High-Grade Gold Discovery at Astral Resources’ Mandilla Project Delivers Bonanza Results

High-Grade Gold Intercepts Point to Production Potential

Initial results from Astral Resources' (ASX: AAR) grade control drilling program at the Theia Deposit have delivered spectacular high-grade gold intercepts, strengthening the company's confidence in its flagship Mandilla Gold Project near Kalgoorlie. The first 17 holes of a planned 99-hole program have revealed broad zones of gold mineralisation with exceptional high-grade intervals, including bonanza grades of up to 191.4 g/t gold.

These early results indicate strong alignment with the current Mineral Resource Estimate (MRE) of 33.3Mt at 1.1g/t Au for 1.15Moz of contained gold at Theia, which represents approximately 75% of the gold production contemplated in the company's recently completed Pre-Feasibility Study (PFS).

"The results of the Theia in-fill program are critical to the successful development of the Mandilla Gold Project. Theia represents approximately 75% of the gold production contemplated in the PFS, which highlights the importance of Theia to the overall project economics. With that in mind, this first set of results, albeit very early stage, are strongly encouraging."

– Marc Ducler, Managing Director

Standout Drill Results Showcase Theia's Potential

The program, comprising 10,000 meters of drilling on a 12m by 12m grid pattern, aims to infill an 80m by 120m area of the Stage 1 open pit. Significant intercepts from the initial 2,030 meters drilled include:

• 32 meters at 10.78g/t Au from 50m, including 3 meters at 99.90g/t Au from 76m in hole AMRC029
• 8 meters at 1.11g/t Au from 70m and 2 meters at 95.88g/t Au from 105m, including 1 meter at 191.4g/t Au from 105m in hole AMRC023
• 1 meter at 19.80g/t Au from 45m and 34 meters at 1.56g/t Au from 62m, including 1 meter at 20.8g/t Au from 79m in hole AMRC028
• 3 meters at 2.68g/t Au from 52m and 9 meters at 5.08g/t Au from 62m, including 2 meters at 15.8g/t Au from 65m in hole AMRC039

These results demonstrate both the high-grade nature of gold mineralisation at Theia and the consistency of mineralisation along the length of the intersections, particularly within the core of the mineralised zones.

Understanding Grade Control Drilling: Why It Matters to Investors

Grade control drilling represents a critical de-risking step in mine development. This detailed drilling is conducted on a much tighter spacing than resource definition drilling and aims to precisely delineate ore boundaries and grade distributions before mining begins.

For investors, successful grade control drilling that confirms or exceeds resource model expectations is a significant positive indicator. It reduces operational risk by providing confidence in short-term production forecasts and potentially identifying additional high-grade zones that could enhance project economics.

The Theia infill program is particularly important because it targets an area planned for early mining in the Mandilla development sequence. Confirming grade continuity and potentially identifying additional high-grade structures could positively impact the project's early cash flow profile.

What is Grade Control Drilling?

Grade control drilling involves drilling holes on a close-spaced pattern (typically 10-20m apart) within areas planned for near-term mining. Unlike exploration or resource definition drilling, which aims to identify and broadly define mineralised zones, grade control drilling provides detailed information about:

1. Precise ore/waste boundaries – Determining exactly where economic mineralisation starts and stops
2. Grade distribution – Mapping variations in gold grade within the ore zone
3. Short-term mine planning – Enabling accurate scheduling and optimisation of ore extraction
4. Reconciliation – Providing data to compare actual mining results against resource models

The results from grade control drilling directly inform the day-to-day mining decisions that determine profitability, making it one of the final and most crucial technical de-risking steps before production.

