Albion’s first Gidgee assays open a longer gold trend

Early Gidgee result extends interpreted gold trend

Albion Resources Limited (ASX:ALB) has moved its Gidgee Gold Project from target generation into a funded drilling campaign, with an early aircore result extending the interpreted German Well South mineralised trend to about 600 metres. Hole ABAC008 returned 7 metres at 3.6g/t Au from 60 metres, including 3 metres at 6.7g/t Au, around 200 metres south of the main historical drilling area.

“German Well South plan view showing historical drilling, ABAC008 and the interpreted 600m mineralised trend.”

The result is encouraging but not yet a deposit delineation. The intersection sits in oxidised to transitional material, and the hole ended before reaching fresh rock, leaving primary mineralisation at depth untested. Albion says further drilling is required to establish continuity, geometry and extent along strike and at depth.

7,000m campaign targets German Well South and regional anomalies

“RC drilling underway at the Gidgee Gold Project.”

The September quarter saw Albion commence its maiden 7,000-metre programme at the Western Australian project, comprising 6,000 metres of aircore drilling across regional targets and 1,000 metres of reverse circulation drilling at German Well South. The RC work is aimed at extensions to known high-grade mineralisation, including possible depth extensions.

German Well South had previously produced historical intersections including 21 metres at 5.4g/t Au, 16 metres at 5.5g/t Au and 15 metres at 2.1g/t Au. The new campaign is intended to test whether those results form a continuous system rather than isolated intersections. Albion had already reported a 7,000m maiden drilling campaign after receiving approval for the programme.

Tenure expands along the Tokey West Shear

Albion has also exercised its option to acquire four exploration licences covering an additional 27km². Completion remains subject to transfer and registration of the licences, regulatory requirements and settlement arrangements, so the ground was not part of the registered tenement holdings at 30 September.

“Gidgee Gold Project showing additional exploration tenure, major structural corridors and nearby mineral deposits 4,5.”

The proposed acquisition adds roughly 1.8 kilometres of prospective strike south of German Well South along the interpreted Tokey West Shear corridor, towards Horizon Gold’s Snook Group. A Programme of Work has been approved for priority drilling on E53/2345, immediately south of German Well South, although access and acquisition requirements still need to be completed. The expansion builds on Albion’s 27km² Gidgee tenure option, which earlier coverage described as adjacent ground near known gold and polymetallic targets.

Placement funds the next round of exploration

Albion raised A$1.8 million before costs through an oversubscribed placement at A$0.05 a share, issuing 36 million shares including a tranche subject to shareholder approval. The company said the funds will support drilling, follow-up exploration and regional target generation at Gidgee. Its cash balance was approximately A$1.83 million at 30 September, while pro forma cash was estimated at about A$3.5 million after the placement and estimated costs, assuming the relevant tranche is completed.

Quarterly exploration and evaluation expenditure was A$378,000, with total net operating cash outflow of A$548,000. The Appendix 5B indicated about 3.3 quarters of funding based on quarter-end cash and the reported outflow, before taking the subsequent placement into account. Albion’s previous A$1.8 million placement was reported as funding expanded Gidgee drilling and the planned tenure acquisition.

Assay pipeline becomes the immediate test

Outstanding aircore assays are expected progressively over the coming weeks, with initial RC results anticipated in late November or early December 2026, subject to laboratory turnaround times. Those results should determine whether the 600-metre interpretation gains support from additional intersections and whether the fresh-rock target at German Well South warrants more intensive drilling.

Elsewhere, Albion continues to assess heritage and land-access matters with Kultju at Yandal West, while no material exploration was undertaken at Leinster during the quarter. The central question for the December quarter is therefore narrower than the wider project story: can the next batch of drilling turn an encouraging near-surface signal into repeatable mineralisation with meaningful continuity?