Iceni Gold Limited reports significant expansion of gold anomalies at its 14 Mile Well Project and secures a $35 million farm-in agreement with Gold Road Resources to accelerate exploration.
- Discovery of broad, multi-kilometre gold anomalies at Guyer North
- Three robust 1.5km long +0.5 g/t gold bedrock trends identified
- A$35 million farm-in agreement signed with Gold Road Resources
- Upcoming $5 million RC drilling campaign scheduled for February 2025
- Company holds $3.55 million cash reserves with no debt
Iceni Gold's Growing Footprint at 14 Mile Well
Iceni Gold Limited (ASX: ICL) has delivered a compelling update on its 14 Mile Well Project in Western Australia's highly prospective Leonora-Laverton Greenstone Belt. The December 2024 quarter saw the company extend and enhance a significant gold anomaly at its Guyer North prospect, part of the broader 15km Guyer Gold Trend.
Through four successive aircore drilling campaigns totaling over 9,600 metres, Iceni has delineated a 6-kilometre-long bedrock gold anomaly now up to 1,100 metres wide. Within this, three parallel, robust gold trends each approximately 1,500 metres in strike length have been identified, with consistent gold grades exceeding 0.5 g/t and multiple intercepts surpassing 1 g/t Au. Notably, broad downhole intervals of mineralisation were intersected in vertical holes, often terminating in partially oxidised granite, suggesting a substantial primary gold system concealed beneath transported cover.
Strategic Partnership with Gold Road Resources
In a strategic move to accelerate exploration, Iceni entered a binding $35 million farm-in agreement with Gold Road Resources (ASX: GOR) over 154 square kilometres of tenements encompassing the Guyer Gold Trend. This agreement includes a minimum $5 million expenditure commitment by Gold Road, with Iceni managing an upcoming reverse circulation (RC) drilling campaign set to commence in early February 2025.
Alongside the farm-in, Gold Road acquired a 9.9% stake in Iceni through a $3.05 million placement at 10 cents per share, further strengthening Iceni's financial position. The farm-in structure allows Gold Road to earn up to an 80% interest in the Guyer Project through staged expenditure and feasibility milestones, while Iceni retains significant upside through a potential buy-back right.
Financial and Operational Outlook
As at 31 December 2024, Iceni reported cash reserves of $3.55 million and no debt, positioning the company well to support ongoing exploration activities. The December quarter saw approximately $1.06 million spent on exploration and corporate costs, reflecting a focused investment in advancing the 14 Mile Well Project.
Looking ahead, the company plans to leverage the farm-in partnership to intensify drilling at Guyer North, targeting the primary gold zones beneath the extensive bedrock anomaly. Additionally, Iceni is preparing exploration programs for other priority targets within its expansive 850 square kilometre landholding, including the newly granted Welcome Well tenement, prospective for gold-copper mineralisation.
Context in the Eastern Goldfields
The 14 Mile Well Project is strategically located between the prolific gold mining centres of Leonora and Laverton, adjacent to major deposits such as Jupiter and Westralia operated by Genesis Minerals. Iceni's large contiguous tenement package, much of which remains underexplored, offers significant potential to uncover new gold resources in a region with a 50 million ounce gold endowment.
The recent drilling success and farm-in agreement underscore Iceni's methodical approach to exploration, combining geophysical targeting, surface sampling, and systematic drilling to unlock concealed mineralisation beneath transported cover and saprolite.
Bottom Line?
Iceni Gold’s expanding Guyer anomaly and strategic alliance with Gold Road set the stage for a pivotal drilling campaign that could reshape its resource potential.
Questions in the middle?
- Will the upcoming RC drilling confirm the extent and grade continuity of the Guyer North gold system?
- How will Gold Road’s involvement influence Iceni’s exploration strategy and capital allocation?
- What are the implications of the transported cover and saprolite masking for future exploration targeting?