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02 February
Astral Resources
Investor Insight
Astral Resources presents a compelling investment case as an ASX-listed gold explorer with a 1.46 Moz resource base in Western Australia's premier Kalgoorlie region, anchored by its flagship Mandilla project which demonstrates robust economics with an AU$442 million NPV and 11-year mine life.
Overview
Astral Resources (ASX:AAR) is a gold mineral exploration company with three gold projects in tier 1 mining jurisdictions of Western Australia. The three assets are the Mandilla gold project, the Feysville gold project, and the Carnilya Hill gold project. The flagship and 100 percent owned Mandilla gold project has a mineral resource containing 1.27 million ounces (Moz) of contained gold. The other key project, 100 percent owned Feysville, hosts an updated Mineral Resource Estimate (MRE) of 5.0 Mt at 1.2g/t gold for 196 koz of contained gold . Feysville could potentially become a satellite source of high-grade ore feed for the flagship Mandilla gold project.
The scoping study completed at Mandilla unveils robust project economics. The cornerstone of the scoping study is the Theia deposit, which alone accounts for 81 percent of the total Mandilla mineral resource estimate. The deposit hosts a mineral resource estimate of 29 Mt at 1.1 g/t gold for 1.02 Moz of contained gold in one large open pit. The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. The study outlines compelling financial metrics, including NPV@8 percent of AU$442 million, free cash flow of AU$740 million, and a payback period of nine months.
Astral benefits from a team of professionals boasting extensive expertise in geology and mining.
The company is led by managing director Marc Ducler, who has more than two decades of experience in the mining industry. The management team has a proven track record of executing several successful exploration and development projects, as well as M&A.
Company Highlights
- Astral Resources is an ASX-listed gold exploration company in the Kalgoorlie region of Western Australia, a tier 1 jurisdiction and a mature mining region with a successful development history and granted mining leases.
- The company has three assets - the Mandilla gold project, the Feysville gold project, and the Carnilya Hill gold exploration project.
- The focus is on advancing its flagship Mandilla gold project, with a mineral resource estimate of 37 Mt at 1.1 g/t gold for 1.27 Moz.
- The scoping study at Mandilla highlights the project’s robust economics with a mine life of 11 years, NPV@8 percent of AU$442 million, and free cash flow of AU$740 million.
- Mandilla’s cornerstone Theia deposit comprises 81 percent of the project’s resources, contains 29 Mt at 1.1 g/t gold, with 1.02 Moz of contained gold in one large open pit.
- Updated JORC 2012 mineral resource estimate (MRE) at the Feysville gold project is 5.0Mt at 1.2g/t gold for 196koz of contained gold.
- Including the Mandilla MRE of 37Mt at 1.1g/t gold for 1.27Moz of contained gold, Astral’s total gold MRE is now calculated to be 42Mt at 1.1g/t gold for 1.46Moz of contained gold (Group MRE).
- The company is led by an experienced team with a proven track record of advancing projects to development and M&A.
Key Projects
Mandilla Gold Project
The Mandilla gold project is located within the northern region of the Widgiemooltha greenstone belt, approximately 70 kilometers to the south of the prominent mining hub of Kalgoorlie, Western Australia. Mandilla includes four deposits namely, Theia, Iris, Eos and Hestia. The cornerstone of the project is the Theia deposit, constituting 81 percent of Mandilla's resources, totaling 29 Mt at a grade of 1.1 g/t gold, amounting to 1.02 Moz of contained gold in a single open pit. Mandilla has a total mineral resource estimate of 37 Mt at 1.1 g/t gold for 1.27 Moz.
The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. Astral estimates the pre-production capital spend at AU$191 million, and the project is anticipated to generate a free cash flow of AU$740 million (assuming a gold price of A$2,750/oz). The project’s NPV @8 percent is estimated at AU$442 million, and the IRR at 73 percent.
Drill collars at Theia deposit
Astral continues to advance exploration and resource expansion efforts at Mandilla. The company recently completed a four-hole 1,762-metre in-fill diamond drilling program at the Theia deposit late last year. Best results included: 28 metres at 2.63 g/t gold, 15.5 metres at 1.81 g/t gold, 9.6 metres at 27.6 g/t gold, 2.4 metres at 169.1 g/t gold, 24.9 metres at 4.14 g/t gold and 72.2 metres at 1.15 g/t gold.
Astral has commenced work on a pre-feasibility study at Mandilla, which is due in the June quarter 2025.
Feysville Gold Project
The Feysville project is situated in Australia's premier gold belt, merely 14 km south of the Golden Mile deposit, which boasts 70 million ounces, located in Kalgoorlie. The project's updated JORC 2012 MRE indicates 5.0 Mt at 1.2 g/t gold for 196 koz of contained gold. Including the Mandilla MRE of 37 Mt at 1.1 g/t gold for 1.27 Moz of contained gold, Astral’s total gold MRE is now calculated to be 42 Mt at 1.1 g/t gold for 1.46 Moz of contained gold (group MRE).
