North Stawell Minerals Identifies 300m Gold Anomaly at Caledonia

North Stawell Minerals Advances Caledonia Gold Target with Promising Surface Geochemistry Results

North Stawell Minerals (ASX: NSM) has delivered encouraging exploration results at its Caledonia Prospect, with surface geochemistry successfully identifying a 300-metre wide North Stawell Minerals gold anomaly along the highly prospective Darlington-Caledonia trend. The new geochemical data provides strong validation of NSM's exploration strategy as it advances what could be a 3.5-kilometre mineralised structure directly adjacent to the multi-million-ounce Stawell Mine.

The announcement marks a significant technical advancement for NSM's exploration programme, with the company successfully implementing improved surface sampling techniques. These delivered far more conclusive results than historical geochemistry programmes.

The 1.6-kilometre test line across Caledonia has effectively highlighted the surface expression of known deep mineralisation. This provides critical targeting intelligence for the company's 2026 drilling campaign.

"The surface geochemistry has identified subtle but coherent gold anomalism (0.02-0.04 ppm Au) clustering along the interpreted Darlington-Caledonia trend, with all significant results aligning with known high-grade intercepts at depth."

What Makes This Surface Detection Methodology Different?

NSM's exploration team achieved a critical breakthrough by successfully detecting surface gold signatures above known mineralisation. This success came despite shallow Murray Basin sediment cover, which has historically masked mineralisation in the region.

The close-spaced (20-metre) test line utilised modified fine-fraction sampling and total digest techniques. This represents a significant improvement over previous geochemical programmes that had delivered inconclusive results.

Furthermore, the technical achievement demonstrates several key advances:

• Gold anomaly width: 300 metres

• Sample spacing: 20 metres (high resolution)

• Anomaly strength: 0.02-0.04 ppm Au

• Additional pathfinder: 40 ppm Arsenic anomaly identified

• Coverage area: 1.6-kilometre test line

Head of Exploration Bill Reid emphasised the significance of these results: "The geochemistry results at Caledonia, although subtle, are exceptionally coherent, with all significant results clustering into the interpreted mineralisation trend. This is a significant improvement on the historic geochemistry data, which was unconvincing and/or inconclusive."

The breakthrough is particularly important given that thin Murray Basin sediments have historically masked gold mineralisation across the region. The successful identification of this North Stawell Minerals gold anomaly at Caledonia positions the company to systematically explore areas previously considered challenging targets.

Understanding Mariners-Type Gold Deposits and Their Significance

Caledonia represents what geologists classify as "Mariners-type" gold mineralisation—a specific style of gold deposit that occurs as mineralised splays above the roof of basalt formations. This deposit type takes its name from the historic Mariners Lodes at Stawell, which produced between 780,000-950,000 ounces of gold at exceptional grades of 28-30 g/t Au.

What This Means for Investors

Mariners-type deposits typically feature several characteristics that make them attractive exploration targets. In addition to their high-grade potential, these deposits offer several strategic advantages.

High-grade potential represents the primary attraction, as these deposits can contain exceptional concentrations of gold. The near-surface location means gold occurs at relatively shallow depths, reducing mining costs significantly.

Moreover, these deposits exhibit predictable geology, forming in specific geological settings above basalt contacts. The historical precedent from the nearby Mariners Lodes demonstrates the potential for substantial production.

The geological model positions Caledonia as sitting above the northern continuation of the same basalt unit that hosts the multi-million-ounce Stawell Mine. Located just 8 kilometres to the south, this geological continuity provides strong theoretical support for significant mineralisation potential.

Basalt formations play a crucial role in gold deposit formation by acting as structural controls that focus mineralising fluids. These volcanic rocks create pathways and barriers that concentrate gold-bearing solutions, leading to the formation of high-grade deposits.

High-Grade Intercepts Define Target Quality

The Darlington-Caledonia trend has already demonstrated its high-grade potential through multiple significant drill intercepts and historical mining operations. The 3.6-kilometre trend features compelling evidence of substantial gold mineralisation that strengthens the case for the North Stawell Minerals gold anomaly at Caledonia.

