
February 03, 2025
Unlocking a high-grade Copper Porphyry within the northern extension of a Multi-Billion Tonne Belt.
Altair Minerals Limited (ASX: ALR) (‘Altair or ‘the Company’) is pleased to announce the proposed acquisition of the Venatica Copper Project which highlights a major expansion to Altair’s portfolio of Tier-1 sized discovery opportunities, stepping into South America with an exceptionally high-grade porphyry. Located ~60km from the Las Bambas Mine which produces 2% of global copper supply, Venatica shares the same host rocks, structures, geological controls with outcroppings of >6% copper.
Key Highlights:
- District Scale Opportunity | 337km2 Landholding
The Venatica Copper Project spans 337km2 over 34 claims, situated on Peru’s prolific Andahuaylas- Yauri Porphyry belt, host to 3 deposits which are >1Bt along strike of Venatica1. - Large Scale Targets | >16km2 of Porphyry Targets, open in all directions
Venatica West has two key targets amongst a regional system - (1) Irka NE: high-grade felsic copper-silver-moly porphyry >4km2 and (2) Irka SW: copper-gold porphyry-skarn >6km2, with the true lateral extent of both systems completely open. The Irka NE porphyry represents an exceptionally large target, which has shown an abundance of copper across a significant 3.4km strike which samples range 3,000ppm to >60,000ppm Cu. Majority of Venatica remains untested with potential for subsequent high-grade copper systems to be discovered. - High-Grade Surface Outcrops | 20% of samples >3,000ppm Cu
Irka NE Porphyry Target: Historic sample reported by INMET (acquired by First Quantum) reported 9.5% Copper, 471ppm Mo, 160g/t Ag and 4.59g/t Au. With subsequent outcrop sampling programs at the high-grade Irka NE Porphyry (>3km strike) returning:- 5.7% Copper and 43g/t Silver (Sample 4807)
- 4.8% Copper and 32g/t Silver (Sample 15245)
- 4.7% Copper and 40g/t Silver and 31ppm Molybdenum (Sample 646141)
- 7.0% Copper and 33g/t Silver (Sample 2254)
Irka SW Porphyry – Skarn Target: Follow-up sampling programs by INMET returned exceptional copper-gold results of 4.8% Copper & 0.40g/t Gold (Sample 4801) and 6.5% Copper & 0.52g/t Gold (Sample 4803)
- Multiple Regional Anomalous Targets | 17km of anomalous strike
Stream sampling at Venatica East has returned 4 distinct copper targets which has shown >5x background levels of copper that has an outstanding combined anomalous strike of 17km. Stream sediments at Venatica East are analogous to the stream anomalies to Haquira (Figure 6) also >5x background levels of copper, which led to 1.4Bt @ 0.46% Cu discovery along strike Venatica1,2,8. - Historic High-Grade Production | Average 6% Copper Ore
Reported historic small-scale mining at Irka NE exploited dykes at 6% Copper, whereas on Irka SW target, a pit (50m x 50m x 10m deep) exploited at 4% Copper from the base of pit (10m depth). - Proven Geological Model | Untested Northen Extension
Venatica is sitting on the large margin contact of the Andahuaylas-Yauri Batholith intrusion, the same Batholith contact which is the key structural control that has led to the discovery of 5x copper deposits with >1Bt resources on this belt (See Fig. 1)1,3. Altair holds first-mover advantage to systematically test the northern extension of the trend, with Venatica covering the key controlling and proven geological formation. - Expansion of Technical Team | 11.4Mt Cu & 26Moz Au of Discoveries
Assignment of expert geologist team in the discovery of porphyry/skarn deposits within the Andahuaylas-Yauri Batholith. The Peru exploration team has significant experience in characterization of the high-grade traps in this style of deposit, which becomes key in the initial drill program at Venatica. Altair’s strengthened Technical Team have been collectively responsible for discoveries of over 11.4Mt Copper & 26Moz Gold. - Established Social Credentials | Fast-Tracked for drilling by Q2 2025
Irka Vendor (Venatica West) has established social relations over 10-years with a supportive community. Irka has the additional benefit of small-scale exploitation and provisional permits granted, allowing ability to leverage Peru’s REINFO process to receive drilling permits within months. Ample infrastructure, power and access roads, leading to exceptionally low exploration and drill costs.
ACQUISITION OF VENATICA PROJECT
Overview
The Venatica Project is a district scale and advanced discovery opportunity, located ~7km South & Southeast of Abancay, in the Apurimac region of Peru. The project has ample nearby infrastructure, with significant recent investment into power lines, access roads, manpower and pro-mining social integration due to the on-going development of two world-class mines and construction of three world- class mines in the region. The project is connected to all main roads in South Central Peru either via asphalt or paved roads, with a supportive community whereby relationships have been built over a decade. Two wide public roads facilitate the logistics access and connect the region with the main seaports of southern Peru for shipments of minerals: the Marcona Seaport accessed via Ayacucho and Ica, and the Matarani Seaport accessed by Cusco and Arequipa.
