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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.
Gold exploration with highly prospective assets in Western Australia
Sranan Gold Announces Further High-Potential Exploration Targets at the Tapanahony Gold Project in Suriname
Following the closing of Sranan Gold Corp.'s (CSE: SRAN) (FSE: P84) (Tradegate: P84) ("Sranan" or the "Company") oversubscribed private placement announced on June 12, 2025, the Company announces additional targets to its planned inaugural 10,000-metre drill program at the 4.5-kilometre Randy-Poeketi trend of the Tapanahony Gold Project in Suriname.
Each of the target areas (see Figure 1) has been identified by a combination Lidar survey, geophysics, geological interpretation, exploration data from previous operators, field work and, most importantly, local mining activity. The areas currently identified are referred to as Randy's Pit, Randy's Extension, Randy West, Poeketi Pit, West Poeketi, South Intrusion, Enard North and Enard South.
Dr. Dennis LaPoint, EVP Exploration and Corporate Development of Sranan Gold, commented: "Our expanded 10,000-metre drill program marks a major step forward in systematically unlocking the potential of our district-scale property. With an adaptive approach guided by rapid assay turnaround and new structural and lithologic data and analysis, we're confident this program will significantly advance our understanding of the project's scale and resource potential."
Figure 1: Priority exploration targets at the Tapanahony Gold Project, Suriname.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10997/255592_adc68cf7c43238a4_001full.jpg
Randy's Pit is the first priority for drilling, which is based on historical drilling by Iamgold and later mining by local miners at Randy's Pit.
Newly identified zone Randy's Extension is the southeast continuation of the Randy trend, where a potential granite contact — similar in style to mineralization at the Oko West gold discovery in northwest Guyana — may exist. This 1.6-kilometre trend will be explored while the excavator is in the area for drilling at Randy's Pit, leveraging mobilization efficiencies. The goal is to confirm the continuity of the Randy trend beyond its known limits. Drilling will follow.
Newly identified zone Randy West targets a parallel zone immediately west of Randy trend. Two ridges, each roughly two kilometres in length, display evidence of historical pits and alluvial workings, suggesting a nearby intrusive source. As the excavator works at Randy's Pit to support drilling, trenching will commence on these ridges to test for mineralization and to define drill targets along this parallel trend.
The Poeketi Pit target is the site of a recent gold rush starting in 2020. Active mining is characterized by a high-grade, fault-filled vein system. Drilling is planned on the 350-metre-long Poeketi open pit, which hosts five underground shafts, and the 150-metre-long New Pit. In between is a 260-metre ridge due to the fault-filled vein which will be tested first by trenching.
A trenching program is planned at West Poeketi on its southern region to delineate mineralized structures to select drill sites. A northeast striking soil sampling campaign toward the concession's northwest boundary will later be used to extend known mineralized trends and highlight areas for further exploration.
The newly identified South Intrusion target lies to the southeast of the Randy trend, where an arc of shallow auger anomalies closely follows the greenstone-intrusive contact, like Oko and Oko West. Historically, Iamgold panning anomalies in this area indicated a potential source of mineralization. This target region spans five to ten kilometres in strike length.
New identified Enard North and Enard South benefit from detailed Lidar coverage and extensive alluvial mining, both of which highlight the potential of the Enard concession. At Enard South, two large-scale folds were revealed by Lidar, supported by active artisanal mining. The fold axes correspond to catchment anomalies identified in panning by Iamgold. Focused mapping, sampling and auger drilling will be the primary methods to develop targets in this fold-hosted setting that has similarities to the Merian and Rosebel mines.
Qualified Person
Dr. Dennis J. LaPoint, Ph.D., P.Geo. a "qualified person" as defined under National Instrument 43‐101, has reviewed and approved the scientific and technical information in this release. Dr. LaPoint is not independent of Sranan Gold, as he is the Company's EVP Exploration and Corporate Development.
About Sranan Gold
Sranan Gold Corp. is engaged in the business of mineral exploration and the acquisition of mineral property assets in Suriname. The highly prospective Tapanahony Project is located in the heart of Suriname's modern-day gold rush. Tapanahony covers 29,000 hectares in one of the oldest and largest small-scale mining areas in Suriname. There is significant production from saprolite by local miners along a 4.5-kilometre trend, where several areas of mining have been opened.
Sranan Gold is also exploring its Aida Property consisting of five mineral claims covering an area of 2,335.42 hectares on the Shuswap Highland within the Kamloops Mining Division.
For more information, visit sranangold.com.
Information contact
Oscar Louzada, CEO
+31 6 25438975
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
Forward-Looking Statements
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws including, without limitation, the timing, nature, scope and details regarding the Company's exploration plans and results at its projects. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance and results and speak only as of the date of this release.
Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.
Astral Resources Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects