Elk Range Uncovers Visible Gold in Idaho Core Ahead of Fresh Drill Assays
Key Takeaways
- Coarse visible gold was identified at approximately 137.0–137.1m downhole in historical hole PFR2014_06, within a historically reported interval of 5.30m @ 26.54 g/t Au from 131.86m — a meaningful geological signal in a structurally controlled, high-grade gold setting.
- Elk Range has re-sampled the approximately 113m historically mineralised interval using Photon Assay with a ~500g sample charge, replacing the prior operator's 50g fire assay with AES finish — a 10x larger sample charge better suited to coarse gold intervals.
- Maiden drill hole 26FRD001 is running parallel to PFR2014_06 with collar positions just 8m apart at surface, and is designed to extend approximately 200m beyond the historical end-of-hole into largely undrilled ground.
- Both Photon Assay results from the historical core re-sampling and initial assays from 26FRD001 are expected in late October/early November 2026, representing a near-term dual catalyst.
- The Phase 1 programme comprises approximately 2,850m across eight planned surface diamond drill holes, with the stated objective of progressing Friday toward a JORC-compliant Mineral Resource.
Systematic core review uncovers coarse visible gold at Idaho’s Friday Gold Project
Elk Range Mining (ASX: ELK) has identified coarse visible gold during a systematic re-logging of retained historical drill core at the Friday Gold Project in Idaho, USA. The gold occurs at approximately 137.0–137.1m downhole in historical hole PFR2014_06, within an interval previously reported by prior operator Premium Exploration (6 October 2014) as 5.30m @ 26.54 g/t Au from 131.86m to 137.16m, part of a broader historical intercept of 112.78m @ 5.22 g/t Au from 24.38m.
These are historical assay results reported by a prior operator, not new Elk Range assay results. The visible gold observation is a geological finding only and is not a grade proxy.
Key highlights from the announcement:
- Coarse visible gold observed at approximately 137.0–137.1m downhole in PFR2014_06
- Located within historically reported interval: 5.30m @ 26.54 g/t Au from 131.86m to 137.16m
- Broader historical intercept (Premium Exploration, 6 October 2014): 112.78m @ 5.22 g/t Au from 24.38m
- Quarter-core sampled for Photon Assay across the approximately 113m historically mineralised interval — results expected late October/early November 2026
- Current maiden drill hole 26FRD001 operating on day and night shift; assays also pending
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What visible gold means — and why it matters at Friday
Visible gold refers to gold particles large enough to be seen with the naked eye, as opposed to microscopic or disseminated gold that requires laboratory detection to identify. Its presence is a meaningful geological signal, particularly when it occurs in a structurally complex setting.
In PFR2014_06, the visible gold appears as blebs and veinlets in and adjacent to boudinaged quartz-feldspar-carbonate veining near a sheared quartz monzonite-schist contact, within broader brittle-ductile deformation. This style of occurrence is consistent with structurally controlled, high-grade gold systems.
The discovery of coarse gold also raises an important analytical consideration known as the “nugget effect.” Coarse gold creates potential short-range grade variability, which means a small sample may capture very different gold content depending on whether a coarse particle happens to fall within it. This is precisely why modern methods such as Photon Assay, which uses an approximately 500g sample charge, are preferred over the standard 50g fire assay with atomic emission spectroscopy (AES) finish that was applied to PFR2014_06 by the previous operator. The original 2014 analysis used a 50g fire assay with AES finish; Elk Range’s re-sampling applies an approximately 500g sample charge via Photon Assay — a meaningfully larger and more analytically sensitive approach for coarse-gold intervals.
Elk Range’s re-sampling programme is not designed to replicate historical grades. Its purpose is to independently contextualise grade variability and apply contemporary analytical standards to a historically under-sampled interval.
CEO comment
Edward Keys, Chief Executive Officer
“We are pleased to be taking a modern approach to exploration at this project, and to have commenced this review of historical data. Finding coarse visible gold in the retained historical core is an exciting outcome from our systematic review of the Friday dataset, particularly given where it occurs and given that it wasn’t optimally analysed. The visible gold sits within the final metre of PFR2014_06, inside an interval historically reported as 5.30 metres at 26.54 g/t gold, and immediately adjacent to where we are drilling today.