The Venatica transaction represents a non-dilutive exciting discovery opportunity, which consists of the acquisition of 100% owned Mining Process’s alongside an option to acquire 80% of the Irka Mining Concession (“Irka Permit”), Permit Code: N010184917, which sits within the Western half of Venatica. Altair has entered into an agreement with Crhistian Enrique Vargas Serna (“The Vendor”) for an exclusive 120-day due diligence period for the cost of USD $10,000. Upon satisfaction of initial due diligence, Altair has the option to either extend the due diligence period by 3 months for USD $10,000 or has the option to purchase 80% of Irka for USD $60,000 – see terms section below for full details.
Geologically, Venatica is located on the Andahuaylas-Yauri Porphyry Belt, a prolific mining corridor known for hosting numerous Tier-1 copper deposits and recently has led to the construction of multiple world-class copper mines in the last 10 years (Las Bambas, Constancia, Antapaccay) run by majors such as MMG & Glencore. This belt represents a globally significant geological trend, extending over 300km and containing some of the largest copper resources in the world.
The northern portion of the Andahuaylas-Yauri Porphyry Belt is renowned for hosting 5x copper deposits each with >1Bt resources, including one of the lowest quartile producers in Peru (Constancia), and the 3rd largest copper producer in Peru (Las Bambas) accounting for 2% of global copper production1,4, located just 60km from Venatica. The belt stands out due to its simplicity in discovering these globally significant deposits which typically occur at the margin contact of the Batholith Intrusive.
Click here for the full ASX Release
This article includes content from Altair Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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29 January
Altair Minerals
Investor Insight
Altair Minerals is strategically positioned to unlock the value of its Venatica and Olympic Domain projects. By leveraging cutting-edge exploration techniques and its seasoned technical team’s expertise, the company is poised for significant copper and gold discoveries, presenting a compelling investment opportunity.
Overview
Altair Minerals (ASX:ALR) is an exploration company focused on unlocking significant copper and gold deposits through a disciplined and systematic approach. The company’s strategy centers on building a portfolio of high-quality assets with the potential to become Tier-1 discoveries, while advancing exploration on early-stage projects and actively evaluating opportunities to acquire advanced deposits and exploration assets.
Focused on copper and gold - critical metals for the global transition to renewable energy - Altair prioritizes systematic exploration campaigns to validate high-priority targets and seeks strategic partnerships to fund and accelerate its exploration efforts. By targeting projects which demonstrate potential to make tier-1 and large-scale discoveries in globally significant mining jurisdictions, Altair aims to position itself as an attractive leading exploration company to deliver maximum returns to shareholders.
Company Highlights
- Altair Minerals’ two world-class projects - Venatica in Peru and Olympic Domain in Australia - are located in globally significant mining districts, targeting Tier-1 copper and gold deposits.
- Venatica Project is a 337 sq km exploration project in the world-famous Andahuaylas-Yauri Porphyry Belt, featuring extensive copper-gold porphyry and skarn mineralization with proven high-grade historical production.
- The Olympic Domain project, located in South Australia’s Gawler Craton, is an 831 sq km IOCG project adjacent to BHP’s Oak Dam deposit (1.34 Bt @ 0.66 percent copper and 0.33 g/t gold) and boasts major analogous geophysical anomalies just 5 km from the Oak Dam deposit, indicative of significant mineralization.
- Historic sampling and exploration work was conducted at Venatica by INMET prior to its subsequent take over First Quantum for C$5.1 billion. The historic work has shown two major porphyry targets of 6 sq kmand 4 sq km, respectively, which have demonstrated abundant copper mineralisation at surface.
- Historic sampling at Venatica covers a small portion of the overall target, leaving substantial scope to expand its target size which remains open in all directions, these samples include:
- 7.0 percent copper and 33 g/t silver (sample 2254)
- 5.7 percent copper and 43 g/t silver (sample 4807)
- 4.8 percent copper and 32 g/t silver (sample 15245)
- 6.5 percent copper and 0.52 g/t gold (sample 4803)
- 4.8 percent copper and 0.40 g/t gold (sample 4801)
- Advanced geophysical techniques, modernized modelling has refined drill at Olympic Domain which shows previous impressive holes have narrowly missed the true core of the IOCG body, which shows a target size larger than the adjacent Oak Dam deposit owned by BHP.
- Altair’s boasts a first class and leading technical exploration team, who have cumulatively contributed to 11.4 Mt of copper and 26 Moz of gold discoveries in the past two decades.
