Astral Resources Tightens Model at 1.4Moz Theia With 31m at 3.03g/t Gold Hit
Astral’s latest Theia drilling results tighten the model at its 1.4Moz Mandilla gold engine
Astral Resources (ASX: AAR) has reported assays for the next 56 holes (4,970m) of ongoing in-fill reverse circulation (RC) drilling at the Theia deposit, Mandilla Gold Project, 70km south of Kalgoorlie, WA. The results continue to validate the geological model and support conversion of the Stage 1 open-pit inventory to the Measured Mineral Resource category, further de-risking the early years of mine development at the 100%-owned project.
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Standout intercepts confirm high-grade shoots within broad mineralisation
The latest batch has delineated broad intercepts of gold mineralisation containing very high-grade shoots within coherent zones of quartz-sulphide veining. Headline hits include:
- 31m at 3.03g/t Au from 12m, incl. 1m at 59.8g/t (AMRC380)
- 19m at 2.70g/t Au from 41m, incl. 1m at 36.2g/t (AMRC389)
- 21m at 2.07g/t Au from 74m, incl. 1m at 14.6g/t (AMRC396)
- 11m at 3.93g/t Au from 106m, incl. 1m at 34.3g/t (AMRC397)
- 20m at 2.02g/t Au from 71m, incl. 1m at 22.6g/t (AMRC401)
- 8m at 2.91g/t Au from 12m, incl. 1m at 19.6g/t (AMRC388)
- 13m at 2.19g/t Au from 39m, incl. 1m at 12.0g/t (AMRC385)
- 10m at 2.44g/t Au from 17m, incl. 1m at 19.1g/t (AMRC327)
The average grade of all intercepts in this batch is 1.24g/t Au, which remains well above the Stage 1 Pit MRE grade. Prior in-fill batches averaged 1.93g/t (December 2025) and 1.41g/t (July 2026), demonstrating the consistency of the mineralised system.
Marc Ducler, Managing Director
“These results continue to demonstrate the consistency of gold mineralisation within the Stage 1 pit and provide further confidence in both our geological model and the planned conversion of this inventory to the Measured Mineral Resource category.”
Why converting to Measured Resources matters
What “in-fill drilling” and the Measured category actually mean
In-fill drilling reduces drill spacing to increase geological confidence. The three-phase program at Theia is designed to tighten spacing to 12.5m by 12.5m, which will support declaration of Measured Resources across the entire Stage 1 mining inventory. The JORC Measured category is the highest-confidence resource classification, requiring closely spaced drilling and demonstrable geological continuity. This level of confidence is critical for detailed mine planning and project financing.
The de-risking angle for investors
Upgrading Stage 1 to Measured underpins the first 16 months of planned mill feed at Mandilla, a key milestone for the Definitive Feasibility Study (DFS) and project financing. Theia hosts an MRE of 41.0Mt at 1.1g/t Au for 1.4Moz, contributing approximately 75% (1.1Moz) of the Mandilla PFS 1.48Moz production case. The Stage 1 open pit encompasses 4.2Mt at 1.1g/t Au for 146,000oz over the first 21 months of the project at a strip ratio of 4:1.
| Metric | Figure |
|---|---|
| Stage 1 open pit inventory | 4.2Mt at 1.1g/t Au for 146,000oz |
| Stage 1 mine life covered | First 21 months (16 months of mill feed underpinned by Measured target) |
| Theia total MRE | 41.0Mt at 1.1g/t Au for 1.4Moz |
| Mandilla PFS NPV8 (A$4,250/oz) | $1.4 billion |
| Mandilla PFS NPV8 (A$6,000/oz) | $2.7 billion |
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Programme progress and what comes next
The in-fill programme remains on schedule, with drilling expected to continue through the remainder of CY2026. Key milestones include:
- In-fill programme completed to date: 151 holes for 15,131m of the planned 431-hole (44,400m) programme.
- Further 280 holes for 29,300m planned, likely to keep the RC rig utilised for the remainder of CY2026.
- Theia Deeps diamond drilling ongoing: 10 of 12 holes (expanded 7,500m programme) complete; assays pending for five holes (2,614m).
- Mandilla DFS forecast for completion in the March Quarter 2027, subject to Mineral Rights Agreement consents and native title heritage surveys.
- Early mining opportunity at Think Big (Feysville) could deliver cash flow in the June Quarter 2027.
The validation drilling is feeding into the DFS and project financing decisions, positioning Mandilla as a near-term gold production hub in the Kalgoorlie region. The coherent mineralised system at Theia continues to demonstrate the consistency required to underpin early mine development.
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