GoldArc Advances Leonora Projects with High-Grade Drilling and $7.2M Capital Raise

Unprecedented Drilling Pace at Mt Stirling Confirms High-Grade Continuity

GoldArc Resources Ltd (ASX:GA8) delivered its busiest quarter to date at the Leonora North Gold Project, with BML Ventures-funded grade control drilling at Mt Stirling surpassing 19,000 metres completed in a 34,000m program. The drilling campaign revealed robust grade continuity across multiple sectors of the deposit, highlighted by a standout single-metre intercept of 106.00 g/t Au from 8 metres depth (hole BMLRC767), marking the highest grade recorded in the program so far.

This systematic drilling, conducted on a tight 8m by 12m grid, is designed to refine ore boundaries to a precision suitable for imminent open pit mine planning. The comprehensive dataset is already feeding into updated mining models, positioning GoldArc for the anticipated approval of the Mining Development and Closure Proposal (MDCP), a critical regulatory milestone before mining can commence. The program remains fully funded by BML Ventures under a 50/50 net profit share, with GoldArc retaining 100% ownership of the tenement and no direct drilling costs.

Following substantial completion of the first phase at Mt Stirling, drilling attention shifted to the adjacent Mt Stirling Well deposit, where initial assays confirmed near-surface mineralisation consistent with the existing inferred resource of 198,000 tonnes at 2.3 g/t Au for 15,000 ounces. Early high-grade hits include 1m at 10.7 g/t Au and 1m at 6.4 g/t Au, underscoring the deposit’s potential to contribute to the overall mining inventory.

Bonanza Gold Grades Drive Leonora South Momentum Under New Joint Venture

At Leonora South, GoldArc’s partnership with Mineral Mining Services (MMS) advanced from a Letter of Intent to a binding Mine Development Joint Venture covering the Orion and Sapphire deposits. MMS funded an 85-hole, 5,748m reverse circulation program across five prospects, including Orion, Sapphire, Eclipse, Justice, and Euroa, delivering exceptional results at no cash cost to GoldArc.

The highlight came from Sapphire, where hole 26SPRC014 returned 8 metres at 66.76 g/t Au from 101 metres, including a blistering 1 metre at 363.70 g/t Au. This bonanza-grade intercept lies just 31 metres from historical high-grade drilling, suggesting a coherent high-grade shoot extending along strike. Orion also showed depth extensions with high-grade intercepts such as 3 metres at 52.58 g/t Au, supporting the case for an expanded inferred resource beyond the current 26,409 ounces.

The Eclipse prospect’s 20-hole infill drilling confirmed a shallow, structurally controlled high-grade system, reinforcing its status as a near-term re-rating catalyst. Meanwhile, first-pass drilling at the historic Cosmopolitan Mine area unveiled a previously unrecognised Upper Zone with grades up to 45.86 g/t Au, expanding the known mineralised footprint beyond the main zone and validating the potential for follow-up exploration.

$7.2 Million Capital Raise Secures Funding for Multi-Front Exploration

GoldArc successfully raised $7.2 million before costs through a placement priced at $0.07 per share, attracting strong backing from institutional investors and strategic partners, notably BML Ventures subscribing for $1.5 million. Directors also committed to a $135,000 subscription subject to shareholder approval, signalling confidence in the company’s growth strategy.

These funds will underpin an expanded drilling campaign across both Leonora hubs through mid-2027, including the upcoming Mt Stirling S1-S7 step-out drilling along the largely untested 9-kilometre Ursus Fault corridor. The capital raise is structured to complement the existing partner-funded development pathways, with BML Ventures and MMS continuing to cover development capex at their respective hubs, thus preserving GoldArc’s capital for exploration and resource growth.

Strategic Tenement Moves and Portfolio Focus

In a bid to sharpen its project focus, GoldArc acquired 100% of Prospecting Licence P40/1319, extending the Whistler and Woodpecker South high-grade corridors at Kookynie, a key addition to the Leonora South portfolio. Concurrently, the company rationalised non-core Kookynie West tenements, terminating option agreements to concentrate resources on the core Mt Stirling and Kookynie East hubs.

GoldArc’s dual-structured partnerships, BML Ventures’ Profit Share Mining Agreement at Leonora North and the MMS Mine Development Joint Venture at Leonora South, continue to differentiate the company by providing fully funded development at both project hubs simultaneously, reducing capital risk and accelerating project advancement.

Financial Position and Operational Outlook

GoldArc ended the quarter with $4.16 million in cash and access to $2.5 million in unused financing facilities, supported by a $7.2 million capital raise and ongoing partner funding. Exploration and evaluation expenditure was $1.51 million for the quarter, reflecting active drilling and assay programs, while corporate and administrative costs remained tightly managed.

The company reported no substantive mining production during the quarter, consistent with its development stage. Director Leonard Math stepped down from his non-executive role to focus on CFO and Company Secretary duties, reflecting a streamlining of executive focus ahead of anticipated mining development milestones.