CZR Resources Croydon Gold Project Strikes Extensive Shallow Mineralisation

CZR Resources Delivers Impressive Shallow Gold Results from Croydon Project

CZR Resources (ASX: CZR) has released compelling drilling results from its Croydon Gold Project in Western Australia's Pilbara region, with final assays confirming extensive shallow gold mineralisation over a 650-metre strike at the Top Camp deposit. The CZR Resources Croydon Gold Project results showcase high-grade shoots and demonstrate significant potential for expansion across the project's 5-kilometre prospective corridor.

The announcement marks a significant milestone for the company's systematic exploration approach, with the majority of mineralisation sitting within 150 metres of surface—a critical factor for potential future development economics.

Key Highlights from Latest Drilling Campaign

The company's 2025 reverse circulation (RC) drilling programme has successfully outlined a substantial gold system. The 22-hole, 3,885-metre programme has delivered several impressive intersections that expand the known mineralisation footprint at Top Camp.

Furthermore, the results demonstrate the effectiveness of the company's geological targeting approach, with multiple holes intersecting significant gold mineralisation within the expected structural zones.

Standout Drill Results

The latest assay results from the CZR Resources Croydon Gold Project results include several notable intersections that highlight the system's potential:

New Results (2025):

• 4m at 3.6g/t Au from 84m in CRC048, including 1m at 13.9g/t Au
• 11m at 0.5g/t Au from 119m in CRC048
• 2m at 1.6g/t Au from 56m in CRC053
• 2m at 1.7g/t Au from 176m in CRC054

Previously Reported 2025 Results:

• 51m at 1.3g/t Au from 93m in CRC040, including 15m at 2.5g/t Au
• 4m at 5.1g/t Au from 78m in CRC043, including 2m at 10.1g/t Au
• 25m at 0.6g/t Au from 248m in CRC050

Understanding Gold Grade Significance

What is g/t Au?

Gold grade is measured in grams per tonne (g/t), indicating how many grams of gold are contained in each tonne of rock. Understanding these measurements provides crucial context for evaluating exploration success.

For instance, the industry typically categorises gold grades as follows:

• 0.5-1.0 g/t Au: Generally considered low-grade but potentially economic in large tonnages
• 1.0-3.0 g/t Au: Medium-grade ore, typical of many commercial operations
• >3.0 g/t Au: High-grade ore that can significantly improve project economics

The CZR Resources Croydon Gold Project results demonstrate a mix of broad, medium-grade zones with high-grade shoots—an attractive combination that could support future mining scenarios. This style of mineralisation offers potential for both bulk tonnage and selective high-grade mining approaches.

Geological Understanding Points to System-Wide Potential

The 2025 drilling programme has successfully defined the mineralisation style at Top Camp and revealed crucial geological insights that enhance exploration targeting across the broader project area.

However, the most significant development is the improved understanding of structural controls that govern gold distribution throughout the system.

Key Structural Controls

The geological team has identified several important factors controlling gold distribution:

• Gold is hosted within heavily folded Mallina sediments
• Northeast-southwest trending shear zones control higher-grade intersections
• Calcium-carbonate rich dolomite units serve as important marker horizons
• North-east plunging ore-shoots identified as primary exploration targets

These structural controls provide a systematic framework for targeting future drilling programmes and expanding the known mineralisation footprint.

Expansion Opportunities

"We are now very well positioned for our next drill programme. This will involve expanding the extensive shallow mineralisation already defined at Top Camp, testing for repeat gold systems along the host sequence over several kilometres," said Stefan Murphy, Managing Director.

The geological interpretation suggests the host stratigraphy extends from Top Camp to Middle Valley and down into Franks Patch, covering over 5 kilometres of prospective strike. Historical surface geochemistry shows strong gold and pathfinder elements consistent with the CZR Resources Croydon Gold Project results along this entire corridor.

Strategic Location in World-Class Gold Province

The Croydon Gold Project benefits from its strategic positioning within the Mallina Basin, approximately 50km southwest of Northern Star Resources' 11.2 million ounce Hemi gold deposit. This proximity places CZR within a proven gold province that recently attracted a $5 billion merger between Northern Star and De Grey Mining.

In addition, the regional geology demonstrates remarkable consistency with other major discoveries in the basin, suggesting strong potential for similar-style mineralisation.

Project Fundamentals

• 40km of highly prospective strike across two tenure blocks
• Western Block: Contains Top Camp and immediate expansion targets
• Eastern Block: Additional exploration upside
• Infrastructure: Accessible location in established mining region

The regional setting provides confidence in the geological potential, with multiple major discoveries demonstrating the fertility of the Mallina Basin for hosting significant gold deposits.

Upcoming Catalysts and Timeline

CZR is well-positioned to capitalise on these results with strong financial backing and clear operational plans designed to systematically advance the project.

Nevertheless, the company maintains a disciplined approach to exploration spending whilst maximising value creation opportunities.

Immediate Priorities (Q1 2026)

• RC drilling resumption this month targeting shallow gold expansion
• High-grade shoot delineation using improved geological understanding
• Step-out drilling to test system continuity along strike

Medium-Term Objectives

• Large-scale surface geochemistry programme commencing next month
• Systematic testing of 5km prospective corridor
• Resource definition drilling at Top Camp

Financial Position

| Metric | Value |
|—|—|—|
| Cash on hand | $67 million |
| Debt position | Debt-free |
| Enterprise value | ~$10 million |
| Funding status | Fully funded exploration |

This financial strength enables aggressive exploration without immediate dilution concerns, allowing the company to pursue multiple targets simultaneously.

Investment Thesis: Early-Stage Discovery with Blue-Sky Potential

CZR Resources presents a compelling investment opportunity in the gold exploration space, underpinned by several key factors that distinguish it within the sector.

Moreover, the combination of proven mineralisation and extensive untested potential creates multiple pathways for value creation.

Value Propositions

1. Proven Gold System: 650m of continuous mineralisation with high-grade shoots
2. Shallow Mineralisation: Majority within 150m of surface supports development economics
3. Significant Upside: Only 650m tested of 5km prospective strike length
4. Strategic Location: Established gold province with major discoveries nearby
5. Strong Balance Sheet: Well-funded to execute comprehensive exploration programme

The combination of confirmed mineralisation and extensive untested potential creates multiple pathways for value creation as the company systematically advances the project.

Competitive Positioning

• Enterprise value of ~$10 million offers significant leverage to exploration success
• $67 million cash position provides sustained drilling capability without dilution
• Experienced management with proven track record in gold exploration

The valuation metrics suggest the market has not yet fully recognised the potential demonstrated by the CZR Resources Croydon Gold Project results, particularly given the scale of untested prospective strike length.

Technical Drilling Programme Design

The systematic approach to exploration demonstrates technical competence in targeting and execution. The 2025 programme successfully achieved its objectives of defining mineralisation style and extending known zones.

Furthermore, the drilling design optimised cost-effectiveness whilst maintaining sample quality and geological understanding.

Drilling Methodology

Reverse circulation drilling was selected for cost-effective initial sampling while maintaining sample quality. The programme design focused on:

• Systematic spacing to define mineralisation continuity
• Structural targeting based on geological interpretation
• Grade definition within identified mineralised zones

Quality Assurance

The drilling programme maintained industry-standard quality control procedures, with samples processed at Intertek Laboratory in Perth. All significant intersections were verified through systematic sampling protocols.

Why Should Investors Follow CZR Resources?

The combination of confirmed shallow gold mineralisation, extensive untested strike potential, and strong financial position positions CZR as a compelling gold exploration story in one of Australia's premier mining regions.

However, investors should monitor several key developments that could drive significant value creation over the coming months.

Key Tracking Points:

• Drill results from resumed RC programme this month
• Resource estimation potential at Top Camp
• Discovery potential along 5km prospective corridor
• Strategic developments in surrounding gold province

The systematic approach to exploration, combined with the geological advantages of the Mallina Basin setting, creates a foundation for sustained news flow and potential value creation events.

"The CZR Resources Croydon Gold Project results to date represent just the beginning of what could be a substantial discovery story in one of Australia's most prospective gold regions."

The company's systematic approach to exploration, strong financial backing, and strategic location within a proven gold province create multiple pathways for significant value creation as the Croydon Gold Project continues to evolve.

CZR Resources has positioned itself as a significant gold explorer in the world-class Mallina Basin, with extensive shallow mineralisation confirmed at Top Camp and massive upside potential across 5km of untested prospective strike. With $67 million in cash and drilling resuming imminently, investors should closely monitor upcoming results as the company systematically unlocks the value of this compelling gold system.

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