Key Projects
Venatica Project (Flagship) – Peru
Location of Venatica Project, sitting along the Las Bambas trend and on key contact of Andahuaylas-Yauri Intrusive Batholith which is the main structural feature facilitating Tier-1 Copper deposits on the belt.
The Venatica Project, Altair Minerals' flagship asset, is strategically situated in Peru’s Andahuaylas-Yauri Porphyry Belt, a globally significant copper-producing region. The project is neighboring and sitting along strike Tier-1 mines, including Las Bambas, Antapaccay and Haquira, collectively establishing the area as one of the world’s premier porphyry copper districts. These mines contribute significantly to Peru’s copper output, underscoring the region’s importance in the global supply chain. Spanning approximately 337 sq km, Venatica’s land package is strategically positioned along the northern extension of the batholith intrusion contact zone, a geological anomaly known for hosting large-scale copper deposits with no modern exploration. Altair holds a first-mover advantage, being the first company to test the extension of this trend which has without failure made Tier-1 discoveries every ~60 km. The project’s geology is characterized by a combination of porphyry and skarn mineralization, which underpins its exceptional exploration potential.
Within Venatica West, the Irka NE target, a copper-molybdenum-gold porphyry system with a lateral footprint of 4 sq km, has yielded exceptional surface sampling results, including reported historic grades of up to 9.5 percent copper, 4.6 grams per ton (g/t) gold, and 160 g/t silver.
Additionally, a porphyry-skarn target covering a 6 sq km footprint within the contact aureole of the Andahuaylas-Yauri Batholith has historically been mined via small-scale operations, with exploited grades of 4 percent copper at the base of 10 meter pits – and remaining open at depth. These targets align with regional structural controls, consistent with the characteristics of nearby Tier-1 deposits.
Satellite perspective view of Venatica West with rock samples and total field magnetics overlay.
Historic exploration has been conducted highlighting Venatica’s tremendous potential, including geophysical surveys which have delineated two primary anomalies with strong structural controls, providing clear focus areas for future drilling. Over 140 stream sediment and rock chip samples have confirmed high-grade copper mineralization, alongside historical artisanal mining efforts, including shallow pits and shafts, that have validated the presence of high-grade copper near the surface, further supporting the project’s prospectivity.
Within Venatica East, major sets of stream anomalies have been identified over 5 times the background levels for Copper, delineating over 17km strike of anomalous zones for maiden exploration.
Plan view of Venatica Project, including Venatica West (with Irka Prospect) and Venatica East overlaid with stream sediment and rock sample anomalies.
The stream anomalies present at Venatica East are analogous to the Haquira discovery (1.4 Bt @ 0.46 percent copper, taken over by First Quantum for C$650 million in 2010) – sitting along strike Venatica sharing the same trend, host rock and structural controls. Haquira was first identified through similar stream anomalies which, like Venatica, recorded over 5 times background levels for copper.
Summary timeline of Haquira discovery, commencing from stream sediment anomaly which is analogous to Venatica East anomalies
The project benefits from excellent infrastructure and logistics. Venatica is accessible via established road networks and is in close proximity to major mining hubs, ensuring cost-effective exploration and potential future development. The region is well-connected to the electrical grid, and nearby towns offer access to a skilled mining workforce familiar with the operating conditions in the region.
Venatica’s strategic location within one of the world’s most productive porphyry belts further adds to the attractiveness of the project. Neighboring operations, such as Las Bambas (1.87 Bt @ 0.62 percent copper) and Haquira (1.39 Bt @ 0.48 percent copper), highlight the region’s capacity to host massive copper deposits. Altair’s project lies along the same structural corridor, significantly increasing the likelihood of discovering a Tier-1 deposit.
Altair has an aggressive exploration program planned to advance Venatica toward discovery. A drilling campaign is scheduled for Q2 2025, targeting the vertical extensions of the identified porphyry and skarn systems. The drill campaign will be complemented by advanced geophysical and geochemical mapping to refine structural interpretations and geological models. Resource delineation efforts will focus on defining both the lateral and vertical extent of mineralized zones, with the ultimate goal of confirming Venatica’s Tier-1 potential.
Olympic Domain Project – South Australia
Olympic Domain tenements
The Olympic Domain project, located in South Australia’s Gawler Craton, is one of the most promising IOCG (iron oxide copper gold) exploration projects globally. This region hosts renowned assets such as BHP’s Oak Dam and Carrapateena, and the world-class Olympic Dam deposit, underscoring its exceptional mineral potential. With an extensive land package spanning ~831 sq km, the project comprises three key prospects: Horse Well, Pernatty C and Lake Torrens, each with unique geological attributes indicative of Tier-1 mineral discovery potential. The key project area and most advanced target with historic drilling is Horse Well, located 2 km west of BHP’s Oak Dam (1.34 Bt @ 0.66 percent copper and 0.33 g/t gold). Strategically positioned within the Olympic Dam Lineament Corridor, a structural feature closely associated with significant IOCG systems, the project demonstrates substantial geological promise.
