The Conversation (0)
Astral Resources Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
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
Pacgold: Advancing the Alice River Gold Project in Northern Queensland with Tier 1 Discovery Potential
Pacgold (ASX:PGO) is an Australian gold exploration company advancing the high-potential Alice River Gold Project in Northern Queensland. Led by a technically driven and experienced team with proven success across exploration, resource development, and capital markets, Pacgold is applying a systematic, discovery-focused approach to unlock the project’s value.
The company holds a dominant 377 sq km land package, including eight mining leases, along the highly prospective Alice River Fault Zone (ARFZ) — a major structural corridor interpreted to host an intrusion-related gold system analogous to globally significant deposits such as Fort Knox (USA) and Hemi (WA).
The Alice River Gold Project is a large-scale, greenstone-hosted gold system located in Northern Queensland, centered along the regionally significant Alice River Fault Zone (ARFZ). The project covers 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 the focus of systematic exploration using modern techniques, offering significant untapped discovery potential.
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.
This Pacgold profile is part of a paid investor education campaign.*
Click here to connect with Pacgold (ASX:PGO) to receive an Investor Presentation
High-Grade Gold Discovery in First 8 Mile Drill Hole
- 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.
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.
Astral Resources Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects