14 Mile Well Project Yields 50.2 g/t Gold Intercept; Iceni Secures $2.5M Placement
Iceni Gold Limited reported its most significant quarter yet at the 14 Mile Well Gold Project, delivering high-grade gold intersections along the Guyer Trend and securing a $2.5 million oversubscribed placement to fund ongoing exploration.
- Record high-grade gold intersections from diamond, aircore, and RC drilling
- Completion of a $2.5 million oversubscribed share placement
- Advancement of a 17,000m multi-phase drilling program underway
- Cash reserves of $4.2 million with zero debt as of June 30, 2025
- Welcome Creek project progressing towards heritage clearance and deeper drilling
Exploration Breakthroughs at Guyer Trend
During the June 2025 quarter, Iceni Gold Limited (ASX, ICL) intensified its exploration efforts at the 14 Mile Well Gold Project, located strategically between the prolific gold mining hubs of Leonora and Laverton in Western Australia. The company completed an extensive drilling campaign along the 11.5-kilometre Guyer Trend, comprising 2,572 metres of diamond drilling and 14,486 metres of aircore drilling. These programs yielded the highest-grade gold intersections recorded to date, reinforcing the prospect of a substantial granite-hosted gold system.
Diamond drilling intersected multiple intervals of significant gold mineralisation within shallow-dipping shear zones in granite host rock, with standout results including 3.65 metres at 7.46 grams per tonne (g/t) gold and a remarkable 0.5 metres at 50.2 g/t gold. Complementary aircore drilling extended the known gold anomalies, uncovering three new robust bedrock gold zones each over 1,200 metres in strike length, with high-grade hits such as 4 metres at 7.84 g/t gold near surface.
Financial Strength and Strategic Capital Raise
Supporting this exploration momentum, Iceni successfully completed a heavily oversubscribed placement raising $2.5 million before costs from sophisticated and institutional investors. This capital injection bolsters the company’s cash reserves to $4.2 million as of June 30, 2025, with no debt on the balance sheet. The financial position underpins the ongoing and planned drilling programs, including a major 17,000-metre dual-focused drilling campaign initiated post-quarter.
Expanding the Footprint, Upcoming Drilling and Welcome Creek Progress
The new drilling program aims to build on the Guyer Trend’s promising results, targeting structural and geochemical anomalies along the granite-greenstone contact and newly identified southern anomalies. This includes 51 reverse circulation holes over approximately 11,000 metres, alongside aircore drilling at Guyer West to evaluate a mirror structural setting on the western granite margin.
Meanwhile, the Welcome Creek Project, situated in the Great Sandy Desert, is advancing towards heritage clearance ahead of plans to re-enter and deepen a historic diamond drill hole to at least 1,200 metres. This project targets a large coincident gravity and magnetic anomaly beneath significant cover, prospective for gold-copper mineralisation.
Strategic Landholding and Future Outlook
Iceni’s 14 Mile Well Gold Project encompasses approximately 850 square kilometres of highly prospective ground, making it one of the largest landholders in the gold-endowed Leonora-Laverton district. The company’s systematic exploration approach, combining geophysics, surface sampling, and multi-method drilling, continues to unlock new targets and extend known mineralisation zones.
With the September quarter set to focus on the ongoing Farm-In agreement with Gold Road Resources and additional exploration at Tatong South, Iceni is positioning itself to further define and expand its gold resource potential in a region known for multi-million-ounce deposits.
Bottom Line?
Iceni Gold’s latest drilling success and capital raise set the stage for a pivotal phase of exploration that could redefine the scale of its 14 Mile Well gold system.
Questions in the middle?
- Will the ongoing 17,000m drilling program confirm continuity and scale of the high-grade gold zones?
- How will the heritage survey and subsequent drilling at Welcome Creek impact Iceni’s project pipeline?
- What are the company’s plans to extend its cash runway beyond the current 1.2 quarters including farm-in reimbursements?