The Horse Well Prospect features a large ovoid conductive anomaly measuring 4.2 km in strike length and 1.9 km in width which is significantly larger than BHP’s Oak Dam deposit. Although historic drilling on its own accord is impressive, the recent maiden geophysics model shows these intercepts have narrowly missed the core of this anomaly – including 115 m @ 0.62 percent copper equivalent, 61 m @ 0.33 percent copper equivalent, and 70 m @ 0.67 percent copper equivalent, which confirm the presence of a mineralized halo, highlighting the assets tremendous potential, once intersecting the core of the IOCG.
Horse Well Total Magnetic Intensity (TMI) overlaid with TMI variable reduction to pole
(VRTP) 2nd derivative - SARIG. Shown are two of Altair’s key high-priority magnetic targets.
The Pernatty C Prospect hosts untested conductive anomalies with geological characteristics akin to a high-grade polymetallic deposit, with structural mapping identifying cross-cutting faults acting as conduits for mineralizing fluids.
At Lake Torrens, gravity anomalies two to three times the size of Oak Dam’s suggest the presence of large-scale, untapped IOCG mineralization. Furthermore, Lake Torrens sits on a key annular mantle disruption, similar to the positioning of Olympic Dam and Oak Dam West and is located on the rare PD1 Lineament Corridor, famously used to target the Olympic Dam discovery.
Substantial exploration work has advanced the Olympic Domain project, refined its geological models and identified high-priority targets. Advanced AMT and magnetic surveys have delineated major conductive zones coinciding with structural and magnetic anomalies, located just 5 km northwest of BHP’s Oak Dam deposit, providing a clear focus for exploration. Structural mapping has revealed extensive faulting and brecciation, serving as pathways for IOCG fluid systems.
The project is bolstered by exceptional infrastructure that enhances its development and exploration potential. Proximity to major regional highways ensures efficient logistics for exploration and future operations. The site is also well-positioned near smelters, industrial hubs, and export ports, ensuring access to critical resources and services. South Australia’s mining-friendly jurisdiction provides a supportive regulatory environment and a skilled workforce, further strengthening the project’s viability.
Altair has developed an aggressive exploration strategy to fully unlock the project’s potential. A focused drilling campaign, planned for 2025, will target the untested cores of major geophysical anomalies, including the high-priority ovoid conductor at Horse Well. The company is undergoing negotiations with potential JV partners which will provide a non-dilutive pathway to unlocking full value for the asset and allow Altair to proceed with its endeavours in making a globally significant discovery within its wholly owned Olympic Domain project. Enhancements to AMT and an imminent follow-up TEM will refine anomaly resolution and allow for precise drill targeting. Efforts will focus on validating Tier-1 IOCG targets, with the potential for discoveries comparable to neighboring world-class deposits like Oak Dam.
Management Team
Faheem Ahmed – Chief Executive Officer
Appointed as CEO on March 21, 2024, Faheem Ahmed holds a Bachelor of Engineering and a Bachelor of Project Management. With over seven years of experience, he has a robust background in project evaluation, asset management, data analysis, lifecycle cost analysis, and risk modeling across sectors including infrastructure, mining, health and transport. Prior to joining Altair, Ahmed played a pivotal role in transitioning Viridis Mining & Minerals into the rare earths sector, contributing to its successful exploration and development strategy.
Mordechai Benedikt – Non-executive Chairman
Mordechai Benedikt brings over 12 years of experience in the food import industry and has been actively involved in export trade from Australia to Asia, establishing a vast international network. More recently, he has engaged in commercial property ventures and substantial investments in the public sector. His diverse business background provides valuable insights into strategic decision-making and corporate governance.
Nochum Labkowski – Non-executive Director
As the CEO and principal investor of Halevi Enterprises, a private equity firm, Nochum Labkowski oversees equity holdings in over 30 private companies with global real estate investments. His unique investment approach has yielded significant returns, and his leadership experience contributes to Altair Minerals' strategic growth initiatives.
Jamie Larmont – Non-executive Director
Jamie Larmont is a seasoned mining professional and corporate strategy expert. With a Bachelor of Engineering and over a decade of hands-on experience working with industry leaders, such as BHP and Rio Tinto, he has extensive expertise in operational and project management. Larmont's consultative work further enhances his understanding of operational strategy, project value analysis and corporate communication, making him a valuable asset to the board.
