Nov 12, 2024

Iceni Gold Hits 8m @ 1.16 g/t Au at Guyer North, 14 Mile Well Project, Western Australia

Introduction:

Iceni Gold Limited (ASX: ICL) (Market Cap: $14M | Last Close: $0.05 | Cash: ~$2.5M) has reported gold intercepts from aircore (AC) drilling at its 14 Mile Well Gold Project, located between Leonora and Laverton in Western Australia, highlighted by 8m @ 1.16 g/t Au from 72m to end of hole.

Drill Results:

8m @ 1.16 g/t Au from 72m to EOH (including 4m @ 2.0 g/t Au from 72m) [FMAC1098]
4m @ 1.70 g/t Au from 72m [FMAC1099]
5m @ 1.12 g/t Au from 68m to EOH (including 4m @ 1.36 g/t Au from 68m) [FMAC1102]
9m @ 0.70 g/t Au from 56m to EOH (including 4m @ 1.18 g/t Au from 56m) [FMAC1104]‍
7m @ 0.38 g/t Au from 68m to EOH [FMAC1070]

Project Overview:

The 14 Mile Well Gold Project covers approximately 850 km² of contiguous tenements in the Laverton Greenstone Belt. The project is located in a Tier 1 jurisdiction, situated midway between the gold mining townships of Leonora and Laverton and within 75km of multiple high-tonnage capacity operating gold mills.

The project area is largely underexplored, with the majority of tenements never subjected to systematic geological investigation. Iceni is one of the largest landholders in the highly gold-endowed Leonora-Laverton district, with the project located west of several +1-million-ounce gold deposits including Mount Morgan, Granny Smith, Sunrise Dam, and Wallaby.

Program Details:

The latest results come from a third AC drill campaign comprising 76 vertical holes for 5,179m. The program focused on infilling the strong gold anomaly at Guyer North and evaluating the entire granite-greenstone contact position to the south. At Guyer North, four infill east-west drill traverses were completed to bring the line spacing down to a nominal 400m. The drilling has extended the broad +0.1g/t Au anomaly at least 320m further west into the granite host, generating a stronger (>0.5g/t Au) zone of gold mineralization with a strike length of approximately 1,500m, open along strike.

Understanding These Results:

The AC drilling results are considered notable given the wide-spaced nature of the program and its focus on evaluating bedrock beneath transported cover. The consistent gold mineralization (>0.1g/t Au) on multiple adjacent drill traverses has outlined a 6.0km bedrock gold anomaly.

The results are particularly noteworthy as they occur within granite host rock and at or near the end of holes, potentially delineating a larger geochemical footprint of a primary gold system beneath extensive cover. The granite-greenstone contact is completely obscured by up to 35m of transported cover, rendering traditional surface exploration techniques ineffective.

Management Commentary:

Wade Johnson, Managing Director of Iceni Gold Limited:

“The Guyer trend continues to deliver promising gold results that expands the bedrock anomaly from each successive aircore drilling campaign, with the limits yet to be defined. We are very pleased with the recent drill results, which are the best to date and now highlight a stronger signature within the granitic bedrock west of the granite-greenstone contact at Guyer North. This area of elevated gold in granite now provides a key target for follow up aircore drilling that will commence shortly. Our focus to explore targets under thick transported cover at the 14 Mile Well project has delivered early and quick success that we aim to capitalise on. We now have a flagship prospect to focus our exploration efforts on, and one where we are getting closer to a primary source. The pending focussed aircore drilling campaign at Guyer is aimed at delivering multiple locations along the corridor for deeper RC and diamond drilling evaluating the primary system.”

Next Steps & Catalysts:

Multi-element results are pending for separate geological samples collected from the end of holes. This data will help identify the geochemical signature of the bedrock geology and pathfinder geochemistry associated with gold mineralization, providing vectors for future reverse circulation (RC) drilling along the Guyer Trend.

The company is planning an additional focused infill and extensional AC drilling program at Guyer North, scheduled to commence in November. This fourth AC campaign will test the limits of the robust 1,500m long >0.5g/t Au bedrock anomaly and provide targets for a larger RC drill program.

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 its status as a safe-haven asset. The Laverton Greenstone Belt is a premier gold mining region in Western Australia, known for its large-scale, high-grade gold deposits. The strategic location of the 14 Mile Well Project, adjacent to several million-ounce gold deposits and existing infrastructure, positions it favorably within this prolific gold-producing area.

Conclusion:

Iceni Gold's latest AC drilling results at the Guyer Trend have significantly expanded the known gold footprint, outlining a 6km long bedrock gold anomaly. The identification of consistent mineralization, particularly within granite host rock, provides some encouragement for the potential of a larger gold system. With follow-up drilling planned and the project located in a world-class gold district, Iceni pushes forward.

Sources:

ICL Drill Results Announcement

Additional Figures:

Australia

ASX

Gold

Nov 5, 2024