Evergold Minerals has delivered its highest-grade gold intercepts at Mt Monger’s Duchess of York and confirmed mineralisation at Gladiator, while advancing environmental and geochemical work at Leonora with a solid $4 million cash buffer.
- Record 25m at 3.47 g/t Au including 1m at 52.7 g/t Au at Duchess of York
- Gold mineralisation confirmed at Gladiator Prospect supporting intrusive-related model
- WA Government co-funded drilling grant secured for Gladiator diamond drilling
- Environmental surveys and soil sampling progress at Leonora’s Craig’s Rest
- Cash position strengthened to $4.0 million after $3.16 million placement
Record Gold Grades at Duchess of York Drive Mt Monger Momentum
Evergold Minerals Limited (ASX:EG1) has wrapped up its maiden 2026 reverse circulation (RC) drilling campaign at the Mt Monger Gold Project with standout results from the Duchess of York Prospect. The highlight was a 25-metre intercept grading 3.47 grams per tonne (g/t) gold from just 3 metres downhole, featuring a blistering 1 metre at 52.7 g/t Au, the highest-grade intercept ever recorded at the prospect.
The drilling program, which completed approximately 2,800 metres across Duchess of York and the emerging Gladiator Prospect, also returned broad zones of gold mineralisation extending continuity below previous drilling. These results have reshaped Evergold’s geological understanding, revealing a broader, flatter-lying mineralised system consistent with structurally controlled orogenic gold deposits typical of the Mt Monger district.
Importantly, gold mineralisation was confirmed at Gladiator, underpinning the company’s intrusive-related gold model. Gladiator’s near-surface gold-in-soil anomaly stretches over 800 metres and aligns with a north-south gravity feature, suggesting a significant mineralised structure. This prospect is now set for diamond drilling, backed by a WA Government Exploration Incentive Scheme (EIS) co-funded grant, a timely boost for Evergold’s exploration ambitions.
High-Resolution Drone Survey Enhances Structural Targeting
A high-resolution drone-borne magnetic survey was completed across the Mt Monger tenure during the quarter, delivering detailed structural imaging to refine drill targeting. This survey data will be integrated with gravity, drilling, and geochemical datasets, enhancing Evergold’s ability to delineate mineralised zones and plan follow-up exploration efficiently.
Leonora Project Advances with Environmental and Geochemical Programs
At the Leonora Goldfields Project, Evergold marked a key milestone by completing terrestrial flora and fauna surveys at Craig’s Rest, progressing the environmental approvals pathway. A hydrology study is planned to assess groundwater and surface water, critical for future mine planning.
Further exploration initiatives include a recently completed regional soil geochemistry program at Craig’s Rest, with 1,320 soil samples submitted for multielement analysis. This survey aims to define gold dispersion along the Wonder and Black Cat structures and generate ranked exploration targets. Assay results are expected within four to six weeks and will be combined with planned high-resolution drone magnetic surveys and historical drilling data to sharpen the company’s structural understanding.
Craig’s Rest hosts a JORC (2012) Inferred Mineral Resource of 48,600 ounces at 1.38 g/t Au, contributing to Leonora’s broader 63,000-ounce gold inventory across multiple prospects.
Corporate and Financial Position Bolstered by Capital Raise
Corporate activity during the quarter included the successful passage of all resolutions at the April 2026 General Meeting, notably approving the issue of Tranche 2 Placement Shares raising A$3.162 million. This capital injection lifted Evergold’s cash position to approximately $4.0 million as of 30 June 2026, up from $2.28 million at the prior quarter’s end.
Exploration expenditure surged to $496,000 for the quarter, reflecting the ramp-up in drilling and survey activities, while corporate and administration costs remained stable at $247,000. Staff costs decreased slightly to $118,000, with more wages capitalised to exploration in line with operational scaling.
Evergold’s tenement portfolio remains diversified, with full ownership across key prospects in Western Australia’s Leonora and Mt Monger regions, as well as the Bynoe Project in the Northern Territory. The company also completed a tenement purchase agreement during the quarter, further consolidating its landholding.
Bottom Line?
Evergold’s maiden drilling at Mt Monger has delivered a new benchmark for grade, setting the stage for an expanded Phase 2 program while environmental and geochemical groundwork at Leonora prepares for targeted growth.
Questions in the middle?
- Will Phase 2 drilling at Duchess of York convert broad mineralisation into a defined resource upgrade?
- How will assay results from the recent Leonora soil geochemistry program influence exploration targeting?
- What strategic options will Evergold pursue for the Bynoe Project given prior drilling results?