Oakajee Extends Gold Mineralisation with New 2km Zone at Paynes Find

Discovery of New Gold Mineralised Shear Zone

Oakajee Corporation Limited (ASX:OKJ) has expanded its footprint at the Paynes Find Gold Project in Western Australia with the identification of a new gold mineralised shear zone. The zone, revealed through a 28-hole aircore drilling program completed in October 2025, returned gold assays as high as 925 parts per billion (ppb), marking a significant extension to the known mineralisation.

This new zone lies along a north-northwest trending mafic/felsic contact concealed beneath approximately 20 metres of lake clay and gravel. The mineralisation was intercepted on the western end of drill lines spaced 300m and 500m south of previous drilling, indicating a target strike length of about 2 kilometres that remains open to the north, south, and west.

These results build on Oakajee's earlier campaigns, including the initial discovery phase announced in early 2026, confirming the presence of a substantial concealed gold system. The company’s findings highlight the potential for further extensions beneath the lake cover, a promising development for the Paynes Find Greenstone Belt region. The aircore drilling program details and results are consistent with prior exploration efforts, demonstrating continuity in the mineralised trends at Paynes Find. This progress is in line with the company’s earlier updates where a new gold mineralised shear zone was first reported, underpinning the rationale for continued drilling activity new gold zone discovery.

Upcoming Follow-up Drilling Campaign

Following the encouraging assay results, Oakajee has secured the necessary Permit of Work and plans to commence a follow-up drilling campaign in mid to late May 2026. This next phase will include infill drilling to better define the mineralisation and step-out drilling to test the strike extensions of the newly discovered zone.

The company has not yet released full details of the program but intends to announce them once drilling is underway. This approach aims to refine the geological model and assess the economic potential of the mineralised shear zone, which remains open in multiple directions.

Given the concealed nature of the mineralisation beneath lake sediments, the follow-up drilling is critical to delineate the extent and continuity of the gold system. This campaign follows the completion of the initial 28-hole aircore program, which covered approximately 1,258 metres and targeted the Paynes Find South area, a historically productive gold camp with over 72,000 ounces of reported production Paynes Find drilling campaign.

Financial Position and Tenement Interests

Oakajee’s financial position remains stable with liquid assets totaling $4.22 million at the end of March 2026. This includes $61,259 in cash and $4.16 million in listed shares, primarily holdings in Santa Fe Minerals Limited (ASX:SFM) and Turaco Gold Limited (ASX:TCG). The company reported operating cash outflows of $97,000 for the quarter, reflecting ongoing exploration and corporate costs.

The company holds an 80% interest in key tenements within the Paynes Find Gold Project, including E59/2055, E59/2092, E59/2312, and M59/549, with the remainder held by joint venture partners. Additionally, Oakajee wholly owns tenement E59/2391, which is not subject to joint venture agreements.

Management remains confident in the company’s ability to continue operations, citing the potential to monetise listed investments or raise equity as needed. The company retains full placement capacity under ASX Listing Rules 7.1 and 7.1A, providing flexibility for future capital requirements.

Exploration Outlook and Market Implications

The discovery of a new, high-grade gold zone beneath lake cover at Paynes Find adds a compelling chapter to Oakajee’s exploration story. The strike length of approximately 2 kilometres, combined with the open-ended nature of the mineralisation, suggests there is significant upside potential pending further drilling.

However, the current financial runway, with less than one quarter of operating funding available, underscores the importance of efficient capital management and successful execution of the upcoming drilling program. The company’s strategy to leverage its listed investments or equity placement capacity will be critical to sustaining exploration momentum.

Investors will be watching closely as Oakajee moves into its next drilling phase, which could materially influence the company’s resource base and valuation. The interplay between assay results, geological modelling, and capital management will shape the near-term narrative for this Western Australian gold explorer Paynes Find exploration progress.