Richmond Hill Resources (AIM:RHR) has announced that the Ontario Ministry of Energy and Mines has approved and issued the drilling permit for its Martello Project.
The AIM-listed exploration company said the permit authorises mechanised core drilling and remains valid until 20 July 2029.
Richmond Hill said the proposed drill hole locations at the Sakoose target may still be refined as the exploration data is analysed further or as the program advances.
The company said Critical Discoveries will update its geological model once assay results from the recent field program are received, to confirm whether the existing drill plan remains optimal.
"It's pleasing to get the drill permit obtained in a timely fashion", said Hamish Harris, chief executive officer.
"We look forward to working with Critical Discoveries to support the next phase of drill targeting at our priority target in Sakoose", he said.
The next catalyst for investors will be the assay results from the recent field program, which will determine whether Richmond Hill proceeds with the current drill plan at Sakoose.
News Intelligence what this means for the company
Richmond Hill Resources has cleared a regulatory hurdle by securing Ontario's drilling permit for the Sakoose target at Martello, valid through July 2029. The permit itself is not a discovery or resource definition—it is a gate-opener for the next exploration phase. The real catalyst remains assay results from the recent field program, expected in Q3 2026, which will determine whether the company proceeds with or refines its current drill plan.
Permit approval removes a regulatory risk but does not advance the company's understanding of the project's mineral potential. Richmond Hill does not operate any producing mines, so this remains a pre-drill exploration play; the investment case hinges entirely on what the assay data reveals about the Sakoose target's merit.
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