Auravelle Metals Unveils Multiple Gold Targets Ahead of Drilling and Raises $1.5M
Auravelle Metals has pinpointed numerous new gold exploration targets at its Nuckulla Hill project in South Australia, backed by fresh magnetic and soil data. The company also completed soil sampling at its Crown Gold Project in Western Australia and secured a $1.5 million placement to fund upcoming drilling.
- Multiple new gold targets identified at Nuckulla Hill
- Upcoming RC and aircore drilling planned for Sheoak and regional prospects
- Metallurgical test work underway at Sheoak prospect
- Targeted soil sampling completed at Crown Gold Project near Kalgoorlie
- Post-quarter $1.5 million placement secured from sophisticated investors
New Targets Set Stage for Aggressive Drilling at Nuckulla Hill
Auravelle Metals (ASX:AUV) has sharpened its exploration focus at the Nuckulla Hill Gold Project in South Australia, delineating multiple new drill targets ahead of planned Reverse Circulation (RC) and aircore drilling campaigns. These targets emerged from a comprehensive review combining the company’s own drilling data, historical records, a recent detailed magnetic survey, structural analysis, and soil sampling.
The upcoming RC drilling will primarily aim to extend and infill high-grade gold mineralisation at the Sheoak prospect, where previous programs have yielded broad, high-grade intercepts such as 21 metres at 3.1 grams per tonne (g/t) gold from 54 metres, including 3 metres at 10.5 g/t Au. Early-stage follow-up drilling is also planned at Sheoak East, Bimba, and other regional targets that exhibit significant gold anomalism and remain open along strike and at depth. The company is advancing discussions with drilling contractors to commence these programs within the current quarter.
Discovery-Style Aircore Drilling to Explore Regional Targets
Alongside RC drilling, Auravelle will embark on a large-scale aircore program targeting prospects like Bimba, Bimba West, and Myall. Historical drilling at these sites has identified encouraging gold intercepts, including 24 metres at 1.1 g/t Au from 122 metres at Bimba. The gold anomalism at Bimba and Myall extends over at least 500 metres with minimal previous follow-up, presenting fertile ground for new discoveries.
The company has highlighted a gold anomaly trend stretching over 3.5 kilometres from Sheoak through Sheoak North to Myall, which has seen limited deep drilling outside Sheoak itself. This trend represents a key focus area for the upcoming aircore testing, aiming to unlock new mineralised zones along the prolific Yarlbrinda Shear.
Metallurgical Testing Underway at Sheoak
Auravelle has initiated preliminary metallurgical test work on key mineralised intervals from Sheoak, employing bottle roll leaching to assess gold recovery characteristics. These early-stage tests are crucial for de-risking the project and will inform the potential economic viability of the mineralisation. Results are expected early in the next quarter, providing a critical data point ahead of further development decisions.
Advancing Soil Sampling and Exploration at Skye and Crown Projects
In South Australia’s Skye Project, Auravelle personnel completed an initial site visit and secured access, preparing for a maiden soil sampling program to generate drill targets and fill gaps in historical data. Meanwhile, at the Crown Gold Project near Kalgoorlie in Western Australia, a targeted soil sampling campaign collected approximately 400 samples focused on priority greenfield areas and prospective structural zones linked to the nearby Majestic Gold Centre.
Results from the Crown sampling program are anticipated this quarter and will guide the next phase of aircore drilling, continuing Auravelle’s systematic approach to building a robust pipeline of gold targets across under-explored terrain.
Capital Raise Supports Exploration Push
Post-quarter, Auravelle successfully completed a $1.5 million placement at 0.8 cents per share, attracting strong support from new and existing sophisticated and institutional investors. The raise includes attaching options exercisable at 1.6 cents over two years, subject to shareholder approval. All four directors are participating, underscoring management’s confidence in the company’s exploration strategy.
With cash of $0.63 million as of 30 June 2026 and no debt, the company’s funding position is bolstered by this placement, underpinning its aggressive drilling and sampling programs planned through the remainder of 2026.
Portfolio Optimization and Tenement Relinquishments
In a move to sharpen its asset portfolio, Auravelle relinquished several non-core tenements during the quarter, including the Barbwire Terrace project and the sole remaining tenement at Wolfe Basin in Western Australia. This streamlining allows the company to focus resources on its highest-potential gold projects in South Australia and Western Australia.
Bottom Line?
Auravelle’s identification of multiple new targets and its recent capital raise position it for a busy drilling season, but metallurgical results and drilling outcomes will be pivotal in defining the path forward.
Questions in the middle?
- Will metallurgical test results at Sheoak confirm favourable gold recovery to support economic viability?
- Can upcoming aircore drilling at Bimba and Myall unlock new high-grade mineralisation along the Yarlbrinda Shear?
- How will the market respond to the dilution impact of the $1.5 million placement and attaching options?
