Aureka Limited has reported multiple visible gold intercepts near surface in diamond drill hole NED035 at its Comstock Project Walkers Zone, reinforcing the prospect’s high-grade potential ahead of first production. Assay results are pending as infill drilling continues to support resource upgrade plans.
- Visible gold intercepted near surface in Walkers pit drilling
- Infill drilling aims to upgrade 56koz inferred resource
- Comstock positioned for early production with toll milling deal
- Historical high-grade results complement recent visible gold findings
- Assay results pending to confirm grade and economic significance
Visible Gold Intercepts Highlight Comstock’s Near-Surface Potential
Aureka Limited (ASX:AKA) has delivered a fresh boost to its Comstock Gold & Silver Project in Victoria’s St Arnaud goldfield, reporting multiple visible gold intercepts in diamond drill hole NED035 within the Walkers Zone. The visible gold grains, measuring up to 2mm, were found at shallow depths below the current pit surface, directly within quartz veins targeted for the company’s planned first production phase.
Managing Director James Gurry expressed optimism about the results, noting that visible gold occurrences in six of seven 2025 diamond holes underpin the value of Comstock’s high-grade goldfield, where historic mining produced 400,000 ounces at 15g/t gold within a two-kilometre radius of the drill rig location.
Infill Drilling Program to Validate and Upgrade Resource Confidence
The current infill drilling campaign, comprising approximately 1,100 metres across thirteen short diamond holes, aims to validate legacy drilling data and increase drill density to support reclassification of the existing 56,000-ounce inferred mineral resource at Comstock. The resource grades 1.21g/t gold and lies within a previously mined pit close to processing mills, including Wedderburn, where Aureka has secured a three-year toll milling agreement to accelerate early production.
Exploration Manager Jozef Story highlighted the significance of multiple visible gold intercepts so close to the pit floor, reinforcing confidence in the potential for additional shallow mineralised zones on the pathway to production. The Walkers Shear zone, hosting the mineralisation, strikes obliquely to the historically mined Comstock Shear and is associated with bedding-parallel quartz veins and en-echelon extensions.
Historical High-Grade Drilling Supports Project Upside
The visible gold in NED035 complements a string of high-grade intercepts reported in 2025, including assays such as 1m at 65.37g/t gold and 0.3m at 109g/t gold from nearby holes. These results, combined with historical drilling dating back to the 1980s that recorded grades exceeding 17g/t over several metres, underscore the gold fertility of the Comstock prospect and its potential to improve upon the maiden resource reported last year.
While assay results from the recent visible gold intercepts are still pending, the company cautions that visual estimates are not a substitute for laboratory analysis. The awaited assay data will be critical to confirming the grade and economic significance of these new findings.
Broader Portfolio and Ongoing Exploration at Irvine
Alongside Comstock, Aureka continues to advance drilling at its flagship Irvine Project in the Stawell Corridor, home to a 398,000-ounce inferred resource. Recent drilling has targeted down-dip extensions of the Resolution Lode, which hosts record assays including 10m at 12.1g/t gold from 413m depth. The company is also exploring new footwall vein sets with high-grade visible gold intercepts.
Comstock’s proximity to processing infrastructure and its positioning for early production through the Wedderburn milling partnership complement Aureka’s broader Victorian gold portfolio, which includes projects near Ballarat and in the Stavely Volcanics.
Next Steps and Market Implications
The infill drilling program is scheduled for completion in September 2026, with assay results expected within five weeks of sampling. Successful resource reclassification could pave the way for future scoping studies and more detailed economic assessments, although the company notes that further technical and regulatory work is required before any production targets or financial forecasts can be confirmed.
Meanwhile, the visible gold intercepts at Walkers add tangible momentum to Aureka’s strategy of fast-tracking low-capital gold production at Comstock, building on recent milestones including the toll milling deal with Wedderburn. Investors will be watching closely as assay data and further drilling results unfold in the coming months.
Bottom Line?
Visible gold near surface at Comstock Walkers Zone strengthens early production prospects but assay results will be pivotal in defining economic viability.
Questions in the middle?
- Will assay results confirm the high-grade potential suggested by visible gold?
- Can infill drilling support a resource upgrade sufficient to underpin a scoping study?
- How will the toll milling agreement with Wedderburn impact Comstock’s production timeline?