New Gold Discovery Raises Questions on Comstock’s Production Timeline
Aureka Limited has identified visible gold near surface in a new mineralised structure at its St Arnaud Comstock Project, expanding the known resource and enhancing production prospects.
- Visible gold discovered 140m west of main Comstock Shear
- New mineralised structure subparallel to existing JORC Resource
- Maiden JORC Mineral Resource Estimate stands at 56,500 oz gold
- Engagement with Core Prospecting for small-scale production pathway
- Assay results for new discovery expected within five weeks
Discovery of Visible Gold in New Structure
Aureka Limited has announced a significant exploration breakthrough at its St Arnaud Comstock Project in Victoria, Australia. Drill hole 25NED007 intersected visible gold near the surface within a newly identified mineralised structure approximately 140 metres west of the main Comstock Shear. This structure lies subparallel to the previously defined JORC Resource and represents a fresh target for resource expansion.
The visible gold grains, numbering around a dozen and ranging from 0.5 to 1.0 millimetres in length, were found within a steeply dipping, faulted laminated quartz vein. This discovery is particularly notable as it lies outside the maiden JORC Resource boundary, highlighting the ongoing potential to grow the resource base at Comstock.
Context and Historical Significance
The St Arnaud goldfield has a rich history, having produced an estimated 400,000 ounces of gold at an average grade of 15 grams per tonne. The Comstock prospect itself is situated within a complex geological setting dominated by tightly folded turbidites and a prominent shear zone. Gold mineralisation is structurally controlled within quartz reefs and associated with sulphide minerals such as pyrite and arsenopyrite.
Aureka’s recent drilling program, which included seven diamond holes totaling over 2,250 metres, has been aimed at extending known mineralisation both along strike and down dip. The new visible gold intercept complements earlier high-grade results, including a standout 1 metre intercept grading 65.37 grams per tonne from hole 25NED002.
Advancing Towards Production
Importantly, the St Arnaud Comstock Project is located within trucking distance of several operational gold processing mills in Victoria. Aureka has engaged Core Prospecting Pty Ltd, specialists in small-scale gold production, to explore pathways to bring Comstock into near-term production. This collaboration aims to de-risk the project and leverage existing infrastructure, potentially accelerating the timeline to cash flow.
The maiden JORC Mineral Resource Estimate, released in June 2025, quantifies 56,500 ounces of gold at a grade of 1.21 grams per tonne within 1.45 million tonnes of ore. Additionally, an exploration target ranging between 112,000 and 116,000 ounces of gold has been identified, alongside significant silver credits. The new visible gold discovery adds further upside to these figures.
Next Steps and Market Implications
Assay results from the newly discovered mineralised structure are expected within five weeks, which will provide clarity on the grade and economic potential of this intercept. Meanwhile, Aureka continues to advance drilling at its Irvine Project near Stawell, where high-grade gold assays have also been reported.
With visible gold discoveries extending the footprint of mineralisation and active engagement with milling partners, Aureka is positioning itself to unlock value from the St Arnaud goldfield. Investors and analysts will be watching closely for assay updates and progress on production planning.
Bottom Line?
Aureka’s new visible gold discovery at St Arnaud could be a catalyst for resource growth and production advancement.
Questions in the middle?
- What grade will the pending assays from hole 25NED007 confirm?
- How soon could Core Prospecting facilitate small-scale production at Comstock?
- Will further drilling reveal additional mineralised structures beyond the current resource?