March drilling metrics improved slightly from February's slump, with projects up 2% and companies reporting up 4%, offset by a 3% decrease in drillholes.

Late-stage projects continued to account for the greatest number of reported significant drill results in March, up 10% to 66 projects reporting. Early-stage projects remained flat, with 56 projects reporting significant results. Minesite projects reporting significant results dropped 27% to 16.

Access the March 2026 drill results data in the accompanying Excel spreadsheet.

Despite a 2% increase in gold projects reporting, gold drillholes fell for the third consecutive month in March, down 6% to a 12-month low. Year-to-date totals, however, are above 2024 and 2025 numbers.

Base/other metals projects remained flat for March but had drillholes decreased for the third consecutive month. Platinum group metals were the only base group with increases in both projects and drillholes reported for the month. Copper and minor base metals also had increases in projects reporting, but decreases in drillholes. Silver projects reporting decreased 21%, while drillholes increased 7%.

Specialty commodities experienced some reprieve in March, with both projects and drillholes increasing.

Canada's time at the top was short-lived, with Australia regaining the lead for the most projects reporting drilling for March, up 30% month over month, to 79 projects. Canada dropped 9% to 62 projects, and the US rose 10% to 32 projects.

February's top result was from TSX Venture Exchange-listed New Found Gold Corp.'s Queensway gold project in Newfoundland and Labrador. The company reported an intercept of 31.95 meters grading 71.81 grams of gold per metric ton. The latest results come from the company's 2025 grade control drill program, which will be used in the mineral resource estimate update and subsequent mine planning.

March's second-best result came from the Araxa rare earth elements project in Brazil, owned by Australian Securities Exchange-listed St George Mining Ltd., with an intercept of 160.65 meters grading 0.54% niobium and 3.74% total rare earth oxides (TREO). The company's aggressive drilling program continues with the aim of another resource upgrade.

Rounding out March's top three results is Toronto Stock Exchange-listed Collective Mining Ltd.'s Guayabales gold project in Colombia. Collective Mining reported an intercept of 83.75 meters grading 21.14 g/mt Au. With the positive results seen from the latest drill program at the Ramp zone, the company plans more aggressive drilling, adding four additional drill rigs to the project by the end of April.

ASX-listed Resources & Energy Group Ltd. topped the list of companies with the most reported drillholes, totaling 195 at its East Menzies gold project in Western Australia. The project completed the company's first drill program of 2026, which focused on extensions of known mineralization in multiple zones.

This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.