Aureka’s Gold Inventory Jumps 19% with 56,500 oz Maiden Resource at Comstock
Aureka Limited has announced a maiden inferred JORC Mineral Resource for its Comstock Prospect in Victoria, boosting its global gold inventory by 19% to over 360,000 ounces. The company is actively drilling to expand this resource amid a favourable gold price environment.
- Maiden inferred JORC Resource of 56,500 oz gold at Comstock Prospect
- Global gold inventory increased by 19% to 360,800 oz
- Exploration Target range of 112,000 to 116,000 oz gold plus silver potential
- Ongoing diamond drilling program to test extensions at depth and along strike
- Proximity to existing processing mills may ease permitting and development
A Significant Boost to Aureka’s Gold Portfolio
Aureka Limited (ASX: AKA) has delivered a notable milestone with the announcement of a maiden inferred JORC Mineral Resource estimate for the Comstock Prospect within its St Arnaud Project in Victoria. This new resource adds 56,500 ounces of gold at a grade of 1.21 grams per tonne, increasing Aureka’s global JORC gold inventory by 19% from 304,300 ounces to over 360,800 ounces. Alongside this, the company has defined an Exploration Target ranging between 112,000 and 116,000 ounces of gold, with potentially economic silver credits.
Unlocking Value from Historic Data and Recent Drilling
The Comstock Prospect, historically mined in the 1990s, benefits from a substantial database of 120 drill holes comprising air core, reverse circulation, and diamond drilling. Aureka’s recent engagement of an independent consultant to compile the Mineral Resource Estimate (MRE) has leveraged this data to reveal the deposit’s potential. The resource sits within a previously mined open pit and is complemented by an Exploration Target that extends beyond the current resource footprint, highlighting upside potential.
Importantly, Aureka has commenced a diamond drilling program aimed at testing the resource’s depth and strike extensions. Early results from prior drilling campaigns have shown promising gold grades, including high-grade intercepts, which underpin optimism for resource growth later this year.
Strategic Location and Development Prospects
The Comstock site’s location within a fenced public reserve and its proximity to several third-party processing mills in Victoria could facilitate a smoother permitting process compared to greenfield projects. This logistical advantage, combined with the current strong gold price environment, positions Aureka well to advance the St Arnaud Project toward production. The company has indicated plans to initiate community engagement and regulatory scoping to explore development pathways.
Broader Portfolio Context
This resource addition diversifies Aureka’s portfolio beyond its flagship Irvine Project in the Stawell Corridor, which already hosts a significant inferred resource. The company’s broader Victorian gold assets, including the Tandarra Gold Project and other prospects, benefit from ongoing exploration and drilling campaigns aimed at expanding resources and advancing toward production readiness.
Managing Director James Gurry highlighted the significance of the maiden resource announcement, emphasizing the company’s commitment to unlocking hidden value within its portfolio and the potential for further resource upgrades as drilling progresses.
Bottom Line?
Aureka’s maiden JORC resource at Comstock marks a pivotal step, but the path to production hinges on upcoming drilling results and regulatory progress.
Questions in the middle?
- Will ongoing drilling at Comstock convert the Exploration Target into a defined Mineral Resource?
- How quickly can Aureka navigate permitting given the site’s location within a public reserve?
- What are the potential timelines and capital requirements for advancing Comstock toward production?
