Aureka (ASX:AKA) has confirmed gold mineralization on the western flank of the Irvine Basalt at the Resolution lode, potentially opening up a new area of gold prospectivity at its Irvine Gold Project. The initial assay results show similarities to the Magdala Basalt, which hosts the Stawell Goldfield. Aureka, with a market capitalization of $12.8 million, is reviewing follow-up programs to incorporate the new area of interest at Irvine. Managing Director James Gurry stated that the new mineralization validates Irvine as a substantial undeveloped gold project. The best result reported includes 0.32m @ 4.72 grams per tonne gold from 159m.
Previous drilling had allowed Aureka to define a JORC-compliant mineralisation resource of 304,000 ounces of gold at Resolution. Aureka’s flagship Irvine Gold Project is located 16km south of the Stawell Gold Mine in western Victoria. More than $11.5 million has been spent on the asset since 2015. Australia’s gold output is projected to rise to 377 tonnes a year by 2029-30, according to the Department of Industry, Science and Resources. Production in 2024 was impacted by planned outages and rain. An increase in Australian production is anticipated over the forecast period, as a pipeline of gold projects progresses.
