Iceni Gold puts Bellbird Dolerite targets to the test with Gold Fields funding

Gold Fields-funded drilling begins at Everleigh

Iceni Gold Limited (ASX:ICL) has moved its Everleigh exploration campaign from target generation to the drill bit, starting an approximately 7,000-metre reverse circulation program across its 14 Mile Well Gold Project in Western Australia. The 50-hole campaign is funded by Gold Fields under an A$10 million option and joint venture agreement, allowing Iceni to test the project without bearing the full direct exploration cost.

“Iceni Gold’s Western Australian projects - 14 Mile Well Gold Project in Leonora-Laverton district, Eastern Goldfields and Welcome Creek Copper-Gold Project in Northwest Officer…”

“The 10 drill traverses are within 4 key areas, ET1 - ET4.”

Caption and image © Iceni Gold Limited. From “7,000m RC Drill Program Underway at Everleigh”, 10 Nov 2026.

The program will cover four target areas, ET1 to ET4, along a roughly 5km stretch of the magnetic Bellbird Dolerite sill. Heritage clearance has been completed across ten drill traverses, with both Stage 1 and planned Stage 2 drill sites approved. One rig is currently operating, while the farm-in partners have agreed to seek a second rig if available to help complete the initial campaign before Christmas.

Wild West Trend leads the first drill test

Drilling has started at ET1, which includes the Wild West Trend and three aircore gold anomalies named Rio Bravo, Sundance and High Noon. The earlier aircore campaign defined anomalies grading above 0.1 grams of gold per tonne across about 2km of strike, while historical rock-chip results near the planned drilling included grades of 25.8g/t and 15.1g/t gold.

“Magnetics overlaid on satellite imagery showing the T1 Wild West drill target, planned RC drilling, historical drilling, gold rock chip results and mapped nugget patches.”

“Map of 14 Mile Well Gold Project, highlighting location of Everleigh Farm-In package and 100% ICL key priority targets.”

Caption and image © Iceni Gold Limited. From “7,000m RC Drill Program Underway at Everleigh”, 10 Nov 2026.

The current program also follows Iceni's recently outlined Gold Fields-funded Everleigh campaign, which was reported alongside drilling progress at the company's separate Goose Well target. At Everleigh, the drilling is designed to test bedrock continuity beneath surface gold indicators rather than establish a resource, and the company has not yet reported results from this RC campaign.

Four targets test a Kalgoorlie-style model

“Magnetics overlaid on satellite imagery showing the T4 drill target area, gold workings ‘Eclipse’, planned RC drilling, gold rock chip results and mapped nugget patches.”

ET1 carries 15 planned holes for 2,250m, while ET2 has the largest allocation with 23 holes for 3,450m. ET3 comprises six holes for 900m near historic Bellbird workings, and ET4 has five holes for 750m at the Eclipse workings, where Iceni says gold nugget density is high. Rock-chip results cited near ET3 include 19.2g/t and 14.1g/t gold.

Iceni is applying a Mt Charlotte-style geological model, looking for gold-bearing quartz-stockwork veining in favourable fractionated horizons and structurally complex parts of the dolerite. The company says historical high-grade rock chips and multiple nugget fields coincide with several planned drill lines, but those surface indicators do not establish the grade, thickness or continuity of any underlying mineralisation.

Assays will determine whether Stage 2 proceeds

Stage 1 drilling is expected to finish in December, with initial results due from December through January 2027. A further 78-hole, 11,700m Stage 2 program has already been defined and its sites cleared, but a decision on whether to proceed is expected after the first campaign's results.

“Regional location map of Iceni Gold’s 14 Mile Well Gold Project, showing the Guyer and Everleigh Farm-In areas with Gold Fields, surrounding gold operations and resources,…”

Gold Fields can earn an initial 51% interest in the Everleigh project after meeting a minimum A$1.5 million spend and spending A$5 million within three years of commencement. It can then pursue a further 19% interest by spending another A$5 million within five years. The next meaningful test for Iceni's geological thesis will therefore be whether drilling converts the Bellbird Dolerite's surface clues and geophysical signatures into consistent subsurface gold intersections.