At Feysville, Astral is focusing on the high-grade Kamperman prospect. A recent 31-hole (3,834 m) reverse circulation (RC) drilling program at Kamperman returned encouraging assay results. The latest drilling program returned best assay results of 33 metres at 3.75 g/t gold, 22 metres at 5.21 g/t gold, and 22 metres at 4.44 g/t gold. This high success rate continues to indicate that Kamperman has the potential to be a substantial source of high-grade satellite ore for the Mandilla processing plant.
Carnilya Gold Project
The Carnilya Hill gold project is situated about 20 kilometers south-southeast of the company's Feysville project and approximately 40 kilometers southeast of Kalgoorlie, Western Australia. The project encompasses various tenements – M26/047-049, M26/453 – spanning approximately 2.65 sq. km. Astral holds rights for gold mining, while Mincor Resources NL (ASX:MCR) holds rights to nickel and other minerals.Management Team
Mark Connelly – Non-executive Chairman
Mark Connelly is a mining industry veteran who has held positions of CEO and managing director with several multinational companies across many jurisdictions, including Australia, North America, South America, Africa and Europe. He has a proven track record in deal making and was principally responsible for the merger of Papillon Resources and B2 Gold Corp in October 2014 (value US$570 million), as well as the key person responsible for the merger of Adamus Resources and Endeavour Mining for US$579 million. He is currently the non-executive chair of Calidus Resources, Omnia Metals Group, Alto Metals, Warriedar Resources and Nickel Search.
Marc Ducler – Managing Director
Marc Ducler has more than 20 years of experience in the mining industry. He has held senior operational management roles with GoldFields, BHP, Fortescue Metals, MRL and Roy Hill. He was also the managing director of Egan Street Resources (a gold exploration and development company) until it was acquired by Silver Lake Resources (ASX:SLR).
Peter Stern – Non-executive Director
Peter Stern has experience in corporate advisory, specializing in M&A and capital raising. He has spent six years with Macquarie Bank and three years with UBS and Deutsche Bank. He is a graduate of Monash University with a Bachelor of Science (geology major). Stern is a fellow of the Australian Institute of Company Directors and the chairman of Troy Resources.
David Varcoe – Non-executive Director
David Varcoe is a mining engineer with over three decades of experience. He has extensive operational and managerial experience across various commodities, including gold, iron ore, copper, diamonds, coal, uranium and rare earths. His expertise spans board positions, operations management, project management and consulting. Varcoe is a principal consultant with the leading Australian firm AMC Consulting.
Justin Osborne – Non-executive Director
Justin Osborne is a geologist with over 30 years of experience in exploration. He was previously the executive director at Gold Road Resources (ASX:GOR), where he played a crucial role in developing the world-class Gruyere gold deposit (6.6 Moz gold). Osborne also held senior positions on the exploration executive team at Gold Fields. He was instrumental in developing the Damang Superpit project in Ghana and achieved significant discovery success at the St Ives gold mine.
Brendon Morton – Chief Financial Officer & Company Secretary
Brendon Morton has over 20 years of experience, particularly in the global resources sector across Australia, Africa and Asia. He has held several executive financial and company secretarial roles with ASX-listed and unlisted companies in the resources industry.
Steve Lampron – Technical Services Manager
Steve Lampron is a mining engineer with more than 20 years industry experience. As well as having worked in production roles for companies such as Placer Dome, Barrick and North American Palladium he has also worked as a Consultant for over 10 years.
Julie Reid – Geology Manager
Julie Reid has 36 years of experience working across Australia, Vietnam and Indonesia, covering a variety of commodities in diverse geological terrains. She holds a Bachelor of Applied Science from Curtin University of Technology.
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Finding Gold: Exploring New Zealand’s Next Big Discovery
Despite its rich mining legacy, New Zealand remains one of the most underexplored frontiers for gold in the developed world. Now, with advanced exploration tools and a new generation of explorers, the country is emerging as a hotbed of untapped investment opportunity.
Modern exploration activities and promising geologies across the country may offer indications of where New Zealand’s next big gold discovery could be.
Golden legacy
New Zealand's gold-mining history dates back to the 19th century, with historic rushes in Otago and the Coromandel regions. Two standout deposits have cemented the country's credentials — the Martha mine near OceanaGold's (TSX:OGC,OTCQX:OCAND) Waihi operations, and the Macraes mine in Otago, also operated by OceanaGold. Macraes is the country’s largest active gold mine, producing more than 5 million ounces since 1990. Meanwhile, the Martha underground mine continues to yield ore from epithermal gold-silver veins that were first mined in the 1880s.
