Iceni Gold Targets 7km Gold Corridor at 14 Mile Well Project

Drills Turning at Guyer: Iceni Gold Targets a 7km Gold Corridor in Western Australia's Premier Gold Belt

Iceni Gold Limited (ASX: ICL) has launched a dual aircore drilling campaign at its Guyer Farm-In area, part of the flagship 14 Mile Well Gold Project (14MWGP) in Western Australia's highly endowed Leonora-Laverton district. The Iceni Gold Guyer Farm-In drilling at 14 Mile Well Gold Project involves a 34-hole, 1,800-metre program targeting two distinct gold anomalies — Guyer West and Sovereign — both of which returned compelling results from reconnaissance drilling in 2025 and remain largely open and untested.

With assays expected in early July, this program represents a focused and cost-efficient step toward defining what the company believes could be a significant new gold discovery within the Guyer Trend.

Two Targets, One Big Picture

The Guyer Farm-In sits at the heart of Iceni's portfolio and is the subject of a $35 million farm-in agreement with Gold Fields Australia (formerly Gold Road Resources, ASX: GOR), executed in December 2024 over 154 km² of Iceni tenements. The deal, which made Gold Fields the second-largest shareholder in Iceni, underscores the strategic value the broader market has already assigned to this ground.

The current drill program, furthermore, advances two of the most promising targets generated from that exploration effort.

"We continue to hold our belief that Guyer is hiding a significant gold discovery, and we look forward to updating shareholders as results become available."

— Wade Johnson, Managing Director, Iceni Gold Limited

Target 1: Guyer West — Chasing a 7km Gold Corridor

Guyer West sits on the western flank of the Danjo Granite, a significant structural feature within the 14MWGP. Wide-spaced reconnaissance aircore drilling completed in August 2025 at 200-metre drill spacing identified two sub-parallel gold anomalies (greater than 0.1 g/t Au), each extending approximately 1,000 metres and remaining open along strike.

Key Intercepts From 2025 Reconnaissance Drilling at Guyer West

The current program at Guyer West comprises 14 holes for 840 metres, designed to infill the 2025 drill spacing and better define the continuity and geometry of the anomalies.

Critically, the program will also test whether Guyer West connects with the Wild West gold trend, a recently identified corridor located approximately 2 kilometres to the northwest within Iceni's 100%-owned Everleigh-Tatong Project. If continuity is confirmed between these two areas, it would define a prospective gold corridor extending approximately 7 kilometres along the western margin of the Danjo Granite — a materially significant outcome.

The broader case for this western granite margin is further supported by neighbouring activity. Arika Resources (ASX: ARI) is exploring the Yellow Brick Road corridor along the southwestern margin of the same Danjo Granite, reinforcing the structural and geological prospectivity of this trend.

Target 2: Sovereign — High-Grade Hits in Granite

The Sovereign prospect occupies the southernmost portion of the Guyer Farm-In area and presents a distinctly different, and arguably more exciting, mineralisation profile. Unlike Guyer West's broad, low-level gold anomalism, Sovereign is defined by discrete high-grade gold intercepts, suggesting a structurally controlled, vein-hosted mineralisation style.

The target was first identified during a large-scale aircore program completed in June 2025, when wide-spaced drilling at 800-metre line spacing returned several high-grade results and defined three new gold anomalies within the Danjo Granite, outlining an 1,800-metre-long anomalous zone that remains open.

Key Intercepts From 2025 Reconnaissance Drilling at Sovereign

The headline result of 4 metres at 7.84 g/t gold from just 8 metres depth is a standout intercept for an early-stage aircore program, and speaks directly to the potential for high-grade mineralisation at shallow depths.

The current program at Sovereign comprises 20 holes for 1,000 metres and is designed to define the geometry, extent, and structural controls of these anomalies. Field exploration work has already identified moderate to strong north-south trending shear fabrics within the granite near the historic high-grade intercepts, and a series of high-grade rock chip results have been returned from the same zone.

An east-west trending quartz vein system appears associated with several historic workings within the target area. Sovereign also sits immediately north of Arika Resources' George Washington and Pennyweight Point prospects, and adjacent to historical workings including Pennyweight, which produced nearly 4,200 ounces of gold from just five tonnes of ore between 1897 and 1908 — a remarkable grade demonstrating the historic fertility of this ground.

Understanding Aircore Drilling: Why It Matters

What Is Aircore Drilling?

Aircore (AC) drilling is a cost-effective, fast-turnaround exploration technique that uses a hollow drill bit and compressed air to bring rock chips to surface for sampling. It is particularly effective for sampling shallow bedrock gold mineralisation — especially in terrains like the Leonora-Laverton district, where significant depths of transported sandy cover can mask gold anomalies in the underlying rock.

Why Does It Matter for Investors?

