Nov 12, 2024

Astral Resources Hits 33m @ 3.75g/t Au at Kamperman Deposit, Feysville Gold Project, Western Australia

Introduction:

Astral Resources NL (ASX: AAR) (Market Cap: $162M | Last Close: $0.14 | Cash: $24M ) has reported significant gold intercepts from its Kamperman Deposit at the 100%-owned Feysville Gold Project near Kalgoorlie, Western Australia, highlighted by 33m at 3.75g/t Au from 58m including 3m at 14.8g/t Au from 75m.

Drill Results:

33m @ 3.75g/t Au from 58m (including 3m @ 14.8g/t Au from 75m) [FRC387]
22m @ 5.21g/t Au from 149m (including 2m @ 30.9g/t Au from 164m and 2m @ 12.2g/t Au from 168m) [FRC389]
22m @ 4.44g/t Au from 105m (including 2m @ 25.9g/t Au from 121m) [FRC388]
6m @ 12.8g/t Au from 76m (including 1m @ 63.4g/t Au from 77m) [FRC385]
24m @ 1.29g/t Au from 80m [FRC381]‍
13m @ 1.14g/t Au from 24m [FRC384]

Project Overview:

The Feysville Gold Project is located within the Norseman – Wiluna Greenstone Belt, approximately 14km south of Kalgoorlie in Western Australia. The project area is situated in a tier 1 mining jurisdiction, with excellent infrastructure access and proximity to major gold operations.

Feysville currently hosts a Mineral Resource Estimate of 5Mt at 1.2g/t Au for 196koz of contained gold across the Kamperman, Think Big, and Rogan Josh deposits. The project is being developed as a potential satellite ore source for Astral's flagship Mandilla Gold Project.

Program Details:

The reported results come from the final 11 holes (1,254 metres) of a 31-hole (3,834 metre) reverse circulation (RC) drill program at Kamperman. The program focused on in-fill drilling, up-dip and down-dip testing of modelled mineralization wireframes, and strike extension drilling. A high-grade gold zone associated with silicification was successfully targeted, confirming geological interpretations.

Understanding These Results:

The high-grade intercepts, particularly in the southern zone of Kamperman, demonstrate the potential for resource growth and grade improvement. The successful in-fill drilling (FRC387, FRC388, FRC389) averaged 112 gram-metres, indicating robust mineralization continuity.

The intercept of 6m @ 12.8g/t Au including 1m @ 63.4g/t Au in FRC385 confirms the presence of a high-grade gold trend oriented in a north-west – south-west direction, which could bode well for the overall grade profile.

Management Commentary:

Marc Ducler, Astral Resources' Managing Director, stated:

“Following the recent release of the maiden Kamperman MRE, it is highly encouraging to now be reporting further high-grade in-fill results and a successful drill test of a previously identified high-grade zone. These results highlight the potential for MRE upside at Kamperman.

“The in-fill drill line (FRC387, FRC388 and FRC389) testing the high-grade southern zone at Kamperman returned excellent results including 33 metres at 3.75g/t Au, 22 metres at 4.44g/t Au and 22 metres at 5.21g/t Au. These three in-fill holes averaged a gold accumulation of 112 gram-metres through this high-grade southern zone. This is clearly a very successful in-fill test and bodes well for the potential to upgrade the MRE in this area.

“A potential high-grade gold zone was also tested with hole FRC385, returning a spectacular intercept of 6 metres at 12.8g/t Au from 76 metres including 1 metre at 63.4g/t Au from 77 metres.

“Previous drilling in the vicinity has seen this characteristically silicified zone intersected in three holes with assay results of 3.7 metres at 12.2g/t Au, 5 metres at 3.11g/t Au and 10 metres at 5.04g/t Au including 1 metre at 28.5g/t Au inFRC350.

“This further successful test of an interpreted high-grade shoot adds confidence as to the continuity of this zone and our ability to interpret controls and presents as further upside to the current Kamperman MRE.

“The RC rig is now progressing with the in-fill and extensional programs at Iris and Eos respectively and, once complete, will be returned to Kamperman to complete a 15-hole (2,110 metre) in-fill program.

“Diamond drilling of four in-fill holes at Theia is progressing well. The first hole of this program has already been completed with, pleasingly, a significant number of occurrences of visible gold observed during the logging process. Plans are underway to secure a second diamond drill rig. This has the potential to increase the rate of progress of both the current four-hole in-fill program at Theia and the geotechnical program required to inform the open pit parameters for the Hestia and Eos open pits in the Mandilla PFS.”

Next Steps & Catalysts:

The RC rig has been relocated to the Mandilla Gold Project to complete an in-fill program at the Iris Deposit and commence a 16-hole program at Eos testing fresh rock gold mineralization. Upon completion, the rig will return to Kamperman for a 15-hole (2,110 metre) in-fill program.

A diamond drilling program comprising four in-fill holes is underway at the Theia deposit within the Mandilla Project. The company is planning to secure a second diamond drill rig to accelerate both the Theia in-fill program and the geotechnical program for the Hestia and Eos open pits.

Commodity Outlook:

Gold serves multiple markets, including investment assets, central bank reserves, jewellery manufacturing and industrial applications in electronics. Currently trading at US$2,622/oz (November 12, 2024), the metal has experienced record highs in 2024 despite recent volatility linked to U.S. political shifts and Federal Reserve policy expectations.

Gold continues to maintain strong fundamentals as a safe-haven asset. The Kalgoorlie region represents a premier gold mining jurisdiction with established infrastructure and a supportive regulatory environment for resource development.

Conclusion:

The latest results from Kamperman demonstrate significant potential to expand and upgrade the current resource base. With mineralization remaining open and multiple targets still to be tested, the Feysville Gold Project continues to show promise as a valuable asset in Astral Resources' portfolio, complementing its flagship Mandilla Gold Project.

Sources:

AAR Drill Results Announcement

Additional Figures:

Australia

ASX

Gold

Jan 16, 2022