Aureka Strikes Gold 725m North of Irvine Resource in First Scout Hole at Untested Target
Key Takeaways
- Diamond hole RD057 hit gold 725m north of the 358koz Resolution resource, in Exploration Target ET3, ground that had never been drilled before.
- The two intercepts were 4.25m @ 1.42g/t Au from 173m and 5.65m @ 0.83g/t Au from 341.5m, with high-grade cores of 3.16g/t and 3.19g/t.
- Both zones mirror Resolution's basalt/sedimentary contact, IP response and de-magnetisation signature, supporting Aureka's targeting model.
- The result adds no ounces yet: Irvine's 398,300oz is Inferred, and true width of the RD057 intercepts is unknown.
- The Irvine footprint now exceeds 5.5km, with Aureka targeting beyond 1Moz and drilling continuing at the Tenacity Structure, which hosted 10m @ 12.1g/t.
Irvine mineralisation extends 725m along strike with high-grade RD057 intercepts
A single scout hole has pushed the known gold footprint at the Irvine Gold Project 725m further north. Aureka Ltd (ASX:AKA) reported that diamond hole RD057 intersected two zones of gold mineralisation, 725m north of the 358koz Resolution JORC Mineral Resource Estimate and on trend toward the Stawell Gold Mine.
RD057 is the first hole drilled in Exploration Target ET3, an area that had not previously been tested by drilling. The headline intercepts were 4.25m @ 1.42g/t Au from 173m, including 1.5m @ 3.16g/t Au from 173.3m, and 5.65m @ 0.83g/t Au from 341.5m, including 0.85m @ 3.19g/t Au from 343.3m.
All intercepts are reported as down-hole lengths, and true width is not known. That matters because down-hole length can overstate or understate how thick the mineralisation really is.
James Gurry, Managing Director
“Discovering gold mineralisation this far north of the current JORC Resource is a breakthrough for the team, and means the Irvine Project is again growing in footprint…”
For investors, the takeaway is that a first-pass scout hole hit mineralisation early. That lowers the risk attached to a wider target area, although it does not yet add ounces to the resource.
RD057 intercepts at a glance
The table below reproduces the intercepts as reported in the announcement’s Appendix A.
| Interval | Width and grade | From (m) | Included high-grade | Host setting |
|---|---|---|---|---|
| Upper zone | 4.25m @ 1.42g/t Au | 173 | 1.5m @ 3.16g/t Au from 173.3m | Basalt/sedimentary boundary with localised fault margins |
| Lower zone | 5.65m @ 0.83g/t Au | 341.5 | 0.85m @ 3.19g/t Au from 343.3m | Basalt/sedimentary boundary with localised fault margins |
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Why the RD057 result matters for the Irvine exploration model
The company says the result supports the targeting approach it applies at Irvine. Management described the first significant intercept as validating the geological and mineral models currently applied to its exploration strategy.
A setting that mirrors Resolution
Both intervals sit within contrasting rock boundaries between basalt and sedimentary host rocks. Three features match what is seen at the Resolution lode:
- A basalt/sedimentary contact with localised fault margins.
- A second-order induced polarisation (IP) response, comparable with the IP response beneath Resolution. IP is a geophysical survey method that measures how rocks hold an electrical charge.
- A de-magnetisation zone similar to the one beneath Resolution.
The upper zone’s sulphides are predominantly pyrrhotite, with minor chalcopyrite and subordinate arsenopyrite. The lower intercept is associated with elevated arsenopyrite and pyrrhotite and minor pyrite.
Proximity to the Stawell granite
The new zones sit 500m south of the Stawell granite, an intrusive rock separating Irvine from the Magdala gold deposit, located approximately 17km to the north. The company notes the granite does not host gold and was emplaced after the gold mineralisation at both Magdala and Irvine.
Even so, its proximity suggests the granite may have assisted localised gold remobilisation and possible upgrading of nearby mineralisation. The company is clear that further studies of the Irvine gold system are required to “confirm or disprove this hypothesis.” Treat it as an idea under test, not an established finding.
Jozef Story, Exploration Manager
“The successful intersection of high-grade mineralisation within first pass scout drilling so distal from the Resolution Mineral Resource reiterates the importance of utilising all available datasets and applying localised geological understanding to Aureka’s targeting strategy…”
What is a scout drill hole and an Exploration Target?
A scout hole is an early, widely spaced hole drilled to test whether mineralisation exists in an untested area. A step-out hole is drilled beyond known mineralisation to see how far it continues. RD057 is both, sitting well beyond the existing resource.
An Exploration Target is a conceptual range of tonnes and grade for an area that has not been drilled enough to estimate a resource. A JORC Mineral Resource is a formal estimate based on drilling data. The company states the potential quantity and grade of the Exploration Target is conceptual, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource.
Irvine’s resources are classed as Inferred, which carries a low level of geological confidence. For you as an investor, RD057 strengthens the credibility of the company’s targeting, but it does not add to the resource yet.
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Irvine’s growing footprint and the path beyond 1Moz
The Irvine mineralised footprint is now over 5.5km in strike length, with 59km of drilling completed since discovery in 2017. The company says it is striving to grow Irvine to beyond 1Moz of gold resources, and no timelines were disclosed.
The current Inferred Resource is set out below.
| Prospect | Inferred tonnes | Gold grade (g/t) | Gold ounces |
|---|---|---|---|
| Resolution Open Pit | 1,775,000 | 2.16 | 123,000 |
| Adventure Open Pit | 680,000 | 1.85 | 40,300 |
| Resolution Underground | 2,335,000 | 3.13 | 235,000 |
| Total Irvine (Stawell) | 4,790,000 | 2.59 | 398,300 |
| Total All Projects (including Comstock) | 6,240,000 | 2.27 | 454,800 |
The updated Exploration Target Range for the Irvine Gold Project Resolution Lode is shown below.
| Target type | Tonnes (Mt) | Gold grade (g/t) | Gold ounces (koz) |
|---|---|---|---|
| Advanced Targets* | 1.33 – 2.66 | 2.0 – 2.3 | 85 – 197 |
| Conceptual Targets* | 2.35 – 4.7 | 2.0 – 2.3 | 151 – 348 |
The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource in relation to this Exploration Target. It is uncertain if further exploration will result in the estimation of a Mineral Resource in relation to these Exploration Targets.
What comes next at Irvine?
Drilling at Irvine remains ongoing. The announcement points to three areas of focus:
- Current programs are targeting potential up-dip, nearer-surface extensions to the Tenacity Structure, which hosted 10m @ 12.1g/t, reported on 15 October 2025.
- Drilling is targeting mineralisation associated with emerging second order structures distal from the main Resolution Shear.
- The company is seeking further lodes or lode extensions at Irvine.
Aureka describes itself as an integrated Victorian gold company, assuming successful close of the mine and mill acquisition announced in September 2026. That pro-forma portfolio includes the operating Fiddlers Creek Underground Gold & Silver mine, the nearer-term Comstock Project and the Wedderburn Gold Processing Mill.
The investment case rests on a growing flagship asset in the Stawell Corridor, backed by that integrated Victorian portfolio. Further drilling will show whether RD057 is an outlier or the start of a larger northern extension.
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