Justin Mouchacca – Company Secretary
Justin Mouchacca is a qualified chartered accountant and fellow of the Governance Institute of Australia, with over 15 years of experience in public company responsibilities, including statutory, corporate governance, and financial reporting requirements. He graduated from RMIT University in 2008 with a Bachelor of Business majoring in accounting and completed the Chartered Accountants Program in 2011. Mouchacca has been appointed company secretary and financial officer for several entities listed on the ASX and unlisted public companies, bringing a wealth of experience in corporate compliance and governance to Altair Minerals.
Chris Anderson – Technical Advisor, Australia
Chris Andersen has extensive expertise in geophysical modelling and targeted drill planning led to the Carrapateena IOCG discovery holes, subsequently sold to Oz Minerals. Carrapateena became Oz Minerals’ flagship asset prior to its AU$9.6B takeover by BHP.
Ken Cross – Technical Advisor, Australia
Ken Cross is a senior geologist at WMC Resources and following a role as senior research geologist at Olympic Dam. He has made significant contributions to IOCG geological modelling and exploration concepts.
Jim Hanneson – Technical Advisor, Australia
Jim Hanneson is a leading geophysicist known for his cutting-edge proprietary techniques and advanced 3D modelling. His expertise has been critical to the success of major discoveries, including Havieron and Carrapateena.
Steven Cooper – Exploration Manager, Australia
Steven Cooper has 35 years of hands-on experience in managing and evaluating mineral exploration programs. Cooper is poised to lead a dynamic new phase of exploration at Altair Minerals.
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High-quality and growing exploration portfolio with potential for large copper and gold deposits
24 June
Successful TEM Simulation at Olympic Domain Project
30 April
ALR March 2025 Quarterly Activities Report & Appendix 5B
24 March
Irka NE Assays Confirm High Grade Copper over 1.1km Strike
16 March
Venatica Assays Confirm High-Grade Copper over 700m Strike
16 February
Fourth Major Copper Porphyry Venatica System Discovered
10h
High-Grade Gold Discovery in First 8 Mile Drill Hole
Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to announce that the first RC drill hole at the 8 Mile target has intersected high-grade gold and ended in mineralisation.
- First RC hole at 8 Mile discovers high-grade gold and ends in mineralisation
- 8 Mile gold mineralisation extends 75m north of tenement boundary
The 8 Mile target is located within the Gidji JV Project (“Gidji” or “the Project”), approximately 15 kilometres north of Kalgoorlie and surrounded by multiple gold mining and processing operations, including Northern Star Resources Limited’s (“NST”) Kalgoorlie gold operations (Figure 1).
The 8 Mile Target is located immediately adjacent to NST’s “8-Mile Dam” gold deposit which, according to the most recent publicly available data, contains an estimated 7Mt @ 1.4g/t Au for 313,977 ounces1.
A limited number of fast-tracked results from the first RC hole, GJRC029, show a wide zone of gold mineralisation with a similar tenor to 8 Mile Dam (18m @ 0.94g/t Au from 480m including 1m @ 6.04g/t Au), approximately 75m north of the tenement boundary, and ended in mineralisation (3m @ 0.52g/t Au).
The Company is awaiting assay results from the remainder of the hole which are expected in 2-3 weeks.
Miramar’s Executive Chairman, Mr Allan Kelly, said the Company was excited to see gold mineralisation continuing onto Miramar’s ground for a significant distance.
“This is the first time we have discovered significant gold mineralisation on our side of the fence, even though the drill hole didn’t end up exactly where we planned it to. The flip side of this is that we have extended the strike of gold mineralisation for over 100m on to our tenements,” he said.
“We’ve also demonstrated a relationship between the IP anomalism and gold mineralisation, which makes the other IP anomalies we have outlined at Gidji even more prospective,” he said.
Figure 1. The Gidji JV Project and 8-Mile Dam in relation to Kalgoorlie and surrounding deposits.
GJRC029 aimed to test an Induced Polarisation (IP) anomaly on the tenement boundary interpreted to represent the sulphide-rich gold mineralisation seen at the neighbouring 8 Mile Dam Deposit.
GJRC029 was collared approximately 10m north of the tenement boundary and mirrored MPGD008, a diamond hole drilled down-dip approximately 40m south of the tenement boundary by KCGM in 2013 and which intersected significant gold mineralisation related to the 8 Mile mafic unit.
Unfortunately, GJRC029 deviated significantly from the planned azimuth and, as a result, by the time the hole was terminated at the target depth of 504m, the drill trace ended up approximately 75m north of the tenement boundary (Figure 2). Despite this, the hole intersected a thick section of the steep westerly- dipping and highly altered 8 Mile mafic unit with widespread sulphide mineralisation, including disseminated magnetite and coarse-grained arsenopyrite, pyrrhotite and chalcopyrite, similar to the 8 Mile Dam Deposit (Figure 3).
Based on visual logging of RC drill chips, handheld portable XRF results and magnetic susceptibility measurements, samples from the bottom 56m of the hole were sent for priority analysis by fire assay at Bureau Veritas in Kalgoorlie.
