Astral Resources NL (ASX: AAR) (“Astral Resources” or “the Company”), a Perth-based gold explorer, has reported wide, high-grade gold intercepts at its Kamperman Deposit, including 33m at 3.75g/t Au and high-grade zones up to 63.4g/t Au, confirming the deposit’s strong potential. These latest results, from drilling at the Mandilla and Feysville Gold Projects, further solidify Astral Resources’ position as a key player in Western Australia’s gold sector.
Astral Resources Managing Director, Marc Ducler, commented, “We’re thrilled with the high-grade results from Kamperman, which will support an upgrade of the MRE. The successful test of a high-grade zone with 6 metres at 12.8g/t Au has the potential to confirm its continuity which will also benefit the Kamperman MRE.
The RC rig is advancing drilling at Iris and Eos at the Company’s flagship Mandilla Gold Project before returning to Kamperman for a 15-hole program. Diamond drilling at Theia is progressing well, with visible gold observed, and we’re mobilising a second rig to speed up exploration and geotechnical studies.”
High-Grade Intercepts Confirm Strong Potential at Kamperman Deposit
The Kamperman Deposit has reported significant results from recent drilling, including 33m at 3.75g/t Au and high-grade zones up to 63.4g/t Au. These assay results confirm the deposit’s strong potential to provide a source of higher-grade ore to supplement the Mandilla Gold Project.
The in-fill and extensional RC drilling program focused on:
– Testing the currently-modelled mineralisation wireframes with in-fill, up-dip, and down-dip holes and
– Extending the strike length of known mineralisation by drilling north and north-east step-out holes around a north-east trending fault, identified through drill-hole logging, litho-geochemistry, and aerial magnetics.
The latest drill program involved 31 holes for 3,834 metres, with assay results for 20 holes (2,580 metres) reported on 23 October 2024. The remaining 11 holes (1,254 metres) were drilled in the high-grade southern zone of Kamperman. These include both in-fill tests and step-out holes aimed at extending or closing off mineralisation to the south of the known zone.
Key Results from the Latest Drilling:
- RC Hole FRC381: In-filled a shallow supergene gold zone and tested fresh rock, returning 12m at 1.19g/t Au from 18m and 24m at 1.29g/t Au from 80m.
- RC Hole FRC382: A 20m eastward step-out from historical hole FEC363, returning 20m at 0.79g/t Au from 30m, confirming a shallow zone of low-tenor gold.
- RC Holes FRC383 and FRC384: FRC383 showed no significant gold, while FRC384 returned 13m at 1.14g/t Au from 24m, intersecting a mineralised zone at an ultramafic/porphyry contact.
- RC Hole FRC385: Delivered exceptional results with multiple high-grade zones, including 33m at 3.75g/t Au from 58m, 22m at 4.44g/t Au from 105m, and 22m at 5.21g/t Au from 149m.
- Previous High-Grade Intersections: Notable hits from FRC262 (3.7m at 12.2g/t Au), FRC270 (5m at 3.11g/t Au), and FRC350 (10m at 5.04g/t Au) were confirmed, including FRC385’s 6m at 12.8g/t Au.
- RC Holes FRC386-FRC389: Drilled to reduce line spacing in the southern high-grade zone for better confidence in the MRE.
Market Impact:
Kamperman’s high-grade gold mineralisation, including exceptional zones with up to 63.4g/t Au, underscores the project’s significant potential. With gold’s appeal as a safe-haven asset amid global economic uncertainties, demand remains strong. Gold’s versatility in jewellery and electronics and its ability to hedge against inflation further bolsters its value, with the current price at $3,991.84 per ounce for 24K gold. In 2022, central banks purchased 1,136 tons, the highest in over 50 years. These factors, alongside Kamperman’s promising results, position Astral Resources for substantial growth, reinforcing its dominance in Western Australia’s gold sector and offering attractive returns for investors.
Exploration Update: Significant Advancements at Kamperman and Mandilla
Following completion of the RC drilling program at Kamperman, the drill rig has been relocated to the Mandilla Gold Project, where progress is accelerating across multiple key areas.