Historical production records further support the quality of mineralisation throughout the trend:

• Bonnie Dundee Mine: 1,116 oz @ 20.9 g/t Au

• Darlington Mine: 2,347 oz @ 18.2 g/t Au

These intercepts demonstrate that the east margin of the basalt hosts consistent high-grade gold mineralisation throughout the trend. The surface geochemistry programme has now provided the targeting tool needed to systematically explore for additional high-grade zones under shallow cover.

The 600-metre trend of 1+ g/t Au mineralisation already defined at Caledonia remains open in all directions. This provides substantial scope for resource expansion through systematic exploration.

Strategic 2026 Exploration Programme

NSM has outlined an aggressive exploration timeline designed to capitalise on the surface geochemistry breakthrough. The company's systematic approach reflects confidence in the geological model and the effectiveness of its new geochemical techniques.

Immediate Next Steps

The exploration programme follows a logical progression designed to maximise discovery potential whilst minimising costs:

1. Extended Surface Sampling: Expand geochemical grid northward from test line

2. Air Core Drilling: March 2026 programme targeting shallow mineralisation

3. Diamond Drilling: Follow-up programme based on air core results

The air core programme will test for significant gold mineralisation beneath the sediment cover and in shallow weathered rocks. This provides rapid, cost-effective target generation ahead of more expensive diamond drilling programmes.

NSM's 51% initial interest with earn-in potential to 90% provides substantial leverage to any exploration success. However, the company's partnership with Stawell Gold Mines offers technical expertise and regional knowledge that could prove invaluable.

Investment Thesis: Strategic Position in Proven Gold Province

The North Stawell Minerals gold anomaly at Caledonia positions the company within one of Australia's most productive gold provinces. Furthermore, the company benefits from modern exploration techniques being applied to under-explored ground adjacent to a major operating mine.

Key Investment Drivers

The 3.6-kilometre Darlington-Caledonia trend represents a district-scale opportunity, with multiple high-grade intercepts already demonstrating the quality of mineralisation. The successful surface geochemistry programme provides NSM with a systematic exploration tool to unlock the full potential of this trend.

Competitive Positioning

NSM has established several competitive advantages that distinguish it from other exploration companies in the region:

First mover advantage in systematic exploration of covered terrain provides NSM with the best ground positions. The strategic partnership with operating mine provides technical advantages that smaller explorers cannot access.

In addition, modern techniques applied to historically under-explored areas offer significant discovery potential. The company also benefits from multiple target types across substantial land position, reducing exploration risk through diversification.

The company's focus on near-surface, high-grade targets in a proven gold province offers investors exposure to discovery potential with reduced technical risk.

Why Investors Should Follow North Stawell Minerals

NSM has positioned itself as the primary explorer of the northern extension of one of Australia's most significant gold systems. The company's technical breakthrough in surface geochemistry represents a potential game-changer for systematic exploration under cover in the region.

Near-term Catalysts

Several upcoming milestones provide clear catalysts for potential share price appreciation:

• March 2026 air core drilling programme at Caledonia

• Extended surface geochemistry results across broader target area

• Diamond drilling follow-up based on air core success

Strategic Advantages

The company's strategic position offers multiple advantages that could drive long-term value creation:

Exclusive position on northern Stawell system extension provides NSM with unique exposure to this proven gold system. The proven exploration methodology with surface geochemistry breakthrough reduces technical risk significantly.

Moreover, multiple high-grade targets across 445 km² land package provide numerous opportunities for discovery. Infrastructure advantages from proximity to operating mine could accelerate any future development timeline.

Financial Leverage

The financial structure provides substantial upside leverage to exploration success:

51% initial interest with earn-in to 90% provides substantial upside leverage to any discoveries. The systematic exploration approach maximises discovery probability through scientific targeting.

Furthermore, near-surface targets reduce development costs and timelines, potentially accelerating any path to production. This combination of factors creates compelling investment leverage for shareholders.

"The North Stawell Minerals gold anomaly at Caledonia represents a combination of strategic location, proven geology, and technical innovation that positions the company for potential major discoveries in one of Australia's premier gold provinces. The successful surface geochemistry programme provides the targeting tool needed to systematically unlock the 3.6-kilometre Darlington-Caledonia trend."

With multiple drilling programmes planned for 2026 and a clear pathway to resource definition, NSM offers investors exposure to district-scale discovery potential. This opportunity is backed by solid geological foundations and modern exploration techniques in a region with proven gold endowment.

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