Iceni Gold Ltd Maiden Drilling Programme Targets Goose Well

Iceni Gold Limited (ASX: ICL) has successfully completed its Iceni Gold Ltd maiden drilling program at the Goose Well target within its flagship 14 Mile Well Gold Project. The 19-hole programme totalling 2,150 metres represents a significant milestone for the company as it works to validate and extend historical gold intercepts at this high-priority exploration target located between Leonora and Laverton.

The drilling programme targeted two key areas known as the Main and North targets, with all holes successfully intersecting expected lithologies in the targeted zones. This geological confirmation provides strong validation of Iceni's geological model over a 160-metre strike length and builds confidence in the prospectivity of the system.

Historical Results Provide Strong Foundation

The Iceni Gold Ltd maiden drilling program was designed to build upon promising historical results that first caught Iceni's attention. Furthermore, resampling of four historical RC drillholes revealed significant gold intercepts that formed the basis for the current exploration campaign:

These historical intercepts, combined with surface sampling that returned rock chip results exceeding 20g/t Au, established Goose Well as a priority target within Iceni's broader 14 Mile Well Gold Project portfolio.

Managing Director Wade Johnson commented: "The Iceni team has executed this programme at lightning speed, and we are very encouraged by our on-ground observations, which include finding several small nuggets during clearing of our drill pads."

Strategic Drilling Programme Design

The maiden RC programme was strategically designed across two distinct target areas:

Main Target (15 holes):

• Four traverses on a 40m x 40m grid
• Testing approximately 160m of strike and 120m down-dip extent
• Targeting west-northwest to east-southeast trending mineralised quartz veins
• All holes intersected expected lithologies within targeted zones

North Target (4 holes):

• Two traverses with 20m line spacing and 40m hole centres
• Testing north-northwest trending mineralised shear zone
• Intersected monzogranitic intrusive crosscut by sheared lamprophyre and aplite dykes

The systematic approach demonstrates Iceni's methodical exploration strategy, with drilling orientations designed to intersect interpreted structures at favourable angles for optimal intersection of potential mineralisation.

Understanding the Goose Well Intrusive Complex

What is an Intrusive Complex?

An intrusive complex refers to a body of igneous rock that formed when magma cooled and solidified beneath the Earth's surface. The Goose Well Intrusive Complex (GWIC) is particularly significant because it's a multi-phase monzo-granite/quartz-syenite intrusion that has created ideal conditions for gold mineralisation.

Why This Matters for Investors

Intrusive complexes often create the heat, pressure, and chemical conditions necessary for gold-bearing fluids to form and deposit precious metals in surrounding rocks. Consequently, the GWIC has contact metamorphosed surrounding rocks, forming a magnetite reaction rim that's clearly visible in aeromagnetic surveys, providing a clear geological target for exploration teams.

Comprehensive Exploration Database

Iceni's approach to Goose Well extends far beyond the current drilling programme. In addition, the company has built a comprehensive exploration database through systematic work including:

Surface Exploration Results:

• Six-line soil sampling programme returning 1-35 ppb Au values
• High-grade rock chips exceeding 20g/t Au from historical workings
• Strong silver (Ag), bismuth (Bi), and tellurium (Te) anomalism
• Multiple soil anomalies >15ppb gold coincident with mapped quartz veins

Historical Work Integration:

• Programmes by Normandy Mining (1994-96) and smaller operators (2008, 2014)
• Field validation and collar location verification completed
• Systematic resampling of preserved drill spoil from four RC holes
• Diamond drilling (FMDD0057) intersecting quartz stockwork and lamprophyre dykes

Timeline and Next Steps

With all samples delivered to the laboratory for analysis, Iceni expects assay results in mid-April 2026. However, the company is well-positioned for immediate follow-up activities:

Immediate Timeline:

1. Mid-April 2026: Assay results expected
2. Post-results: Assessment and prioritisation of additional targets
3. Following interpretation: Design and scope of next drill campaign
4. Upon results: Potential immediate commencement of follow-up drilling

The company has confirmed it is fully funded and positioned to commence follow-up drilling immediately upon receipt and interpretation of assay results, providing investors with confidence in execution capability.

Strategic Context Within 14 Mile Well Gold Project

The Goose Well target represents just one component of Iceni's substantial 722km² tenement package in the highly prospective Leonora-Laverton district. Furthermore, the project's strategic location places it:

• Within 75km of multiple high-tonnage capacity operating gold mills
• Midway between the gold mining townships of Leonora and Laverton
• Adjacent to plus 1-million-ounce gold deposits at Mount Morgan, Granny Smith, Sunrise Dam, and Wallaby

This positioning provides significant infrastructure advantages and potential processing options that could accelerate development timelines and reduce capital requirements for any future discoveries.

Investment Thesis: Why Iceni Gold Deserves Attention

The completion of the Iceni Gold Ltd maiden drilling program at Goose Well represents a pivotal moment for Iceni Gold, with several factors supporting the investment case:

Geological Validation: The successful intersection of expected lithologies across all drillholes confirms the geological model and demonstrates the team's technical competence in target selection and drill programme design.

Historical Foundation: Strong historical intercepts provide a solid foundation for the exploration programme, with grades and widths that suggest potential for economic mineralisation if extended through systematic drilling.

Strategic Location: The project's position within the highly endowed Leonora-Laverton district, with proximity to existing infrastructure and processing facilities, provides significant advantages for potential development scenarios.

Systematic Approach: The comprehensive integration of surface sampling, geophysical surveys, and historical data demonstrates a methodical approach to exploration that reduces risk and increases probability of success.

Financial Readiness: Full funding for immediate follow-up programmes ensures continuity of exploration momentum and removes near-term dilution concerns.

Why Investors Should Follow Iceni Gold

The Iceni Gold Ltd maiden drilling program at Goose Well positions Iceni Gold as an active exploration company with significant upside potential in one of Western Australia's premier gold districts. With assay results expected mid-April, the company is approaching a potential catalyst that could materially impact the investment thesis.

For instance, the combination of validated geology, promising historical results, strategic location, and immediate follow-up capability creates a compelling exploration story. The company's systematic approach to building a comprehensive geological understanding, combined with its substantial land position in the Leonora-Laverton district, provides multiple opportunities for discovery success.

Key Tracking Points for Investors:

• Mid-April 2026: Assay results from maiden drilling programme
• Post-results: Follow-up drilling programme design and commencement
• Ongoing: Additional target development across the broader project area
• Strategic: Potential synergies with Gold Fields farm-in agreement on other project areas

Iceni Gold represents an active exploration play with near-term catalysts, strong geological foundations, and the financial capacity to advance discoveries. The Goose Well programme demonstrates the company's ability to execute systematic exploration programmes whilst building toward potential resource definition in a proven gold district.

Could Iceni Gold's Maiden Drilling Results Transform This Exploration Story?

With assay results from the Goose Well maiden drilling programme expected in mid-April and the company fully funded for immediate follow-up activities, Iceni Gold presents a compelling near-term catalyst opportunity in one of Western Australia's premier gold districts. The systematic validation of geological models across 19 holes, combined with the company's strategic 722km² position between Leonora and Laverton, creates multiple pathways for discovery success. To explore Iceni Gold's complete project portfolio, drilling programmes, and strategic positioning in this highly prospective region, visit www.icenigold.com.au for comprehensive investor information and project updates.