• Aircore drilling is significantly cheaper and faster than reverse circulation (RC) or diamond drilling, making it ideal for testing large target areas efficiently
• It allows exploration companies to rapidly screen for gold mineralisation across wide areas before committing to more expensive, detailed drill programmes
• Positive AC results typically trigger follow-up RC or diamond drilling, which can define resource-scale mineralisation
• In Iceni's case, AC drilling has already outlined multiple kilometre-scale gold anomalies that are now being systematically advanced

Glossary of Key Terms

• EOH — End of Hole; means the intercept extended to the bottom of the drilled hole, indicating the anomaly may continue at depth
• g/t Au — grams per tonne of gold; the standard unit for expressing gold grade in drill results
• Anomaly (>0.1 g/t Au) — a zone of elevated gold concentration above background levels, indicating potential mineralisation
• Strike length — the horizontal extent of a mineralised zone along its longest axis
• Granite-greenstone contact — the geological boundary between older granite rocks and younger greenstone belts; a highly prospective structural setting for gold mineralisation in Western Australia

What Comes Next

The operational timeline for this programme is tight and near-term, providing investors with a clear set of upcoming catalysts.

The fast assay turnaround is a deliberate feature of the programme design, allowing Iceni to rapidly assess results and move to more detailed follow-up drilling without delay — at both Guyer West and Sovereign — if the results support it.

The Investment Case: Why Guyer Deserves Attention

Several factors combine to make this drilling programme a meaningful event for Iceni shareholders.

1. Location in one of Australia's most productive gold districts

The 14MWGP sits between Leonora and Laverton — ground that neighbours deposits including Mount Morgan, Granny Smith, Sunrise Dam, and Wallaby, each exceeding one million ounces. Iceni holds approximately 645 km² in this district, making it one of the largest landholders in the region.

2. Institutional validation through the Gold Fields farm-in

The $35 million farm-in agreement with Gold Fields Australia over 154 km² of Iceni tenements — with Gold Fields becoming the second-largest shareholder in Iceni — represents a significant vote of confidence in the Guyer Trend from a major global gold producer.

3. Two distinct and complementary target styles

Guyer West (broad, strike-extensive, low-grade) and Sovereign (discrete, high-grade, structurally controlled) offer two separate pathways to a meaningful discovery within the same programme. Either target advancing would be a positive outcome; both advancing would be transformational for the company's near-term profile.

4. Shallow, near-surface mineralisation

Several of the best intercepts sit at very shallow depths — GUYAC0221's 7.84 g/t Au hit begins at just 8 metres depth — which has positive implications for the economics of any future development scenario and for the ability to define and expand mineralisation through relatively low-cost drilling.

5. Historical precedent on the same ground

The Pennyweight historical working immediately to the south of Sovereign produced gold at extraordinary grades from a small volume of ore, validating that high-grade, structurally controlled gold systems exist in this geological setting.

6. Cost-effective programme design

Aircore drilling at 1,800 metres across 34 holes represents a capital-efficient deployment of exploration dollars. The programme is designed to answer key geological questions quickly and cheaply, with results expected within weeks of completion.

Why Investors Should Keep Watching Iceni Gold

Iceni Gold is methodically advancing one of the largest and most systematically underexplored tenement packages in the Leonora-Laverton district. The Guyer Trend, at 11.5 kilometres of defined granite-greenstone contact with a greater than 0.1 g/t Au anomaly running its entire length, is not a speculative concept — it is an established and growing geological story backed by multiple rounds of drilling, a major farm-in partner, and two sharply defined high-priority targets now being tested.

The upcoming assay results from this dual aircore programme, expected in early July 2026, represent one of the most immediate and binary near-term catalysts for the company. Confirmation of the Guyer West–Wild West connection alone would establish a 7-kilometre gold corridor in an address that already hosts multi-million-ounce deposits.

Consequently, the Iceni Gold Guyer Farm-In drilling at 14 Mile Well Gold Project has positioned the company as a serious contender in Western Australia's premier gold district, with a systematic and well-funded exploration strategy that is now bearing fruit. The Guyer Farm-In, backed by a major global gold producer, is delivering quality targets with near-surface high-grade intercepts and kilometre-scale anomalies. With drill results due in early July 2026, investors have a clear, near-term catalyst to watch closely.

Ready to Learn More About Iceni Gold's Guyer Drilling Campaign?

With drills turning at both Guyer West and Sovereign, and assay results expected in early July 2026, Iceni Gold (ASX: ICL) is approaching a pivotal moment in its exploration of the 14 Mile Well Gold Project. Backed by a $35 million farm-in with Gold Fields Australia and sitting within one of Western Australia's most prolific gold districts, the company is advancing two high-priority targets that could define a 7-kilometre gold corridor. To learn more about Iceni Gold, its projects, and how this story is developing, visit www.icenigold.com.au.