Astral’s Theia drilling reveals more gold beneath Mandilla’s resource
Astral Resources has reported broad and high-grade gold intersections from two deep holes at Theia, including 22 metres at 2.73g/t and 2 metres at 12.8g/t. The results extend the evidence for mineralisation below the current resource shell, but any resource increase remains dependent on the six remaining holes and further interpretation.
- 22m at 2.73g/t gold from 361m in AMRCD375
- 49m at 1.23g/t gold from 252m in AMRCD424
- High-grade intervals reported below the April 2026 resource pit shell
- 15 of 21 Theia Deeps holes completed
- Mandilla resource update targeted for March quarter 2027
Deep intersections strengthen Theia growth case
Astral Resources NL (ASX:AAR) has found further substantial gold mineralisation below the existing resource shell at Theia, adding weight to the company’s case that its 1.4 million-ounce cornerstone deposit at the Mandilla Gold Project may extend materially at depth.
The latest results came from two diamond holes totalling 1,215.6 metres. AMRCD375 returned 22 metres at 2.73g/t gold from 361 metres, including 0.3 metres at 133g/t, while AMRCD424 delivered 2 metres at 12.8g/t from 390 metres, including 0.3 metres at 83.5g/t. Those are down-hole intersections, however, and the announcement does not state their true widths.
Broad mineralisation appears inside and below pit shell
The results were not limited to narrow high-grade hits. AMRCD375 also intersected 49 metres at 0.90g/t from 284 metres, and AMRCD424 returned 49 metres at 1.23g/t from 252 metres. Both intervals sit within the April 2026 Mineral Resource Estimate pit shell, according to Astral.
Below that shell, AMRCD375 produced several intersections with a combined 85.6 gram-metres at an average 1.67g/t, while AMRCD424 returned a combined 107.7 gram-metres at an average 1.20g/t. Astral uses gram-metres as the intersection length multiplied by grade, so the figures indicate accumulated mineralisation across multiple zones rather than a single continuous intercept.
Six deep holes remain in 11,000-metre program
The Theia Deeps program has expanded to 21 holes for 11,000 metres after earlier drilling identified depth extensions. Fifteen holes are now complete. The remaining work is intended to test the width and strike length of the newly identified mineralisation, while a separate RC infill program continues across the proposed Theia Stage 1 open pit.
Managing Director Marc Ducler said the latest drilling confirmed broad zones both within the existing resource and beneath its current base. The company plans to use results from the deep diamond drilling and Theia RC infill work in a Mandilla resource update targeted for the March quarter of 2027. That timing leaves considerable room for more assays and geological interpretation before any formal change to the resource is declared.
Resource growth still needs to become mineable inventory
Mandilla’s April resource stands at 53.5 million tonnes grading 1.0g/t for 1.74 million ounces, including 1.3 million ounces at Theia. Astral’s consolidated ore reserve is smaller at 1.082 million ounces, reflecting the distinction between geological resources and material currently classified as an ore reserve under the company’s stated assumptions.
The exploration results improve the geological picture at depth, but they do not yet establish an increase in resources, reserves, mine life or project economics. The next useful markers are the six outstanding Theia Deeps holes, the balance of the 44,400-metre Stage 1 infill program and whether the March-quarter update can convert deep mineralisation into a category relevant to future mine planning.
Bottom Line?
The drilling is extending the geological story below Theia, but the investment case still turns on whether those extensions can be modelled, classified and incorporated into a viable mine plan.
Questions in the middle?
- Will the remaining six Theia Deeps holes confirm continuity across width and strike, rather than isolated high-grade zones?
- How much of the mineralisation below the current pit shell can be incorporated into the March quarter 2027 resource update?
- Will deeper resource growth change the mine plan or economics being developed through the Mandilla feasibility work?