These cornerstone projects reflect two dominant geological settings in New Zealand: orogenic gold systems in Otago and epithermal deposits in the North Island. Yet despite this foundation, much of the country's gold-rich terrain remains untouched by modern exploration.
Leveraging underexplored regions
New Zealand’s reputation as a politically stable, low-risk jurisdiction makes it a compelling place for mineral exploration. But it is the vast areas of underexplored ground that are drawing fresh interest.
In particular, Southland and Central Otago have emerged as areas of growing excitement. These southern regions are underlain by the same prospective terranes as the Macraes deposit but have seen limited drilling and modern geophysical work. Sparse population, favorable land access and existing infrastructure further bolster their potential.
These multiple factors — geology, infrastructure and technology — make a compelling proposition for these regions as the likely location for the next generation of new gold discoveries.
Today’s explorers in New Zealand are armed with advanced geophysical surveys, structural modeling and machine learning algorithms that help refine drill targeting and reduce risk.
Companies like Rua Gold (CSE:RUA,OTCQB:NZAUF), Santana Minerals (ASX:SMI) and New Age Exploration (ASX:NAE) are leading the charge. Rua is targeting high-grade epithermal systems in the North Island.
Santana has seen encouraging drill results at its Rise and Shine project in Otago. Meanwhile, NAE is focused on Central Otago and is applying new tools to revisit overlooked terrain.
Investment spotlight: New Age Exploration
NAE is strategically building a district-scale gold exploration presence in New Zealand, underpinned by advanced technical execution and an experienced board. Its focus spans two highly prospective regions: the Otago South gold project and the Marlborough project — both located within historically mineral-rich but underdrilled terrains.
The Otago project lies within the Otago Schist Belt — home to the Macraes mine — a region widely regarded as one of New Zealand’s most underexplored playgrounds for orogenic gold. NAE holds a substantial tenement package exceeding 1,000 square kilometers, covering a contiguous stretch that incorporates priority targets such as Lammerlaw, Otago Pioneer Quartz (OPQ) and Manorburn. These areas were selected based on historic workings, strong soil and rock-chip geochemistry, as well as structural/geophysical anomalies indicative of Macraes-style mineralization.
At Lammerlaw, the company completed five reverse circulation holes (totaling 458 meters) in its maiden drilling program. The campaign successfully intersected sulfide-mineralized shear zones and quartz veining typical of high-grade schist-hosted systems. These results align with regional structural trends, and NAE has prudently secured EP 61110 (Waipori) to expand control along the same structural corridor. Results from this first-phase drilling are pending, with a planned Phase 2 drilling campaign slated for early 2026 — targeting newly defined or previously inaccessible zones.
The broader Otago package also includes the OPQ project, which hosts a 6 kilometer gold-bearing shear zone with surface rock-chip grades exceeding 1.4 grams per tonne gold, and the recent addition of the Manorburn permit (approximately 222 square kilometers) adjacent to Santana Minerals’ Bendigo-Ophir discovery, further expanding NAE’s control to approximately 558 square kilometers in the Otago schist belt.
To complement Otago’s high-grade potential, NAE also secured the Marlborough project, encompassing 499 square kilometers within the Marlborough Schist Belt, considered a structural analogue to Otago but previously underexplored. This project diversifies NAE’s exposure and supports a multi-pronged gold discovery strategy.
Driving NAE’s strategy is chairman Alan Broome AM, a highly regarded figure in the Australian mining industry with more than four decades of experience across mining, technology and government advisory roles. A former director of multiple ASX-listed resource companies, Broome brings deep insight into project development and strategic leadership.
Complementing this is a superb local technical team led by Kerry Gordon, a New Zealand-based geologist with extensive experience in Otago-style gold systems, and James Pope, a structural geologist with a deep understanding of the region’s mineralization controls.
Investor takeaway
With New Zealand on the verge of new and significant gold discoveries, investors looking to evaluate early-stage success in the country’s exploration sector should watch for:
- High-resolution geophysical anomalies aligned with shear zones or known fault systems.
- Soil or rock chip assays that detect gold pathfinders like arsenic, antimony or tungsten.
- Drill intercepts with visible sulfide mineralization or quartz vein textures.
- Permit expansion and land consolidation, which point to long-term development strategy.
- Teams with clear communication and technical expertise — an area where NAE stands out.
With favorable geology, strong project economics and world-class leadership teams, New Zealand is quickly becoming a global focus for orogenic and epithermal gold exploration. For investors seeking discovery-stage exposure with substantial upside, early mover explorers may be writing the next great chapter in the country's gold story.
This INNSpired article is sponsored by New Age Exploration (ASX:NAE). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by New Age Exploration in order to help investors learn more about the company. New Age Exploration is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with New Age Exploration and seek advice from a qualified investment advisor.
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