The Mandilla Gold Project: Strategic Position in a Prolific Region

Mandilla is strategically positioned in the northern Widgiemooltha greenstone belt, approximately 70km south of Kalgoorlie in Western Australia. The project area hosts the Theia, Iris, Eos, and Hestia deposits and benefits from several advantages:

1. Located in a tier-one mining jurisdiction near major gold operations including Northern Star's Golden Mile Super Pit and Gold Fields' St Ives Gold Mine
2. Covered by existing Mining Leases with no third-party royalties (only standard WA Government gold royalty)
3. Demonstrated excellent metallurgical characteristics with high gravity recoverable gold, fast leach kinetics, and exceptional overall gold recoveries
4. Infrastructure advantages with proximity to Kalgoorlie

The recently completed PFS demonstrated robust economics based on a standalone project comprising seven open pit mines feeding a 2.75Mtpa processing facility. The study projected production of 95,000 ounces per year for the first 12 years, with a Net Present Value (8% discount rate) of $1.4 billion at a gold price of A$4,250/oz.

Geology and Mineralisation at Theia

The Theia deposit is situated within an intrusive granitoid, classified through petrology studies as having a monzonitic composition. Gold mineralisation appears in a series of very shallow (approximately 8 degrees average) south-dipping vein zones hosted within the monzonitic intrusive unit.

These mineralised vein zones are typically 20-50m thick, defining broad zones of gold mineralisation. The highest gold grades are often recorded in areas of higher vein densities, typically up to 3-4 veins per metre. Quartz veins most commonly are less than 5cm in thickness.

A notable characteristic of the Theia deposit is the presence of visible free gold. This gold is primarily hosted within quartz veins, with gold grains typically 1mm in size but varying from pinhead to match-head size. The presence of visible gold correlates with the exceptional high-grade intercepts being reported in the current drilling program.

Steep structures are recognised to be important to high-grade mineralisation zones within the core of the Theia deposit. Based on its position and logged geological characteristics, the bonanza grade intercept in AMRC023 could represent a continuation of the high-grade shear structure that is being tested by upcoming diamond drilling.

Upcoming Catalysts and Development Timeline

Astral is advancing several parallel work streams to de-risk and develop the Mandilla Gold Project:

1. Ongoing grade control drilling: The 10,000-meter program is expected to be completed within 8 weeks
2. Structural targeting: A 3,000-meter diamond drill program targeting high-grade structures within Theia is planned to commence shortly
3. Engineering partner selection: The company has notified its preferred engineering partner, with contract execution in progress
4. KOMIR JV lithium exploration: A 21-hole (2,500-meter) RC program investigating lithium-pegmatite targets is underway, expected to be completed within 3 weeks

These activities represent critical de-risking steps designed to ensure the successful development of the Mandilla Gold Project, potentially moving it toward a Final Investment Decision.

Why Investors Should Follow Astral Resources

Astral Resources presents a compelling investment case for gold-focused investors, with several key factors supporting its growth potential:

1. Resource growth trajectory: The company has grown its total resource base to 50Mt at 1.1g/t Au for 1.76Moz across its project portfolio

2. Development-ready asset: The Mandilla Gold Project has progressed through PFS with strong economics and a clear pathway to production

3. High-grade upside: The recent drilling results highlight the potential for high-grade zones within the broader mineralised envelope, which could enhance project economics

4. Strong balance sheet: The company is well-funded to continue its development activities

5. Experienced management: The leadership team has a track record of successful mine development

With gold prices maintaining strength in the current economic environment, Astral Resources represents an emerging gold developer with a clear path to production and significant exploration upside. The ongoing de-risking activities at Mandilla, particularly the encouraging grade control drilling results, position the company to potentially deliver significant shareholder value as it advances toward production.

Ready to Invest in Astral's High-Grade Gold Story?

Discover more about Astral Resources' impressive Theia Deposit results and the company's path to production at the Mandilla Gold Project. With bonanza grades of up to 191.4 g/t gold and a robust development timeline, Astral presents a compelling investment opportunity in the gold sector. For comprehensive information about the company's projects, development plans, and investment potential, visit Astral Resources' website today.