served up 7.93g/t Au and 64.2g/t Ag.

Four other samples graded higher than 5g/t Au.

At Target C, sampling across a 1.8km by 1.2km area returned anomalous copper, molybdenum, tungsten and bismuth.

This geochemical signature is interpreted to be consistent with porphyry or skarn deposits.

RMI is now planning RC drilling at Target A later this year.

Alvo Minerals (ASX:ALV)

Alvo has been on a tear since reporting high-grade rare earths intercepts at its Bluebush project in Brazil earlier this month.

It gained another 13% today without reporting any fresh news.

The company’s share price has now rocketed by more than 350% since the start of October.

Alvo caught the market’s attention when a diamond hole returned 19.5m at 1324 parts per million total rare earths oxide from 1m, including 3.5m at 2691ppm TREO and 86ppm DyTb from 4m.

Wide-spaced auger drilling also confirmed extensive mineralisation.

Last week, the company launched a maiden drill program at the Florence prospect in the southernmost area of the Bluebush tenure.

More than 100 planned auger holes will test the clay profile developed on the Serra Dourada granite – the same geological structure that hosts the Serra Verde mine about 40km away.

Serra Verde was acquired by USA Rare Earth in a US$2.8 billion deal in September.

Golden Dragon Mining (ASX:GDR)

Golden Dragon climbed on modest volume after firing up the rig for an AC drill program to test large-scale gold-in-soil anomalies at its Cue project in WA’s Murchison region.

The anomalies stretch for more than 3km along a northeast-trending corridor, connecting the Curtis Find, Behring Bore, Coodardy and Piston prospects.

The company plans to drill between 6000m and 9000m to determine whether the surface geochemical signature reflects underlying mineralisation.

The campaign will also help prioritise targets for follow-up RC drilling.

Separately, Golden Dragon is awaiting assays from an ongoing RC program across Coodardy and Behring Bore.

The current drilling is targeting mineralised extensions at Coodardy, where recent high-grade intercepts included 12m at 6.5g/t gold from 44m.

Results from more than 2800m of RC drilling are pending.

Hamelin Gold (ASX:HMG)

Hamelin Gold also unleashed the rig for maiden diamond drilling at its Day Dawn gold project in WA’s Paterson Province.

The program comprises 16 planned holes for 1500m of drilling.

It is designed to test for deeper extensions of high-grade gold lodes at the Aurora prospect and to gather material for preliminary metallurgical testing.

Previous high-grade strikes at Aurora included 3m at 93.4g/t Au from 9m and 4m at 21g/t Au from 27m.

A subsequent 35-hole RC program for 4000m of drilling was also recently completed, with results now pending.

Geological observations from the program suggest that the Aurora lodes remain open at depth.

The diamond drilling will now test for down-plunge extensions of the Aurora lodes beyond the depth limits of RC drilling.

The campaign is expected to last between two and three weeks, with assays to be reported as they become available.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions.

At Stockhead, we tell it like it is. While Tambourah Metals is a Stockhead advertiser, it did not sponsor this article.

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