Cavalier Resources Confirms Gold Continuity at Miranda with Robust PFS Metrics

Drilling Success at Miranda Target

Cavalier Resources Limited (ASX, CVR) has delivered encouraging assay results from its recent near-mine extensional drilling program at the Miranda Target, located approximately 1km northwest of the planned Stage 1 Crawford pit in Western Australia. The 4,647-metre reverse circulation (RC) drilling campaign, completed in late 2025, confirmed continuity of gold mineralisation over a 100-metre strike length within a broader 500-metre extensional corridor. Notable intercepts include 6 metres at 1.29 grams per tonne (g/t) gold, including 1 metre at 3.44 g/t, and multiple other zones exceeding 1 g/t gold.

Robust Economics in Revised Pre-Feasibility Study

Alongside the drilling results, Cavalier released a revised Pre-Feasibility Study (PFS) in 2025 that reinforces the economic viability of the Crawford Gold Project. The study incorporates updated mining, processing, and capital cost estimates, assuming a gold price of A$4,600 per ounce. Key financial metrics include a net present value (NPV8) of A$51.7 million, an internal rate of return (IRR) of 580%, and a payback period of under nine months. The project’s total gold production is forecast at 23,467 ounces over an 18-month mine life, with all-in sustaining costs (AISC) estimated at A$1,574 per ounce, positioning the operation in the lower cost quartile.

Ore Reserve and Resource Growth Potential

The Ore Reserve estimate includes 1,002 kilotonnes at 0.91 g/t gold, equating to 29,300 ounces classified as Probable. Importantly, the Miranda Target drilling results support potential resource growth beyond the current Stage 1 starter pit, with mineralisation remaining open along strike and at depth. The company plans further exploration in 2026 to delineate extensions and underpin long-term project growth.

Community and Environmental Progress

Cavalier has also secured a Native Title Agreement with the Wangkatja Tjungula Aboriginal Corporation, a critical step in advancing mining operations and fostering positive community relations. Environmental considerations have been addressed with no significant risks identified, and metallurgical test work indicates high gold recoveries with low reagent consumption, supporting the proposed heap leach processing method.

Looking Ahead

With assay results confirming gold continuity and a robust economic foundation established by the revised PFS, Cavalier Resources is well positioned to progress towards mining operations at Crawford. The company’s ongoing exploration and development activities will be closely watched by investors seeking exposure to a promising Western Australian gold project with near-term production potential.