Aureka’s latest drilling at the Irvine Project in Victoria has intercepted visible gold across multiple holes, hinting at significant high-grade potential and the prospect of expanding its current inferred resource.
- Visible gold found in three diamond drill holes (RD046, RD047, RD048)
- High-grade assays from RD046 and RD045W1 confirm promising mineralisation
- Drilling extends mineralisation 200m beyond current inferred JORC resource
- Updated geological model suggests shallower plunge controlled by fault intersections
- New priority targets identified along the Tenacity Hanging Wall Fault
Visible Gold Discovery and Resource Expansion Potential
Aureka Limited (ASX, AKA) has reported encouraging results from its ongoing diamond drilling program at the Irvine Project, located within Victoria’s prolific Stawell Gold Corridor. Visible gold was intercepted in three drill holes; RD046, RD047, and RD048; across multiple zones of the Resolution Lode, suggesting the presence of high-grade mineralisation that could substantially increase the current inferred resource.
Partial assay results from hole RD046, situated approximately 200 metres south of the existing inferred JORC resource, revealed significant gold grades including 4.65 metres at 2.93 grams per tonne (g/t) gold, with a high-grade sub-interval of 0.4 metres at 10.4 g/t. Similarly, wedge hole RD045W1 returned 4 metres at 2.55 g/t gold, including 1 metre at 8.4 g/t. These results highlight the potential for a shallower plunge to mineralisation than previously modelled, opening up new opportunities to expand the resource footprint.
Refined Geological Model and New Exploration Targets
The drilling program has refined the geological understanding of the Resolution Lode, particularly the structural controls on mineralisation. The intersection of the Tenacity Hanging Wall Fault and the Resolution Footwall Fault appears to govern a southerly plunge of 20-25 degrees, shallower than the earlier estimate of 35 degrees. This updated model has guided the targeting of new priority zones, with hole RD047 intercepting visible gold on the Tenacity Hanging Wall Fault; a structure now considered a significant secondary mineralised corridor.
Ongoing drilling in hole RD048 continues to intersect visible gold from 413 metres downhole, with assays pending. These findings reinforce the potential for multiple high-grade shoots along fault intersections, which could rapidly enhance the scale and grade profile of the Irvine Project.
Strategic Location and Project Outlook
The Irvine Project is strategically positioned just 16 kilometres south of the operating Stawell Gold Mine, within a region known for its rich gold endowment. The current inferred resource stands at 304,000 ounces at 2.43 g/t gold, complemented by an exploration target of 280,000 to 420,000 ounces at 2 to 3 g/t. With over A$13 million invested since discovery, Aureka’s methodical drilling and geological modelling continue to unlock the project’s potential.
Managing Director James Gurry emphasised the significance of visible gold intercepts, noting their indication of a high-grade component and the opportunity to rapidly grow mineral resources beyond current estimates. The company is actively progressing further assays and planning additional drilling to test extensions along the newly identified structural corridors.
Caution and Next Steps
While visible gold is a compelling indicator, Aureka cautions that visual estimates are not substitutes for laboratory assays, which are essential to confirm grade and economic viability. Pending assay results from holes RD047 and RD048 will be critical in validating the high-grade potential suggested by visual observations. The company’s ongoing exploration strategy aims to infill and expand mineralised zones ahead of an updated JORC resource estimate.
Bottom Line?
Aureka’s visible gold discoveries at Irvine mark a pivotal step toward unlocking a higher-grade resource, with upcoming assay results set to shape the project’s next phase.
Questions in the middle?
- Will pending assays from RD047 and RD048 confirm the high-grade potential indicated by visible gold?
- How significantly will the updated geological model impact the size and grade of the upcoming resource estimate?
- What are the implications of the Tenacity Hanging Wall Fault as a new priority target for future drilling campaigns?