Clara Resources Launches Maiden Drilling at Mareeba Gold Project

• Maiden drilling program of up to 86 holes planned at Mareeba Gold Project
• Initial 25 reverse circulation holes for 3,750m across three cleared areas
• Drilling to infill historic reconnaissance holes and test beneath high-grade historic mines
• Placement raising $1.165 million fully funds program with director participation
• Permitting progressing with native title and landowner agreements underway

First Drilling at Mareeba Gold Project in Nearly Four Decades

Clara Resources Australia Ltd (ASX:C7A) is poised to restart drilling at its Mareeba Gold Project in Far North Queensland, a region dormant since Western Mining Corporation’s exploration campaign ended in 1989. The company has finalised plans for a maiden reverse circulation (RC) drilling program comprising up to 86 holes totalling 12,900 metres, with an initial focus on 25 holes across three previously cleared areas for approximately 3,750 metres.

This marks a significant milestone for Clara, as the project has not seen drilling activity since the late 1980s, when WMC and Freeport conducted shallow reconnaissance drilling along the Kingsborough Fault corridor. Those historic holes, spaced roughly 50 metres apart and mostly less than 60 metres deep, did not yield a Mineral Resource estimate. Clara’s program aims to infill the corridor at half that spacing, enhancing data density and quality to underpin a maiden JORC Mineral Resource.

Targeting High-Grade Historic Mines Never Previously Drilled

Beyond resource delineation, Clara’s drilling will test beneath the Victory and B.B. historic mines, which produced exceptionally high gold grades exceeding 30 grams per tonne (g/t) but have never been drill tested. Victory alone recorded historical production of 2,058 ounces at a recovered grade of 35.4 g/t Au before mining ceased due to water ingress rather than depletion of mineralisation.

The planned 18 holes beneath these mines will reach depths up to 180 metres, targeting mineralisation below the deepest known workings and exploring strike continuity between Victory and nearby Nelson mine workings. These targets are compelling given their historic high grades and lack of modern drilling verification.

Fully Funded by $1.165 Million Placement with Director Support

Clara has secured firm commitments for a two-tranche placement raising A$1.165 million before costs at $0.003 per share. The first tranche of 230 million shares (A$690,000) will be issued under existing ASX Listing Rules, while the second tranche of 158 million shares (A$475,000), including $225,000 from directors, awaits shareholder approval due to related party participation rules.

Directors Duncan Gordon, Angus Middleton, Richard Willson, and Peter Harding-Smith have committed to participate on the same terms as other sophisticated investors. Proceeds will primarily fund the drilling program, tenure consolidation, LiDAR survey completion, settlement of legacy obligations, and general working capital.

Permitting and Access Progressing Ahead of Mobilisation

The drilling program is contingent on native title and landowner agreements, with permitting advancing through consultation and compensation processes advised by HopgoodGanim. Initial drilling will commence on previously cleared ground at the North Eastern Bounding Fault (Kingsborough Fault corridor), Lady Burdett Coutts, and Rebo/Caledonia North target areas, utilising existing drill pads and access tracks to minimise environmental disturbance.

Drilling beneath the Victory and B.B. mines will follow once new pads and access tracks are established. The staged approach allows flexibility to adjust hole angles and locations in response to early results.

Historical Data Underpins Exploration Strategy

Clara has integrated historic drilling data, geochemical surveys, and a recent high-resolution LiDAR terrain model to refine drill targeting. The company corrected historic drill collar positions against the LiDAR data to improve spatial accuracy. Previous exploration identified gold grades up to 27.3 g/t in surface sampling, while historic Freeport drilling reported a 2-metre intercept at 45.05 g/t Au, representing the highest-grade drill intercept in the project’s database.

The Kingsborough Fault corridor hosts epigenetic orogenic gold mineralisation within turbidite metasediments and quartz vein systems, consistent with the regional Hodgkinson Province geology. The historic mines, active in the late 19th century, produced high-grade gold but were small scale and limited by water management challenges rather than ore depletion.

Bottom Line?

As Clara Resources mobilises its first drill rig in decades at Mareeba, assay results and resource estimates will be crucial to validate historic high-grade targets and justify further investment.

Questions in the middle?

• Will drilling beneath Victory and B.B. historic mines confirm continuity of high-grade mineralisation at depth?
• How will permitting and native title negotiations affect the timing and scope of the staged drilling campaign?
• What impact will assay results have on Clara’s ability to advance towards a JORC Mineral Resource and attract further capital?