The Clermont Copper-Gold Project (DRX:100%) located within EPM 1768 is situated around the town of Clermont in Central Queensland. The Project is prospective for porphyry and stratabound bulk tonnage copper/gold deposits along with mesothermal gold deposits.

The three main targets comprise:

1. Rosevale Porphyry Corridor, which has potential for porphyry-related copper, gold and molybdenum;
2. Structurally controlled gold (vein) mineralisation (western and eastern parts of tenement); and
3. VMS-related base metal mineralisation associated with the historic Peak Downs copper mine.

On 5 August 2021, Diatreme announced a farm-out memorandum of understanding (MOU) with Metallica Minerals Limited (ASX:MLM) (Metallica) under which Metallica could earn a 25% interest in the project by sole funding exploration expenditure of A$300,000 by 31 December 2021.

Metallica met the MOU’s expenditure commitments to earn 25% of the project, announcing so on 29 April 2022. In the same announcement Metallica confirmed it had made the decision to move to the second stage, increasing its interest to 51% through spending an additional A$700,000 on exploration prior to 27 April 2023.

On 4 July 2023, Metallica announced assay results for the extension to diamond drill hole RDD020 drilled in April and May 2023. Under the terms of the MOU with Diatreme, on the completion of this drill hole, Metallica met the expenditure condition to move to a 51% share of the Clermont Copper-Gold Project. Further information is available from Metallica’s ASX release dated 4 July 2023.

On 12 October 2023, Metallica elected to earn an additional 24% in the Clermont project (to increase its ownership of the project from 51% to 75%), subject to Metallica expending an additional A$1 million on the project under the terms of the farm-out agreement.

On 11 December 2023, Metallica announced that drilling had commenced at the Leo Grande Graphite Gold Project, located within EPM 17698. Assay results for five reverse circulation holes (LGRC055 to LGRC059) drilled in December 2023 at the Leo Grande prospect on EPM 17968 were announced my Metallica on 19 February 2024. A total of 301m were drilled. The holes drilled by Metallica were “twins” of holes drilled by Plutonic in 1989 and 1990.

In September 2024, Diatreme completed its takeover of Metallica, becoming 100% owner of the Clermont project. Diatreme is now examining options to unlock shareholder value from this strategic project.