AX8’s First Balagundi Drilling Confirms Continuous Gold on Paris Gift Trend

Initial Drilling Success at Balagundi

Accelerate Resources Limited (ASX – AX8) has marked a significant milestone with its first Reverse Circulation (RC) drilling campaign at the Balagundi Gold Project in Western Australia. Located just 15 kilometres east of Kalgoorlie, a globally recognised gold mining hub, the project has long been underexplored despite its proximity to major operations like Northern Star’s Kanowna Belle and the KCGM Super Pit.

The initial six RC holes targeted the Paris Gift Trend, a shear-hosted gold-bearing structure historically mined for high-grade veins. Impressively, all holes intersected the target structure, confirming geological continuity over approximately 300 metres of strike. Notable intercepts include 6 metres at 1.47 grams per tonne (g/t) gold from 114 metres depth, and multiple other zones with grades exceeding 1 g/t Au.

Emerging High-Grade Shoot Model

Geological modelling integrated with surface mapping and structural analysis suggests that gold mineralisation along the Paris Gift Trend occurs in discrete, higher-grade shoots within a broader mineralised corridor. The current drilling intersected the south-eastern margin of a newly identified mineralised shoot, indicating significant potential for expansion.

AX8’s Chief Executive Officer, Luke Meter, highlighted the encouraging nature of these results, noting that the drilling has validated the company’s exploration model and provided a clear vector for follow-up work. He emphasised the strategic advantage of Balagundi’s location near multiple toll milling operations, which could enhance the economics of any future discoveries.

Next Steps in Exploration

Building on this momentum, AX8 plans to recommence RC drilling imminently at the Iron Bound Prospect, another promising target within the Balagundi camp. Following this, the rig will return to Paris Gift to extend the strike length of mineralisation, infill gaps, and test additional high-grade shoots within the interpreted structure.

Concurrent with the RC program, the company has completed an initial Aircore drilling phase across undercover areas of the project, enhancing geological understanding and confirming multiple prospective structural positions along the Paris Trend. Results from this program are pending, with further targeted Aircore drilling planned to follow.

Context Within a Historic Gold Province

The Balagundi Project lies within the Norseman–Wiluna belt of the Yilgarn Craton, a prolific Archaean gold province. Historically, the area has produced approximately 4,000 ounces of gold from narrow, high-grade quartz veins, with grades ranging from 5 to 30 g/t Au. Despite this, the project area has seen limited modern exploration, leaving significant potential for new discoveries.

AX8’s systematic exploration approach, combining modern drilling techniques with detailed geological modelling, aims to unlock this potential. The company’s early results at Paris Gift provide a compelling foundation for further work and resource definition.