Aureka Limited reports breakthrough high-grade gold assays at its Irvine and St Arnaud projects, alongside a successful $3.6 million capital raise to accelerate exploration in Victoria’s historic goldfields.
- Record assay results up to 183g/t gold at Irvine Project
- High-grade visible gold discoveries at St Arnaud Comstock
- Divestment of Tandarra JV for $1.3 million to fund drilling
- Secured permanent land access and strategic partnerships
- Raised $3.6 million placement to expand exploration activities
Strong Quarter for Aureka’s Victorian Gold Ventures
Aureka Limited (ASX, AKA) has delivered a standout December quarter marked by exceptional exploration results and strategic corporate moves that position the company for accelerated growth in 2026. The highlight was the delivery of record high-grade gold assays at its flagship Irvine Project, located in Victoria’s prolific Stawell Zone, alongside promising developments at the St Arnaud Comstock Project.
Diamond drilling at Irvine yielded some of the highest assay grades since the project’s discovery in 2017, including an extraordinary 0.3 metres at 183 grams per tonne gold from 413 metres depth. This was part of a broader intercept of 10 metres averaging 12.1 grams per tonne, underscoring the potential for consistent, high-grade mineralisation. The discovery of a new footwall vein bearing visible gold further expands the scope for resource growth beyond the current inferred resource of approximately 304,000 ounces.
Advancing St Arnaud Comstock Towards Production
At the St Arnaud Comstock Project, Aureka reported record assay results including 0.3 metres at 109 grams per tonne gold from a shallow depth of 117.2 metres. Visible gold was identified in multiple drill holes, revealing new mineralised structures that had not been previously exploited. The company has engaged Core Prospecting, a specialist in small-scale Victorian gold production, to assess pathways for early mining and evaluate the nearby Wedderburn Milling Facility’s suitability for processing ore from Comstock.
Strategic Moves to Strengthen Financial and Operational Position
In a move to sharpen focus on its core assets, Aureka divested its interest in the Tandarra Joint Venture for $1.3 million before costs, with proceeds earmarked for ongoing drilling and securing permanent land access at Irvine. The company successfully completed a $3.6 million placement at $0.14 per share, providing a robust cash position of approximately $5 million at quarter’s end. This capital injection will support the expansion of drilling programs and strategic initiatives, including a planned high-resolution drone magnetic survey to refine exploration targeting.
Managing Director James Gurry highlighted the significance of the quarter, stating that the results validate the high-grade and size potential of the Irvine Project and reaffirm the exceptional prospectivity of Victoria’s historic goldfields. With operational momentum and investor backing, Aureka is well placed to advance its portfolio in a strong gold price environment.
Looking Ahead
Drilling resumed in early January 2026, focusing on testing mineral continuity near the Resolution Fault and newly identified footwall veins at Irvine. The company plans to maintain aggressive exploration efforts across its Victorian projects, while progressing assessments for near-term production at St Arnaud. The combination of high-grade discoveries, strategic partnerships, and a strengthened balance sheet sets the stage for a potentially transformative year for Aureka.
Bottom Line?
Aureka’s record assays and fresh capital injection set a promising tone for 2026 exploration and potential production milestones.
Questions in the middle?
- How will ongoing drilling impact the size and grade of the Irvine inferred resource?
- What are the timelines and hurdles for bringing the St Arnaud Comstock Project into early production?
- How will Aureka deploy its $5 million cash position to balance exploration and development priorities?