ActivEX uncovers a larger Mt Hogan gold system after depletion

Mt Hogan resource reaches 403,000 ounces

ActivEX Limited (ASX:AIV) has added 93,000 ounces to the reported Mt Hogan gold inventory, lifting the project’s JORC 2012 Inferred Mineral Resource to 9.8 million tonnes at 1.28 grams per tonne gold for approximately 403,000 ounces. The estimate is reported above a 0.30g/t gold cut-off and is depleted for the material mined during the project’s 1992-1994 operation.

Against the June 2025 estimate of 8.5Mt at 1.13g/t for 310,000 ounces, the latest model represents increases of about 15% in tonnes, 13% in grade and 30% in contained gold. ActivEX says the change reflects the 2025 drilling campaign and a revised interpretation of the mineralised vein system, despite the first explicit adjustment for historical production.

Drilling expanded the vein interpretation

The resource is based on 142 drill holes totalling 13,717 metres, with mineralisation interpreted across 44 vein domains, 41 of which were estimated. The additional work followed the June 2025 Mt Hogan resource, which reported the earlier 310,000-ounce inventory and noted ActivEX’s 20.95% interest in the Gilberton joint venture.

The announcement says 52 RC holes were drilled in 2025. There is, however, a discrepancy in the supplied material: the highlights cite 5,091 metres, while the detailed drilling table and AHD Resources report state 4,978 metres. That difference should be reconciled before the drilling record is treated as settled.

Inferred classification reflects material uncertainty

The headline resource growth comes with a substantial qualification. AHD Resources capped the estimate at Inferred because the deposit displays coarse, nuggety gold behaviour, RC sample recovery was not recorded, assay precision could not be quantified through field duplicates or umpire assays, and a single bulk-density assumption of 2.70g/cc was applied across the model.

The technical report also notes that 8 of 148 certified reference material inserts fell beyond three standard deviations, including a standard carrying a reported 9% positive bias. Blanks showed no contamination, but the report says actions taken on failed standards were not documented. The model reconciled block and composite grades within 4% globally and its volume to the wireframes within 0.01%, yet local block estimates are not considered reliable for mine planning, grade control or short-term forecasting.

Further work must test whether the ounces are dependable

Gilberton Gold’s recommended next phase starts with metallurgical and heterogeneity testwork, including work on gravity-recoverable gold, leach performance and the adequacy of the 3kg sample and 30g fire-assay protocol. The program also calls for two to three twin RC holes with diamond core, renewed QAQC using field duplicates and umpire assays, improved recovery and geotechnical logging, modern surveys of historical workings and systematic density measurements.

That list is more than routine housekeeping. The project’s global estimate is supported by historical production of 67,700 ounces, but the current resource model still relies on assumptions about sampling, density, metallurgy and the position of old workings. The next technical results will determine whether the 403,000-ounce figure can move beyond a broad project-scale inventory toward a resource suitable for more detailed economic work.