Golden Dragon Mines High-Grade Gold and Expands Land Near Big Bell

Exceptional High-Grade Gold Hits at Coodardy

Golden Dragon Mining Ltd (ASX:GDR) has struck a rich vein of high-grade gold at its Cue Gold Project in Western Australia’s Murchison Goldfields, with the June quarter delivering some of its best drilling results yet. The Coodardy Prospect yielded a standout intercept of 12 metres at 6.50 grams per tonne (g/t) gold from 44 metres downhole, including a blistering 4 metres at 17.60 g/t Au. This confirms not only the continuity but also the scale potential of the mineralised system, reinforcing the prospect’s status as a core focus for near-term resource definition.

Additional strong results from shallow depths at Coodardy include 28 metres at 1.00 g/t Au from surface and 32 metres at 1.01 g/t Au from 4 metres, underscoring the prospect’s shallow, accessible mineralisation. The mineralisation is hosted within quartz veining and altered dolerite and chlorite schist, interpreted as a shallow east-dipping, gently north-plunging system with high-grade shoots occurring within stacked quartz vein arrays. Notably, a previously untested north-east structural orientation was identified, offering a fresh exploration vector that remains untested by drilling and opens new avenues for resource expansion.

Behring Bore Confirms Expanding Gold System

Just 400 metres from Coodardy, the Behring Bore Prospect has also delivered compelling results that suggest it forms part of a larger, interconnected gold system. The prospect returned multiple high-grade intersections within an altered, pyritic dolerite host rock, including 8 metres at 2.92 g/t Au (with 4 metres at 5.5 g/t Au) and a newly recognised north-east trending quartz lode yielding 4 metres at 5.3 g/t Au within a broader 20-metre zone averaging 1.57 g/t Au. The system remains open along multiple strike directions, indicating significant upside potential.

These results reinforce the geological interpretation that Coodardy and Behring Bore are components of a district-scale mineralised system with strong structural controls. The identification of the same north-east mineralised orientation at both prospects highlights a strategic exploration target that Golden Dragon intends to aggressively test in upcoming drilling campaigns.

Strategic Land Expansion Near Westgold’s Big Bell Mine

Golden Dragon has materially boosted its regional footprint through the grant of exploration licence E20/1072, covering approximately 211 square kilometres and encompassing five regional-scale targets, including the advanced Jeffrey Well prospect with its >1 kilometre mineralised corridor. Additionally, the company lodged a new tenement application, E20/1122, which would place it directly adjacent to Westgold Resources Limited’s (ASX:WGX) 2.3 million ounce Big Bell Gold Mine. This application extends Golden Dragon’s exposure to the prolific Big Bell Shear Zone by 6.5 kilometres of strike, lifting its total landholding to a dominant ~619 square kilometres upon grant.

The proximity to one of the Murchison’s largest gold producers not only enhances the strategic value of Golden Dragon’s holdings but also positions it well to leverage regional geological analogies and infrastructure. Historical data across the application area reveal multiple poorly tested targets within a structurally complex corridor, providing a compelling pipeline for systematic exploration.

Ongoing Drilling and Exploration Programs

Following the June quarter drilling success, Golden Dragon secured a drill rig for early July to test extensions at both Coodardy and Behring Bore, with assay results from this program pending. An Aircore drilling campaign is scheduled for August, targeting both known prospects and regional targets identified through recent auger geochemical surveys that revealed kilometre-scale gold-in-soil anomalies.

The company’s exploration strategy balances advancing high-grade mineralisation at priority prospects with discovery-driven regional work. This includes immediate follow-up on the newly identified north-east trending mineralisation and systematic testing of the expanded target pipeline, including the Jeffrey Well prospect.

Financial Position and Corporate Governance

Golden Dragon reported payments of $64,000 to related parties this quarter, covering directors’ fees and salaries, along with $45,000 for exploration services provided by a director. The company’s cash reserves stand at $2.93 million, sufficient to fund operations for over six quarters at current expenditure rates. Exploration and evaluation costs remain the primary use of funds, consistent with the company’s IPO prospectus commitments.

This robust financial footing supports Golden Dragon’s ambitious exploration agenda as it seeks to convert its expanding landholding and high-grade drilling results into a defined resource and eventual development opportunity.