Astral Resources reports strong assay results from in-fill drilling at the Iris Deposit within its Mandilla Gold Project, revealing high-grade gold intercepts that support an upcoming resource upgrade and ongoing feasibility studies.
- High-grade gold intercepts up to 21.3g/t Au over 4m at Iris Deposit
- In-fill drilling expanded coverage area to 140m by 360m with improved resource confidence
- Results suggest potential additional high-grade mineralisation outside current pit designs
- Ongoing drilling at Theia Deposit and Spargoville Project with lithium exploration planned
- Mandilla Project PFS shows robust economics with $1.4 billion NPV and 95koz annual production
Strong In-fill Drilling Results at Iris Deposit
Astral Resources has announced compelling assay results from a 19-hole, nearly 3,000-metre in-fill reverse circulation drilling program at the Iris Deposit, part of its wholly owned Mandilla Gold Project near Kalgoorlie, Western Australia. The drilling campaign has delivered several high-grade gold intercepts, including a standout 4 metres at 21.3 grams per tonne (g/t) gold from 91 metres depth, and 2 metres at 12.8 g/t gold from 120 metres in hole MDRC983. These results not only confirm the existing Mineral Resource Estimate (MRE) but also suggest the presence of additional high-grade zones beyond the current Pre-Feasibility Study (PFS) pit designs.
Expanding Resource Confidence and Coverage
The recent drilling has expanded the in-fill drilling area at Iris to 140 metres by 360 metres, increasing the drill density to 40 by 20 metres. This enhanced coverage is expected to support a significant upgrade in the Indicated Mineral Resources category when Astral delivers its next resource update planned for the March quarter of 2026. The higher-grade core of the deposit, located in the deepest part of the PFS pit design, continues to deliver consistent mineralisation, reinforcing confidence in the resource model and its potential for conversion to reserves.
Broader Project Development and Exploration Activities
Beyond Iris, Astral is actively progressing drilling at the Theia Deposit with a 99-hole, 10,000-metre in-fill program underway, aiming to refine grade control and support future mine planning. Concurrently, reverse circulation drilling continues at the Spargoville Project, where 68 holes totaling 11,000 metres have been completed with assay results pending. Following this, a lithium-focused drilling program will commence under a joint venture with KOMIR, targeting pegmatite lithium mineralisation identified through geochemical surveys.
Robust Economics Underpinning Mandilla Project
The Mandilla Gold Project’s recent Preliminary Feasibility Study outlines a standalone operation featuring seven open pit mines feeding a 2.75 million tonnes per annum processing plant, with expected annual production of 95,000 ounces over the first 12 years. The study, based on a gold price of A$4,250 per ounce, delivers a net present value of approximately A$1.4 billion at an 8% discount rate. The strong drilling results at Iris and other deposits are critical to underpinning this economic outlook and advancing the project towards a Definitive Feasibility Study, with an engineering partner appointment imminent.
Consolidated Resources and Reserves Position
Astral’s consolidated Mineral Resource Estimate across Mandilla, Feysville, and Spargoville now stands at 50 million tonnes grading 1.1 g/t gold for a total of 1.76 million ounces. Ore Reserves total 36.6 million tonnes at 0.9 g/t gold for approximately 1.08 million ounces. These figures reflect the company’s methodical approach to resource definition and reserve conversion, supported by rigorous drilling and metallurgical test work demonstrating excellent gold recoveries and processing characteristics.
Bottom Line?
Astral’s latest drilling success at Mandilla not only strengthens its resource base but also sets the stage for a pivotal resource update and the next phase of project development.
Questions in the middle?
- Will follow-up drilling confirm the extent of high-grade mineralisation outside current pit designs?
- How will the upcoming resource update impact the project’s reserve classification and mine plan?
- What are the timelines and expected outcomes for the Definitive Feasibility Study and lithium exploration programs?