The results from these initial samples confirm the relationship between the gold mineralisation and sulphides, and a relationship between the best gold mineralisation and coincident magnetic anomalism and elevated Arsenic as measured by handheld portable XRF. The first results also confirm that the IP anomaly is associated with potentially significant gold mineralisation, whilst the significant deviation of GJRC029 away from the planned target increases the potential strike length of gold mineralisation on Miramar’s ground.
Significant results are listed in Table 1, with assay results from the remainder of the hole expected in coming weeks.
The initial RC drilling programme, which also tested two other IP targets, is nearing completion and results will be reported once received and compiled.
Once all assays are received, the Company will plan further RC and/or diamond drill holes including to test the dip and strike extent of the mineralisation intersected in GJRC029.
The Company advises that the WA Department of Mines, Petroleum and Exploration (DMPE) has extended the main Gidji JV tenement, E26/214, for a further five years, and will now expire in March 2030.
Click here for the full ASX Release
This article includes content from Miramar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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16h
Pacgold
Investor Insight
Pacgold is one of Australia’s most compelling gold exploration opportunities, backed by a strong technical team, offering investors exposure to a large-scale, underexplored gold system with significant resource growth potential.
Overview
Pacgold (ASX:PGO) is an Australian gold exploration company focused on the systematic advancement of the Alice River gold project in Northern Queensland. The company is led by a technically driven and highly experienced team of geologists and mining professionals, with demonstrated success in exploration, resource development and capital markets.
Pacgold team on site at Alice River gold project
With a dominant land position in the region, Pacgold holds 377 sq km of exploration permits and eight mining leases across the prospective Alice River Fault Zone (ARFZ). This structure is interpreted as part of a large-scale intrusion-related gold system, with characteristics analogous to major global deposits such as Fort Knox (USA) and Hemi (Western Australia).
The company has validated its model through drilling success at the Central Zone, culminating in a maiden mineral resource of 474,000 oz of gold. This comprises both open pit and underground components, with resource grades averaging 1.2 grams per ton (g/t) gold, and zones open in all directions. Less than five percent of the strike length has been tested, and much of the prospective corridor is obscured by thin sand cover, highlighting strong potential for blind discoveries.
With extensive infrastructure already in place, including an airstrip, accommodation camp and road access within 100 km, Pacgold is positioned to rapidly scale exploration and accelerate resource growth. The 2025 campaign, which includes more than 10,000 metres of RC drilling and new IP surveys, aims to unlock the full regional potential of the ARFZ.
Company Highlights
- District-scale Discovery Potential: Pacgold controls more than 377 sq km of tenure and more than 30 km of strike length across the Alice River Fault Zone (ARFZ), a fertile, underexplored structural corridor in Northern Queensland.
- Maiden Resource: In May 2025, the company published a 474,000 oz gold mineral resource estimate (MRE), covering just five percent of the total strike, confirming high-grade mineralization and strong potential for expansion.
- Aggressive Exploration Strategy: More than 10,000 metres of RC drilling campaign is underway, complemented by air-core and diamond programs, aimed at growing the Central Zone resource and testing multiple regional targets.
- Attractive Valuation Entry: With a market capitalization of just ~AU$10 million and an EV of AU$8.5 million (as of Q1 2025), Pacgold provides a low-cost entry into a potentially Tier 1 gold system.
- Experienced Leadership: The board includes proven mine developers and discovery geologists with prior success at Chalice, AngloGold Ashanti, BHP and Sibanye-Stillwater.
Key Project
Alice River Gold Project
The Alice River gold project is a large-scale, greenstone-hosted gold system centred on the regional ARFZ, located in Northern Queensland. The project area comprises 377 sq km of contiguous tenure, including eight granted mining leases. Pacgold controls over 30 km of strike length along the ARFZ, a major crustal-scale structure that has only recently been systematically explored with modern techniques.
The deposit style is interpreted as an intrusion-related gold system, a highly attractive deposit type known for hosting long-life, large-tonnage gold mines. Examples include the Fort Knox gold mine in Alaska and the Hemi gold project in Western Australia. The Alice River system features sheeted quartz-sulfide veining, extensive sericite-altered zones, and strong IP chargeability responses coincident with surface gold anomalism.
Pacgold’s 2024 and 2025 drilling campaigns have focused on the Central Zone, which yielded the maiden MRE totaling 474,000 oz gold across both open pit and underground resources. The pit-constrained resource includes 10.6 Mt at 1.2 g/t gold (404,000 oz), with a further 1.5 Mt at 1.4 g/t gold (71,000 oz) defined for underground potential. High-grade zones remain open at depth and laterally, with drill spacing still relatively broad (~80 x 80 metres), leaving significant scope for resource expansion.
