Peake Deposit Exploration Target Ranges 240-380koz Gold at Ashburton Project

Peake Deposit’s Underground Potential Emerges

Kalamazoo Resources Limited (ASX:KZR) has spotlighted the Peake Deposit within its Ashburton Gold Project as a key growth driver, defining a new underground Exploration Target of 1.7-2.6 million tonnes grading 3.4-5.0 grams per tonne gold, translating to 240,000 to 380,000 ounces of gold. When combined with the existing Mineral Resource of 210,000 ounces at 3.4g/t, Peake’s total potential could reach nearly 590,000 ounces, a significant addition not yet factored into the current Pre-Feasibility Study (PFS).

The Peake Deposit lies just 2km west of Mt Olympus, the Ashburton project’s flagship. It is characterised by a high-grade vein system extending over 1.8 kilometres strike and only drilled to about 200 metres depth so far, leaving considerable room for expansion both at depth and along strike. The new Exploration Target aims to test these extensions with a planned 3,000-metre drilling program commencing next quarter, focusing on infill and growth of the high-grade vein system.

District-Scale Mineralised Trends Unveiled

Beyond Peake, Kalamazoo has identified five mineralised trends stretching over 12 kilometres of strike, including the Shinkansen Trend that hosts Peake, plus the MagLev, ICE, TGV, and Eurostar Trends. These parallel corridors reveal a district-scale gold system with multiple targets for both shallow oxide and deeper sulphide mineralisation, positioning Ashburton as a potential multi-deposit gold camp well beyond Mt Olympus.

The company plans to progressively explore these trends, supported by an upcoming hyperspectral survey designed to prioritise targets across the broader tenure. This regional focus complements the intensive drilling underway at Mt Olympus, where a 14,000-metre resource infill program is about halfway complete with four rigs active, aiming to upgrade resource confidence and support PFS optimisation.

Mt Olympus Drilling Accelerates Resource Upgrade

The Mt Olympus drilling campaign continues to deliver encouraging results, with recent intercepts including 8.8 metres at 11 grams per tonne gold and 43.8 metres at 3.4 grams per tonne, confirming extensions within and below the existing resource envelope. These findings build on earlier successes and underpin the planned updated Mineral Resource Estimate expected later in 2026.

This drilling effort is critical to advancing Mt Olympus from scoping study to a robust PFS, with the latter assessing technical and financial feasibility. The scoping study projects a recoverable 524,000 ounces of gold over a 73-month life of mine at an all-in sustaining cost of about AUD 2,183 per ounce, with strong upside at higher gold prices. The PFS will also incorporate new drilling data to refine mine planning and economic models.

Financial and Strategic Implications

Kalamazoo’s recent capital raises, including a $12 million equity injection earlier this year, have bolstered its cash position to support these ambitious exploration and development programs. The company’s CEO Andrew McDougall emphasises that unlocking Ashburton’s full mineral endowment is central to Kalamazoo’s growth strategy, with Peake’s underground potential and the multiple mineralised trends providing a pipeline of opportunities to extend mine life and enhance project value.

Notably, the Peake underground resource and exploration target are currently excluded from the PFS, highlighting a significant upside that could materially influence Ashburton’s long-term economics if successfully converted into mineable resources. This underscores the importance of upcoming drilling results and the hyperspectral survey in shaping the project’s future trajectory.

Exploration and Development Next Steps

The immediate focus will be the Peake drilling campaign to test high-grade extensions and infill the existing resource, alongside continued resource conversion drilling at Mt Olympus. The company also plans to advance exploration across the other identified mineralised trends to build a comprehensive growth portfolio.

With assay results from ongoing drilling expected progressively through the year, investors will be watching how these developments translate into resource upgrades and potentially reshape the Ashburton project’s production profile. Kalamazoo’s ability to integrate these new ounces into its development plans will be pivotal in realising the full value of its Pilbara gold assets.

This latest announcement builds on Kalamazoo’s recent capital strengthening and exploration momentum, including the $12 million equity raise that underpins its funding runway to advance Ashburton’s drilling programs and PFS activities cash position with $12 million. The strong assay results from Mt Olympus drilling earlier this year also set the stage for ongoing resource growth promising gold extensions, reinforcing the company’s transition from explorer to developer in the region.