Aureka (ASX:AKA) is aggressively pursuing its gold exploration strategy across its Victorian portfolio, with ongoing drilling operations at both the Irvine and St Arnaud projects. Managing Director James Gurry emphasized the company’s commitment to expediting development pathways by actively drilling and integrating results into a larger gold inventory. Aureka reported a 19% increase in total JORC-compliant resources in late May, reaching 360,800 ounces, driven by the maiden inferred resource at the Comstock prospect within the St Arnaud Project. The mineral resource estimate for Comstock revealed 1.45 million tonnes at 1.2 grams per tonne, containing 56,500 ounces of gold.
Gurry also indicated the potential for a corporate transaction within the next year, involving the divestiture of non-core assets to streamline the company’s portfolio. Aureka believes the current high gold price environment makes its portfolio attractive to potential suitors. The company aims to demonstrate significant value creation for shareholders, building upon its re-branding efforts and establishing itself as a serious player in the gold exploration sector. Previous drilling at the Nelson Line within St Arnaud yielded promising results, including 1m @ 13.9g/t gold from within a zone of 25.3m at 1.7g/t, underscoring the potential of the project.