Beyond the Central Zone, the company has delineated multiple high-priority regional targets along the ARFZ. These include:
- White Lion: A compelling target with surface gold anomalism and a coincident IP chargeability anomaly. A gradient and dipole-dipole IP survey is being extended in Q2 2025, with drilling expected in Q4.
- Victoria and The Shadows: Emerging prospects to the south with limited historical drilling but strong geophysical responses.
- Posie and Southern Target Area: Additional areas along the southern ARFZ strike that exhibit strong structural preparation, geochemical responses and potential for concealed mineralization.
Drilling recommenced in April 2025, with RC drilling underway and air-core and diamond drilling scheduled through Q3 2025. The program aims to increase drill density in resource zones and test underexplored regional anomalies. Pacgold expects up to 15,000 metres of total drilling during the 2025 campaign, coupled with ongoing geophysical targeting, including IP and drone magnetics.
The project is fully permitted, with strong access and logistics, and is located in a low-risk jurisdiction with significant precedent for gold development. With limited historical exploration and clear mineralizing controls now defined, Alice River represents a transformative opportunity to uncover a Tier 1 discovery in an overlooked Australian belt.
Management Team
Matthew Boyes – Managing Director and CEO
Matthew Boyes is a geologist with over 28 years of international experience across mine geology, exploration, corporate leadership and capital markets. He has managed exploration teams and development projects across Western Australia, the Americas and Europe. His technical oversight and commercial strategy guide Pacgold’s resource growth and investor engagement.
Caoilin Chestnutt – Non-executive Chair
A former head of business development at BHP and currently head of technical services at Thiess, Caoilin Chestnutt brings nearly 30 years of experience in global exploration strategy, M&A and deal structuring across multiple commodities. She is also deputy chair of Critical Minerals at the Queensland Exploration Council.
Michael Pitt – Non-executive Director
Michael Pitt is the co-founder of New Century Resources (ASX:NCZ), and former VP of business development at Sibanye-Stillwater (JSE:SSW). He currently leads development at Broken Hill Mines. His expertise in mine redevelopment and business strategy supports Pacgold’s long-term operational execution.
Richard Hacker – Non-executive Director
Former CFO and GM commercial at Chalice Mining (ASX:CHN), Richard Hacker played a key role in the Julimar discovery. He has held leadership roles at Liontown Resources and DevEx. Hacker contributes deep experience in financial oversight and strategic planning for discovery-stage companies.
Bruce Kendall – Non-executive Director
Bruce Kendall is an award-winning exploration geologist with over 30 years in exploration management at AngloGold Ashanti, Chalice Mining, Jabiru Metals and IGO. He was a key contributor to the Tropicana, Julimar and Coyote discoveries, and brings essential geological insight to Pacgold’s targeting and evaluation.
Geoff Lowe – Exploration Manager
As a Competent Person and seasoned exploration geologist, Geoff Lowe is responsible for executing Pacgold’s field campaigns. He has played a central role in resource modeling, target generation and drill program design for the Alice River project.
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16 July
Wide Gold Intercepts at Mt York Support Future Resource Growth
Three diamond drill rigs on site at 1.4Moz Mt York Gold Project, WA, with 56% of Stage 1 resource drilling complete; Results extend mineralisation along strike and at depth; good continuity of higher-grade shoots confirms new structural model
Kairos Minerals Ltd (ASX:KAI) (“KAI” or the “Company”) is pleased to announce results from the first 16 diamond holes drilled at its Mt York Gold Project in WA’s Pilbara, where current resources at the Main Trend sit at 1.4Moz Au. The results are from Gossan Hill (7 holes), Breccia Hill (5 holes) and Main Hill (4 holes) (Table 1), and are shown on drill plan (Figure 1) and long-section (Figure 2).
Highlights
- 36 holes for 10,025m completed at Mt York, ahead of schedule and on-budget; Stage 1 is an 80-hole, 18,000m resource expansion program
- Results for 16 holes received, with best intercepts including:
- 21m @ 1.87 g/t Au from 169m incl 9m @ 3.19 g/t Au (25MYDD009);
- 5m @ 4.26 g/t Au from 299m (25MYDD010);
- 34m @ 0.81 g/t Au from 242m incl 7m @ 2.66 g/t Au from 269m (25MYDD012);
- 24m @ 1.17 g/t Au from 222m incl 7m @ 2.62 g/t Au from 222m (25MYDD016);
- 48m @ 1.03 g/t Au from 227m incl 11m @ 3.38 g/t Au from 264m (25MYDD017).
