Inferred Resource at Mt Hogan Signals Both Opportunity and Exploration Risk

• Maiden inferred mineral resource estimate of 8.5 million tonnes at 1.13 g/t gold
• Total contained gold of 310,000 ounces at a 0.3 g/t cutoff grade
• Resource estimated by Auspin Exploration and Drilling Pty Ltd
• Gilberton Gold Pty Ltd to manage operations with further drilling planned in late Q3 2025
• Project located near world-class Kidston gold deposit in northeast Queensland

A New Chapter for Mt Hogan

ActivEX Limited (ASX, AIV) has taken a significant step forward in its gold exploration journey by announcing a maiden JORC-compliant inferred mineral resource estimate at the Mt Hogan historic gold mine, part of its Gilberton Joint Venture project in northeast Queensland. The estimate totals 8.5 million tonnes grading 1.13 grams per tonne gold, containing approximately 310,000 ounces of gold at a cutoff grade of 0.3 g/t.

This maiden resource, compiled by Perth-based consultancy Auspin Exploration and Drilling Pty Ltd, is the culmination of extensive reverse circulation and core drilling campaigns conducted between 2021 and 2024. The resource estimate not only quantifies the gold inventory but also validates the geological model underpinning the project’s potential.

Geological Context and Exploration Highlights

The Mt Hogan deposit is situated within the Gilberton Gold Project, located roughly 300 kilometres west-northwest of Townsville in the Georgetown Province. This region is known for its rich mineral endowment, including the nearby world-class Kidston breccia-hosted gold-silver deposit.

Gold mineralisation at Mt Hogan is concentrated along the southeastern margin of a Devonian granite pluton, characterised by stacked, shallow-dipping mesothermal quartz-sulphide veins. These veins exhibit a complex history of brecciation and recrystallisation, with sulphide content closely correlating to gold grades. The deposit’s geological setting and mineralisation style are well understood, supported by detailed drilling and sampling protocols.

Resource Estimation and Confidence

The resource estimate was derived using robust geostatistical methods including ordinary kriging, with extensive validation through swathe plots, histograms, and visual comparisons. The inferred classification reflects moderate confidence, acknowledging the clustered drillhole distribution and the need for further infill drilling to upgrade resource categories.

Importantly, the estimate incorporates a cutoff grade aligned with current gold prices exceeding USD 3,000 per ounce, suggesting reasonable prospects for economic extraction. Historic mining voids were not depleted in the model due to limited spatial overlap, but future updates will integrate digital elevation models to refine the resource.

Looking Ahead, Operational and Market Implications

Gilberton Gold Pty Ltd, the joint venture partner, has been instrumental in funding the project and will assume operational management moving forward. A new drilling campaign combining reverse circulation and core drilling is planned for late Q3 2025, aiming to expand and upgrade the resource base.

For ActivEX and its investors, this maiden resource estimate represents a critical milestone that transforms exploration potential into a tangible asset. The project’s proximity to established gold deposits and the detailed geological understanding provide a solid foundation for advancing towards development and production decisions.

Bottom Line?

With a maiden resource now defined, ActivEX’s Mt Hogan project is poised for a pivotal phase of drilling and development that could reshape its value proposition.

Questions in the middle?

• How will upcoming drilling campaigns impact the resource classification and size?
• What metallurgical characteristics and processing pathways will be confirmed in future studies?
• How might fluctuating gold prices and regional infrastructure influence the project’s economic viability?