Aureka Ltd Silver Discovery Transforms St Arnaud Gold Project

Aureka's St Arnaud Comstock Project Reveals High-Grade Silver Discovery

Aureka Limited (ASX: AKA) has reported exceptional drilling results from its St Arnaud Comstock Project in Victoria, with the latest assays revealing significant silver mineralisation alongside continued high-grade gold intercepts. The Aureka Ltd silver discovery includes the project's highest-grade silver intercept to date at 650g/t silver alongside 1.91g/t gold from a 0.3m interval.

The company's 2025 diamond drilling programme continues to expand the mineralised footprint beyond the current 56,500oz gold resource. Furthermore, results demonstrate the potential for a dual gold-silver operation at this historic mining location within the greater St Arnaud goldfields.

Key Drilling Results

The latest batch of assay results from Aureka's 2025 drilling programme has delivered multiple high-grade intercepts that extend mineralisation beyond the existing resource envelope.

Diamond Hole 25NED004:

• 0.3m @ 650g/t silver and 1.91g/t gold from 192m
• 0.42m @ 8.5g/t Au and 22g/t Ag from 186.4m

Diamond Hole 25NED007:

• 0.3m @ 31.5g/t gold from 127.5m (visible gold intersection)

These results build on previously reported standout intercepts from the 2025 programme. For instance, they include 1m @ 65.37g/t gold from 116.2m (25NED002) and 6.9m @ 4.24g/t gold from 422m (25NED005).

Geological Breakthrough: Discovery of Comstock Basal Fault

The high-grade silver mineralisation in hole 25NED004 has led to the identification of a new structural target, termed the Comstock Basal Fault. This previously untested geological structure represents a significant discovery for the Aureka Ltd silver discovery.

The new fault system demonstrates several key characteristics:

• Projects to surface north of the existing Comstock pit
• Hosts mineralisation below the main Comstock Shear
• Contains abundant sulphide mineral aggregates including galena, sphalerite, chalcopyrite and pyrite
• Demonstrates potential for high-grade gold and silver continuity at depth

The geological team's reinterpretation has identified this secondary fault as a priority target. Additionally, previous significant intercepts, including the 18.6g/t gold and 19.9g/t gold results from hole 25NED001, may be positioned on its southern projection.

What are epithermal deposits?

Epithermal deposits form when hot, metal-rich fluids circulate through fracture systems at relatively shallow depths in the Earth's crust. These systems frequently contain both gold and silver in commercial quantities, hosted within quartz veins and associated mineral deposits.

The St Arnaud goldfields historically produced 400,000 ounces of gold at an average grade of 15g/t. However, this indicates the region's exceptional mineral endowment, supporting the Aureka Ltd silver discovery within a proven geological setting.

Investment significance

The presence of base metal sulphides (galena, sphalerite, chalcopyrite) alongside gold and silver at St Arnaud suggests a well-developed system. These deposits can be particularly attractive because they offer:

• Multiple revenue streams from gold, silver, and base metals
• Potential occurrence in clusters with multiple mineralised zones
• Extension over significant distances both along strike and at depth

Resource Growth and Development Progress

Current Resource Base

Exploration Target

The company has engaged Core Prospecting, Victorian gold production specialists, to advance development planning. In addition, the project benefits from proximity to multiple processing facilities, with several mills within 50km trucking distance.

Investment Thesis: Multi-Metal Discovery in Proven Gold District

Aureka's systematic exploration at St Arnaud Comstock is advancing on multiple fronts. Furthermore, it positions the Aureka Ltd silver discovery within a broader resource expansion programme.

Resource Growth Potential

• All significant intercepts fall outside the current 56,500oz resource
• New structural discoveries expand target areas beyond existing drilling
• Dual gold-silver mineralisation increases potential revenue streams

Strategic Location Advantages

• Historic high-grade production heritage (15g/t Au average across the goldfield)
• Existing pit and infrastructure foundation at Comstock
• Multiple processing options available within trucking distance
• Established Victorian regulatory framework supporting gold mining

Near-Term Production Pathway

• Small-scale production specialists engaged for development assessment
• Previous mining operations ceased due to sulphide processing challenges (now addressed with modern technology)
• Favourable gold and silver price environment supports project economics

Management Commentary

"It is great to see the St Arnaud Comstock growing on multiple fronts, to the north as reported in November, to the west as reported in December and now growing in metal diversity with high grade silver intercepts. This growth is taking shape at a time when the Company is actively progressing commercialisation options for Comstock."

– James Gurry, Managing Director

Why Should Investors Monitor Aureka?

The St Arnaud Comstock Project positions Aureka as a compelling near-term production opportunity in Victoria's established gold mining region. Several factors contribute to the investment case surrounding the Aureka Ltd silver discovery and broader project development.

Resource Expansion Trajectory

Every drilling programme continues to intersect mineralisation outside the current resource envelope. However, this suggests significant growth potential as exploration advances systematically across the property.

Multi-Metal Revenue Optionality

The newly identified silver component, alongside historical base metal occurrences, provides additional revenue streams. Furthermore, it enhances processing flexibility for potential operations beyond traditional gold extraction.

Established Infrastructure Base

Unlike grassroots exploration projects, Comstock benefits from existing pit access, established trucking routes, and nearby processing facilities. Moreover, this potentially reduces development timelines and capital requirements significantly.

Experienced Development Partners

Core Prospecting's involvement brings proven Victorian gold production expertise. In addition, it may reduce risks associated with the pathway to first production through specialised knowledge.

District-Scale Exploration Potential

The broader St Arnaud goldfields' 400,000-ounce production history suggests significant unexplored potential. Furthermore, this extends across Aureka's exploration tenure, offering long-term growth opportunities.

Key Investment Consideration

The Aureka Ltd silver discovery represents a material development in the company's exploration programme, adding a high-grade silver component to an already established gold resource base. With systematic drilling continuing to expand the mineralised footprint and development planning advancing through specialist partnerships, the project presents multiple potential catalysts for investors seeking exposure to Victorian gold and silver production opportunities.

The convergence of resource growth, multi-metal potential, and near-term production optionality within one of Victoria's most productive historical gold districts creates a compelling investment proposition. However, the company's methodical approach to exploration and development, combined with the strategic engagement of processing specialists, suggests a systematic pathway towards potential production decisions.

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