Eastern Resources Limited (ASX: EFE) has provided an overview of its activities for the quarter ending 31 March 2026, highlighting progress at its Marengo Gold Project. The company, an Australia-based ASX-listed, emergent precious metals and critical minerals-focused exploration and development company, confirmed all transaction conditions precedent for the Marengo Farm-in Agreement with BGM Investments Pty Ltd have been satisfied. This agreement, announced in September 2025, commenced its farm-in period on 10 March 2026. The Marengo Gold Project is a high-level Intrusion Related Gold Copper System (IRGCS) within Queensland’s mineral-rich belt, known for historical gold deposits.
The Marengo Goldfield, discovered in the 1870s, has a history of promising exploration. Early hand-picked production reportedly averaged 2.0 ounces per tonne gold. Systematic work by Xenolith Gold in the late 1980s included 39 reverse circulation (RC) drill holes, all encountering gold mineralisation. Significant results from this period ranged from 0.53 g/t to 1.13 g/t Au in ten holes. BGM’s 2018 drilling program also yielded positive outcomes, such as 4m @ 2.05 g/t Au from 13m. Eastern Resources has secured an exploration contractor and approvals to design and commence fieldwork after the Queensland wet season.
Elsewhere, Eastern Resources continued to advance the Environmental Effects Assessment (EES) approval process for its Nowa Nowa Iron Project in Victoria. No exploration activity occurred at the Nowa Nowa Copper Project, Trigg Hill, or Lepidolite Hill Lithium Projects during the quarter. The company also reported reviewing new project opportunities and engaging in commercial discussions for potential acquisitions. Financially, Eastern Resources held approximately $3.08 million in cash and cash equivalents. Related party payments, covering Directors’ fees and consulting services, totalled $148,000 (Excl GST) at normal commercial rates.
