Clara lines up first Mareeba drilling in decades after high-grade surface results

Clara Resources Australia Limited (ASX:C7A) has taken Mareeba from surface exploration to the edge of its first drilling campaign since 1989. The catch is financial rather than geological: the gold explorer held just A$185,000 at 30 September, enough for an estimated 0.2 quarters of funding on its recent spending rate, before expected proceeds from a delayed asset sale and a pending placement tranche.

Mareeba moves from targets to drill-ready prospects

During the September quarter, Clara expanded its high-resolution airborne LiDAR survey across approximately 360 km² of its consolidated Mareeba ground. Combined with the 39 km² flown earlier in 2026, the dataset is intended to generate targets across a contiguous corridor of about 41 kilometres along the Kingsborough Fault.

Surface work provided an encouraging, if inherently selective, first test of several historic workings. Gold was returned from all five workings sampled, including 27.3 g/t at Lady Burdett Coutts, 10.45 g/t at B.B. and 5.91 g/t at Victory. Six of 11 reported samples exceeded 3 g/t gold, but Clara cautioned that the rock chips were selective mine spoil and outcrop samples rather than representative in-situ grades. The earlier maiden Mareeba sampling had reported the same peak 27.3 g/t result.

Initial 25-hole drilling program finalised

Clara has finalised an initial reverse-circulation program of 25 holes for approximately 3,750 metres, within a broader plan of up to 86 holes and 12,900 metres across five target areas. The first phase is aimed at cleared ground around the Kingsborough Fault corridor, Lady Burdett Coutts and Rebo/Caledonia North.

A total of 68 planned holes are intended to sit alongside or between shallow historic Western Mining Corporation holes at half their spacing, with the stated objective of working towards a maiden JORC Mineral Resource. Another 18 holes are planned beneath the previously undrilled Victory and B.B. mines. At Rebo/Caledonia North, the program will also test near a historic, unverified Freeport intercept of 2 metres at 45.05 g/t gold from 6 metres. The maiden Mareeba drilling plan was previously announced as the company’s first drilling campaign at the project since the late 1980s.

Drilling is not yet unconditional. Native title protection conditions and a conduct and compensation agreement with the landholder remain in progress. Clara served its notice of intention to negotiate on 28 October, with the minimum negotiation period ending on 26 November.

Funding depends on two outstanding inflows

The quarter produced A$1.098 million in equity proceeds before costs, including A$690,000 from the first tranche of a two-tranche placement. Shareholders approved the second tranche, worth A$475,000, on 28 October, with settlement due at the start of November according to the Appendix 5B.

Clara is also still waiting for the main proceeds from its Kildanga Nickel Cobalt Project sale. The company agreed to sell the project for A$1.95 million in cash, with A$150,000 in option fees already received, but completion was extended from 30 September to 30 October for a stated A$50,000 fee. At the report date, neither the extension fee nor the final consideration had been received. The Kildanga sale agreement had earlier been presented as a source of funding for Mareeba drilling.

Clara spent A$623,000 on exploration and evaluation during the quarter and used A$319,000 in operating cash. It also carried a related-party loan of A$139,000, unsecured and bearing interest at 15% a year, maturing on 31 December 2026. The company says it expects to continue operations based on the second placement tranche and Kildanga sale, but both are key conditions of that assessment rather than cash already in the bank.