At Iris, a Mineral Resource Estimate (MRE) of 4.4Mt at 0.8g/t for 115,000 contained ounces of gold is currently interpreted. Recently, an infill drilling program comprising 20 holes for 3,579 metres was completed, with assay results pending. This work is expected to enhance the resource base further and increase confidence in the project’s potential.
Figure 2: Map illustrating the location of the Mandilla and Feysville Gold Project
At Eos, an MRE of 1.0Mt at 1.5g/t for 48,000 ounces of gold is interpreted as a paleochannel-hosted deposit. Recent RC drilling revealed fresh rock gold mineralisation, with notable results such as 4m at 3.22g/t Au, 6m at 5.57g/t Au in MDRC852, and 3m at 2.81g/t Au in MDRC842. Astral Resources has begun a 16-hole, 2,540-metre RC drilling program to explore this fresh rock mineralisation. Following this, the rig will return to Kamperman for a 15-hole, 2,110-metre in-fill drilling program, aiming to extend the resource after spectacular results from FRC378, including 25m at 24.3g/t Au. The program is expected to be completed by Christmas 2024.
Figure 3: Updated Mineral Resource Estimate for Mandilla and Feysville Gold Project
Diamond Drilling Program at Theia
At Theia, a diamond drilling program is underway, consisting of four in-fill holes designed to increase the confidence level of the Mineral Resource Estimate (MRE). The first hole, MDRCD920a, was completed as an up-dip test of MDRCD7514. Early logging has shown several occurrences of visible gold, which correlate well with the interpreted MRE ore blocks, signalling a positive result. Assay results for MDRCD920a are pending, with further drilling expected to provide additional data for the project’s progression.
To expedite the drilling programs, plans are underway to mobilise a second diamond drill rig to Mandilla, which will focus on completing the four-hole in-fill program at Theia and a proposed six-hole, 760-metre geotechnical program at Hestia and Eos.
Feysville Gold Project: Strong Resource Foundation for Future Growth
The Feysville Gold Project, located just 14km south of Kalgoorlie’s KCGM Super Pit, is positioned within the highly prospective Norseman-Wiluna Greenstone Belt. This region is home to primary gold operations, including the Golden Mile Super Pit and St Ives Gold Mine, highlighting its world-class potential.
Figure 4: Map illustrating the location of the Feysville Gold Project
Astral Resources’ Feysville hosts a JORC 2012 Mineral Resource Estimate (MRE) of 5Mt at 1.2g/t Au, equating to 196,000 ounces of contained gold across the Kamperman, Think Big, and Rogan Josh deposits. This resource provides a solid foundation for the project to become a critical satellite ore feed for Astral’s flagship Mandilla Gold Project.
The project’s geology, featuring ultramafic and volcanic sediment sequences, presents significant exploration potential, reinforcing Feysville’s role in Astral’s growth strategy in one of Australia’s most prolific gold-producing regions.
Managing Director Marc Ducler Highlights Strong Potential for Growth and Resource Expansion
With over 20 years of experience with major industry players like GoldFields, BHP, and Fortescue Metals, Mr Marc Ducler, Managing Director, leadership has accelerated Astral’s exploration successes. His strategic vision, particularly at Kamperman and Mandilla, has driven high-grade discoveries and enhanced resource expansion. His expertise in operational efficiency and resource development ensures Astral’s ongoing growth, boosting investor confidence and solidifying the company’s future.
Figure 5: Chart Illustrating Mandilla MRE Growth
Investor Outlook
Astral Resources is significantly expanding its resource base with high-grade discoveries at the Kamperman and Mandilla Gold Projects. It is well-positioned for continued growth with ongoing exploration and high-grade drill results. The Company’s focus on resource expansion and strong market dynamics for gold provides an exciting opportunity for investors to benefit from Astral’s growth trajectory in the Western Australian gold sector.
As of November 12, 2024, Astral Resources NL’s shares traded at AUD 0.125 per share, marking a 52-week range of . The Company’s market capitalisation is AUD 150.59 million, with 1.158 billion shares issued.
