High-Grade Gold Outside Resource Boundary Raises Development Questions
Aureka Limited has reported exceptional high-grade gold assay results from its St Arnaud Comstock Project, including a record 0.3m intercept grading 109g/t gold, extending mineralisation beyond current resource boundaries.
- Record 0.3m intercept at 109g/t gold from drill hole 25NED002
- Significant mineralisation extends up to 100m beyond current JORC Resource
- Maiden Mineral Resource Estimate of 1.45Mt at 1.21g/t Au for 56,500 oz gold
- Exploration Target of 3.0-3.5Mt at 1.0-1.2g/t Au indicating potential resource growth
- Proximity to multiple operating gold mills supports future development plans
Record-Breaking Assays at Comstock
Aureka Limited has announced a series of high-grade gold assay results from its St Arnaud Comstock Project in Victoria, Australia, highlighting a standout intercept of 0.3 metres grading 109 grams per tonne (g/t) gold. This intercept, reported from diamond drill hole 25NED002, represents the highest individual assay recorded at the Comstock prospect to date, underscoring the project's potential for delivering premium-grade mineralisation.
Additional significant intercepts include 10.04 metres at 1.58 g/t gold from drill hole 25NED003 and 15.39 metres at 0.63 g/t gold from 25NED005. These results are particularly notable as they lie outside the existing Maiden JORC Mineral Resource boundary, extending known mineralisation by up to 100 metres and suggesting promising avenues for resource expansion.
Context of the Comstock Project and Resource Potential
The Comstock prospect is situated within the historic St Arnaud Goldfields, approximately two kilometres north of the township of St Arnaud. The geology is characterised by tightly folded turbidites and a dominant west-dipping fault/shear zone known as the Comstock Shear, which hosts structurally controlled quartz vein gold mineralisation. The mineralisation is associated with a base metal signature including arsenopyrite, pyrite, galena, and sphalerite, and is known for its sulphide content which historically limited mining to the oxide-sulphide interface.
In June 2025, Aureka released a maiden JORC Mineral Resource Estimate (MRE) for Comstock of 1.45 million tonnes at 1.21 g/t gold, equating to approximately 56,500 ounces of gold. Alongside this, an Exploration Target was defined, ranging from 3.0 to 3.5 million tonnes at grades between 1.0 and 1.2 g/t gold, indicating potential for significant resource growth. The recent drilling results reinforce the possibility of a higher-grade lode component within this target area.
Strategic Advantages and Next Steps
One of Comstock’s strategic advantages is its proximity to several operating gold processing mills within trucking distance, which could facilitate a more cost-effective pathway to production. With the current strong gold price environment, Aureka is advancing community engagement, scoping studies, and regulatory approvals to pave the way for future development.
The company has completed a 2,253-metre diamond drilling program, with ongoing logging and sampling of several drill holes. Final assay results for some holes remain pending, but the current data already highlights the project's robust potential. Meanwhile, drilling continues at Aureka’s Irvine Project near Stawell, where recent assays have also delivered record grades.
Management Perspective
Managing Director James Gurry emphasised the significance of the results, stating, "The 109g/t gold intercept is a record for the project to date and highlights the potential for the Exploration Target to grow the JORC Resource and support the possibility of a future pathway to near-term production." This confidence reflects the company’s commitment to unlocking value from its Victorian gold assets.
Bottom Line?
Aureka’s latest high-grade assays at Comstock signal a compelling resource growth story, with the next phase of drilling and regulatory progress set to shape its production prospects.
Questions in the middle?
- Will the remaining assay results confirm further high-grade zones beyond current resource boundaries?
- How quickly can Aureka advance regulatory approvals and community engagement for Comstock’s development?
- What impact will the proximity to operating mills have on the project’s economics and timeline to production?