Aureka Reports Highest-grade Gold Assay at Irvine Project to Date

Aureka (ASX:AKA) said on Wednesday (October 15) that it has achieved a milestone at its flagship Irvine gold project, recording the highest-grade assay since the asset's discovery in 2017.

The assay was within a larger 10 metre gold intercept zone, with results as follows:

• 10 metres at 12.1 grams per tonne (g/t) gold from 413 metres, including:
  • 0.3 metres at 183 g/t gold from 413 metres
  • 0.3 metres @t 64.3 g/t gold from 413.8 metres

"We are delighted to confirm that the recent visible gold intercepts are yielding exceptional gold grades at our flagship Irvine project and to report a significant 183 g/t gold intercept,” said Managing Director James Gurry.

Irvine is located 16 kilometres south of the Stawell gold mine in Western Victoria. It forms part of the company’s Stawell corridor asset, alongside the Morning Bill gold-silver-copper project and the Langi Logan gold project.

Irvine has a total inferred mineral resource of 304,000 ounces of gold at 2.43 g/t, including an underground inferred mineral resource of 146,000 ounces of gold at 3.12 g/t.

It also has an exploration target of 280,000 to 420,000 ounces at 2 to 3 g/t.

In a prior announcement on Tuesday (October 14), Aureka said it had intercepted visible gold across three diamond drill holes at Irvine. The company believes the results suggest high-grade potential at the Resolution lode.

Gurry said there could be potential to "rapidly grow the mineral resources" beyond the current level.

Aureka continues to complete diamond drilling at Irvine, with a focus on zones immediately to the south of the inferred mineral resource at the Resolution lode.

Shares of Aureka rose on the news, closing at AU$0.15 on Wednesday and AU$0.155 on Thursday (October 16).

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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.