Evergold’s Mt Monger Drilling Faces Uncertainty Ahead of Assay Results

Drilling Starts on High-Grade Duchess of York Target

Evergold Minerals (ASX:EG1) has commenced a 3,000m reverse circulation (RC) drilling program at the Duchess of York Prospect within its Mt Monger Gold Project, located about 70km southeast of Kalgoorlie. This marks the company’s most intensive exploration phase to date, following its acquisition of Mt Monger in August 2025 and a $5.23 million capital raise earlier this year. The drilling aims to follow up on historical high-grade gold intercepts, including standout results like 3m at 17.6 g/t Au from 13m and 9m at 5.02 g/t Au from 26m, which highlight the prospect’s potential near the surface and at depth.

The Duchess of York sits within the Bare Hill Shear Zone, a major regional structure with a proven track record for hosting significant gold mineralisation. Evergold’s current drilling program is designed to test along-strike and down-dip extensions of known mineralisation, addressing gaps left by previous campaigns. This targeted approach reflects a systematic effort to build on historical data and advance the project’s resource potential.

Gladiator Prospect Emerges as Intrusive-Related Gold Target

Following Duchess of York, Evergold will direct drilling at the Gladiator Prospect, a newly defined target identified through integration of soil geochemistry and high-resolution ground gravity surveys. Gladiator hosts a coherent gold-in-soil anomaly extending over 800 metres, aligned with a north-south gravity feature interpreted as a mineralised structure at depth. The geological model suggests a sanukitoid-style intrusive body as the driver of mineralisation, a style commonly associated with large gold systems in the Eastern Goldfields.

This target benefits from co-funding under the Western Australian Government’s Exploration Incentive Scheme, which reimburses up to 50% of direct drilling costs capped at A$150,000. The grant not only provides capital efficiency but also independent technical validation of Gladiator’s prospectivity. Plans include a follow-up diamond drilling program to test the intrusive source at depth, pending RC results.

Integrated Exploration Efforts Across Mt Monger and Leonora

Alongside drilling, Evergold is advancing field mapping and geological modelling to refine its understanding of Mt Monger’s structural and lithological framework. High-resolution drone magnetic surveys are scheduled soon to enhance structural interpretation and identify concealed mineralised corridors. These efforts build on recent gravity and mineralogical datasets and are expected to sharpen drill targeting across the portfolio.

Moreover, the company’s broader 2026 exploration campaign includes programs at the Leonora Goldfields Project, where it is working to upgrade an existing 63,000-ounce JORC Inferred resource. This multi-pronged approach underscores Evergold’s commitment to systematically advancing its gold assets in the Eastern Goldfields region.

Strategic Location and Infrastructure Proximity

The Mt Monger Project benefits from proximity to established mining infrastructure, sitting less than 5km from Vault Minerals’ Randalls Gold Mill and within 50km of other processing facilities at Jubilee, St Ives, and Lakewood. This logistical advantage could support efficient project development should exploration results justify advancement.

Evergold’s recent capital raise and government grants provide a solid funding base for its 2026 activities, following a series of regulatory approvals and tenement acquisitions completed earlier this year. The company is now poised to translate its extensive groundwork into tangible exploration outcomes, with assay results from the current drilling expected within 6-8 weeks.