Gateway Mining Eyes Cowza-Style Gold Target at Pewy With Drilling Set for October

A new Cowza-style target emerges along the Celia Shear

Gateway Mining Ltd has defined a new high-priority gold target at Pewy, and it carries the same geological fingerprint that led to the company’s Cowza discovery hole just one week earlier. The Cowza benchmark is hard to ignore: hole CZRC057 returned 41m @ 2.0g/t Au from 104m, including 9m @ 7.5g/t Au from 105m, announced on 2 September 2026.

The Cowza gold strike has now been traced across 3.5km of the Celia Shear, with the discovery hole CZRC057 establishing the grade and width benchmark that underpins confidence in the broader trend.

Pewy is a 3km-long demagnetised structural corridor sitting at the southern end of the same Celia Shear trend, developed along the same mafic–intermediate lithological contact that hosts Cowza, Celia South and Ward. Critically, the core of this corridor remains completely untested by drilling.

The district scale context here is significant. Pewy anchors the southern end of an emerging ~30km mineralised trend: Celia South (~1.5km) through Cowza (~4.5km) and Ward (~7km) into the untested Pewy corridor (~3km). That is a lot of ground, and Pewy is the only major demagnetised segment along that trend yet to see a drill bit.

What makes Pewy a compelling drill target

The geological case — mirroring Cowza pre-discovery

To understand why Pewy matters, it helps to understand what a demagnetised structural corridor actually means. In simple terms, it is a zone where the rock has lost its natural magnetic signature. In Archaean greenstone settings like the Yandal belt, this typically signals that hydrothermal fluids have moved through the rock, chemically altering it. The same fluid systems that strip magnetic minerals from rock are often the ones that deposit gold.

Gateway has identified four geological characteristics at Pewy that directly mirror what Cowza looked like before its first drill hole:

• A coherent demagnetised structural corridor
• Gold developed on the favourable mafic–intermediate contact
• Northeast-trending cross structures capable of generating dilation
• Increasing gold tenor towards the interpreted core of the system

That precise combination, present at Cowza before a single RC hole tested the contact in fresh rock, ultimately delivered CZRC057. Pewy currently presents with all four.

Early aircore results point toward the centre

First-pass aircore drilling has already tested the flanks of the Pewy target, and the results provide a clear geological vector. Two intercepts bracket the undrilled central corridor, with gold mineralisation appearing to strengthen as you move toward its heart.

Both flanking aircore results sit on the same mafic–intermediate contact. The 8m @ 1.0g/t Au from 84m in SCAC0003 was returned immediately south of the demagnetised zone, while the 4m @ 1.4g/t Au from 48m in WAAC0230 comes from immediately to the north on the same contact. These are scout results confirming mineralisation on the contact. The main target, the 3km demagnetised core, remains completely undrilled.

Fully funded and drilling next month

The geological case is built. The next question is execution, and Gateway has the answers ready.

Aircore contractors have already been engaged, with first-pass drilling of Pewy scheduled to commence in early October. The upcoming programme will systematically test the central demagnetised corridor, refine the geometry of the host contact, and generate targets for subsequent RC and diamond drilling.

The funding position supports an accelerated pace. Gateway completed a $45 million placement (announced the prior day) on top of a cash and liquids balance of $15.1 million as at 30 June 2026. That combined platform is designed to fund drilling across the Cowza trend and the broader Yandal pipeline, not just Pewy. RC drilling is ongoing at Cowza, and two diamond rigs are scheduled to arrive shortly — the level of activity across the project is building simultaneously on multiple fronts.

Gateway’s gold discovery potential across multiple projects extends beyond the Yandal belt, with the same systematic geophysical and structural targeting methodology applied to a broader portfolio that gives the $45 million raise a wider deployment runway.

Richard Pugh, Chief Executive Officer

“The geological setting at Pewy shares a number of the key characteristics we recognised at Cowza prior to discovery drilling: a demagnetised structural corridor developed along the favourable mafic–intermediate contact; northeast-trending cross structures; and increasing gold tenor towards the interpreted core of the system. At Cowza, that same combination delivered 41 metres at 2.0g/t Au, including 9 metres at 7.5g/t Au, in the first RC drilling to test the contact in fresh rock.”

Understanding demagnetisation as a gold exploration signal

For investors less familiar with the geology, it is worth pausing on why geologists get excited about demagnetised zones in Archaean greenstone belts. These ancient rock sequences — formed billions of years ago — frequently host the world’s great orogenic gold deposits, and the Yandal belt in Western Australia is well within that category.

When hydrothermal fluids circulate through greenstone rocks, they chemically alter the minerals present. One measurable consequence is that iron-bearing magnetic minerals get destroyed, reducing the rock’s magnetic response. This shows up clearly in airborne magnetic surveys as a zone of low magnetism. Critically, those same fluid pathways are also the mechanism by which gold gets transported and deposited in the crust.

The mafic–intermediate contact adds another layer of geological logic. Where two rock types of different physical properties meet — in this case, a harder mafic volcanic against a softer intermediate volcanic — you get a competency contrast. Fluids moving through the system preferentially travel along and accumulate at these contacts, making them natural traps for gold mineralisation. The practical upshot for investors is straightforward: geophysics can identify these targets from the air, before a single drill hole is sunk. That allows a company to rank and prioritise its highest-value ground with meaningful geological confidence, reducing the cost and uncertainty of the discovery process.

Ready to Explore Gateway Mining’s Emerging Pewy Gold Target?

Gateway Mining’s Pewy corridor presents a compelling geological case, mirroring the same four characteristics that preceded the Cowza discovery hole — all within an untested 3km demagnetised zone along the ~30km Celia Shear trend. With $45 million in fresh funding and aircore drilling scheduled to commence in early October, the company is positioned to systematically test what could be the next major strike on this emerging mineralised trend.

For a deeper look at the project fundamentals and what the Cowza benchmark means for Pewy’s discovery potential, explore Gateway Mining’s full project profile on Discovery Alert to assess the investment case ahead of first-pass drilling results.