- Higher-grade mineralisation consistently reported across Main Trend confirming and extending high-grade shoots at all prospects
- Encouraging first results likely to positively impact grades and widths of mineralisation for an updated resource estimate later in 2025
- Drilling accelerated with third diamond drill rig capable of low-angle drilling on site at the highly prospective but under-drilled Main Hill Prospect
Stage 1 drilling aims to boost gold resources at Mt York and test extensions of high- grade shoots ahead of a mineral resource estimate (MRE) update expected in 2H CY25. Stage 2 drilling later in the year or early 2026 aims to convert Inferred resources to higher confidence Indicated resources.
Kairos Managing Director Dr Peter Turner said: “The first results from Mt York continue to reinforce our belief in the potential scale of this project, and we are on track to deliver a new and much improved mineral resource estimate later in 2025 incorporating at least 18,000m of additional drilling results. We continue to ask ourselves ‘how big is the Mt York gold resource’ and will increase and expand Stage 1 drilling if we believe the mineralisation continues to be open which appears to be the case at the moment.
We are seeing good widths of mineralisation in areas where the resource model is unguided and importantly, solid higher-grade gold intercepts within the lower-grade envelopes. From the previous 2023 resource, Mt York has more than 750,000 ounces of gold at 1.6 g/t Au and the current drilling is confirming that high-grade shoots are both horizontal within the system, but also likely to be extensive (>300m) along-strike in both footwall and hangingwall positions. This is great news.
We are drilling the western half of the large Main Hill Prospect where the mineralised banded iron formation (BIF) host rocks attain 100m in true thickness but where topographic challenges previously prevented drilling. With a suitable small-footprint rig now in place, we can see an assemblage of sulphide-bearing BIF in many drill holes in this area that is associated with free-milling gold mineralisation in other parts of the Main Trend.
With drilling scheduled to continue into September and possibly beyond, we look forward to releasing results as they become available.
We are confident Mt York will become one of the Pilbara’s (and Western Australia’s) largest undeveloped gold resources with clean metallurgy once drilling is complete.”
Drill Results
Results from the first 16 holes are shown in Table 1. The Stage 1 drill holes have been designed to test the grades and widths of mineralisation and purposely looking for extensions of higher-grade pods within the entire 3,000m-long Main Trend Gold Deposit. The positions of the drill holes and their results are shown on Figure 1 (plan view) & Figure 2 (long-section).
Holes 25MYDD007 to 25MYDD009 test gaps in the resource model at Breccia Hill and confirm multiple zones of mineralisation, where 25MYDD009 returned high-grade core of 9m @ 3.19 g/t Au from 176m. This confirms the extension of a high-grade pod of mineralisation some 75m away from historic drillhole KMYD040’s result of 10m @ 4.90 g/t Au from 257m1, that confirms that higher-grade mineralisation may well form significant, horizontal zones previously not recognised yet confirmed in recent structural interpretation.
Deeper drilling into the eastern side of Main Hill has infilled and extended mineralisation with holes 25MYDD010, 012, 014 and 017. Big gains in both mineralisation width and grade are captured in hole 25MYDD017 that intercepted multiple zones including 48m @ 1.03 g/t Au from 227m including a higher-grade zone of 11m @ 3.38 g/t Au from 264m. This extends a new zone of high-grade mineralisation on the footwall position and forms part of the horizontal-plunging, high-grade zone drilled >300m to the west in hole 25MYDD012 (7m @ 2.66 g/t Au from 269m) extending to 25MYDD010 (5m @ 4.26 g/t Au from 299m) (see Figure 2). Another 5 drillholes are planned to the west of these holes to test the extension of the high-grade mineralisation for a further 500m to the west (Figure 1).
The results of the mineralised intercepts are considered close to true widths as the mineralisation has been intercepted orthogonally.
A third diamond drill rig (DDH1 drill rig #83) capable of low-angle drilling has been sent to site to accelerate the program, especially at the poorly tested but prospective Main Hill Prospect. Historic drill results of 109m @ 2.09 g/t Au from 50m (MYD24A) entirely in banded iron formation (BIF) host rocks demonstrate the importance of this prospect. The mineralised banded iron formation (BIF) rocks are the thickest (~100m true thickness) in the area but due to the topographic and access challenges around the hill, the Main Hill target has, until now, been inaccessible for drill rigs.
Holes 25MYDD001-006 are largely testing the mineralised banded iron formation (BIF) on the extreme eastern end of the Main Trend at Gossan Hill.
Rig #83 is drilling the Main Hill Prospect extensively from both the northern and southern sides of the hill (see Photo 2) to truly understand the scale of the resource in this area. There is plenty of evidence that high-grade mineralisation exists at this prospect. Results for these holes (25MYDD023, 028, 031, 032, 033, 034 – see Figure 1 and 2 for location of holes) are awaited.
Further drill results are expected throughout July, August and September and will be released to the ASX once routine quality-assurance, quality-control (QAQC) checks have been completed.
Click here for the full ASX Release
This article includes content from Kairos Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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