Aureka’s Exploration Success Raises Stakes but Assay Results Still Pending

Exploration Breakthroughs Drive Portfolio Growth

Aureka Limited (ASX, AKA) has delivered a robust quarterly update for June 2025, marked by meaningful advances across its Victorian gold projects. The company announced a maiden JORC Inferred Resource of 56,500 ounces at the St Arnaud Comstock prospect, complementing a new gold discovery on the western flank of the Irvine Basalt at its flagship Irvine Project. These milestones have collectively lifted Aureka’s global gold inventory by 19%, from 304,000 ounces to over 360,000 ounces.

Drilling remains active at both sites, with a 1,400-metre diamond drill program underway at St Arnaud to test extensions to the Comstock pit resource, while multiple rigs continue to explore high-grade targets at Irvine. Assay results from recent drilling are pending, promising further updates in the near term.

Irvine Project, Expanding the Stawell Corridor Footprint

The Irvine Project, situated in Victoria’s prolific Stawell Gold Corridor, has traditionally focused on the eastern resource zone. However, recent drilling success has confirmed gold mineralisation on the western flank of the Irvine Basalt for the first time, opening a new frontier for exploration. The best intercept to date includes 0.32 metres at 4.72 grams per tonne gold from a relatively shallow depth of 159 metres, outside the current resource boundary.

Early geological interpretations suggest the mineralisation plunge may be shallower than previously modelled, prompting targeted drilling to intersect higher-grade zones. This discovery aligns with geological analogues from the nearby Stawell Goldfield, historically mined primarily on the western flank of the Magdala Basalt.

St Arnaud Project, Maiden Resource and Exploration Upside

At St Arnaud, the maiden JORC Mineral Resource of 1.45 million tonnes at 1.21 grams per tonne gold for 56,500 ounces represents a significant addition to Aureka’s portfolio. An exploration target of 112,000 to 116,000 ounces gold has also been delineated, highlighting substantial upside potential. The project leverages modern exploration techniques to unlock value beneath historic workings within the St Arnaud Goldfield, a region with a rich gold mining heritage.

Diamond drilling commenced during the quarter, with initial holes designed to extend and upgrade the Comstock resource. Historical drilling has returned promising intercepts, including high-grade zones exceeding 13 grams per tonne gold, underscoring the prospect’s potential.

Corporate Strength and Strategic Positioning

Supporting its exploration momentum, Aureka completed a $3 million share placement at a 5% premium to the 15-day volume-weighted average price, attracting institutional and strategic investors. The company also appointed Jozef Story, a seasoned exploration manager with over 25 years’ global experience including at Barrick Gold and Victorian gold projects, to lead its geological team.

Further enhancing operational flexibility, Aureka acquired 97 hectares of strategic freehold land near the Irvine Project for $2.2 million. This landholding secures long-term access and infrastructure options, facilitating uninterrupted exploration and potential development pathways.

Looking Ahead

With cash reserves of approximately $4.9 million at quarter-end, Aureka is well-positioned to sustain its exploration programs. The company anticipates assay results from ongoing drilling to refine targets and potentially upgrade resources at both Irvine and St Arnaud. Stakeholder engagement and investor communications remain priorities as Aureka advances its Victorian gold portfolio.