Historical core from Friday has not previously been sampled using modern analytical techniques. Applying modern analytical techniques enables us to improve our understanding of the high-grade gold mineralisation and the potential variability associated with coarse gold.
Our first hole, 26FRD001, is designed to run parallel with this historical hole before continuing approximately 200 metres beyond the historical end-of-hole into an area of limited previous drilling. This gives us the opportunity to compare the historical geology and assays with modern drilling and analytical methods, while also testing the interpreted continuation of the mineralised system at depth.
Visible gold is an important geological observation, but it is not a substitute for laboratory assays and should not be taken as an indication of the grade, continuity or mineralisation we may encounter in 26FRD001. These assays remain pending.
The preserved historical core is an important asset for Elk Range. Combining it with the new oriented drilling, structural information and contemporary assays is allowing us to build a stronger geological dataset as we progress Friday towards a JORC-compliant Mineral Resource.”
Drilling program advances on two fronts
Two workstreams are running in parallel: a systematic re-sampling of the historical core from PFR2014_06, and active maiden drilling through 26FRD001.
The maiden drilling at Friday Gold Project was designed from the outset to run 26FRD001 broadly parallel with PFR2014_06, allowing direct comparison between historical and modern drilling methodologies across the same mineralised corridor.
Historical core re-sampling
- Elk Range has quarter-core sampled the approximately 113m historically mineralised interval in PFR2014_06 for Photon Assay, replicating the original sample boundaries
- The approximately 500g sample charge via Photon Assay replaces the prior operator’s 50g fire assay with AES finish, improving the analytical sensitivity for coarse gold
- The remaining quarter-core is retained as a physical reference
- Photon Assay results are expected in late October/early November 2026
Maiden drill hole 26FRD001
- Phase 1 programme: approximately 2,850m across eight planned surface diamond drill holes, with additional holes to be considered subject to initial results
- 26FRD001 is designed to run broadly parallel with PFR2014_06 through the historically reported mineralised interval, with collar positions approximately 8m apart at surface and projected drill traces less than 10m apart at the approximately 137m visible-gold interval
- Beyond the historical end-of-hole, 26FRD001 is designed to extend approximately 200m into an area of limited historical drilling, testing the interpreted continuation of the mineralised system
- The rig is now operating on day and night shift
- Initial assay results from 26FRD001 are expected in late October/early November 2026
The table below sets out the planned drill hole collar information for the Phase 1 programme, drawn from Table 1 in the announcement:
| Hole ID | Azimuth (°) | Dip (°) | Planned Depth (m) | Status |
|---|---|---|---|---|
| 26FRD001 | 88 | 63 | 335.28 | Currently being drilled |
| 26FRD002 | 250 | 65 | 365.76 | Planned |
| 26FRD003 | 283 | 70 | 396.24 | Planned |
| 26FRD004 | 270 | 65 | 335.28 | Planned |
| 26FRD005 | 78 | 50 | 365.76 | Planned |
| 26FRD006 | 270 | 70 | 441.96 | Planned |
| 26FRD007 | 278 | 56 | 365.76 | Planned |
| 26FRD008 | 285 | 62 | 243.84 | Planned |
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Building toward a JORC-compliant mineral resource
Elk Range’s stated objective is to combine new oriented drilling, structural data, and contemporary assays with the historical core programme to progress Friday toward a JORC-compliant Mineral Resource. A JORC Resource is a concentration of minerals in the earth’s crust with reasonable prospects for eventual economic extraction, classified by confidence level as Inferred, Indicated, or Measured. Friday is the initial focus of drilling within the broader Idaho Gold Project, which also includes the Buffalo Gulch and Deadwood prospects and a substantial landholding along the Orogrande Shear Zone. Elk Range acquired the Idaho Gold Project assets from Endomines on 25 February 2026.
The near-term catalyst for the market is the pair of pending assay datasets: Photon Assay results from the PFR2014_06 re-sampling programme and initial results from 26FRD001, both expected in late October/early November 2026. The announcement does not specify what outcomes those results need to show in order to advance the resource estimation process.
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