CZR Resources Accelerates Drilling at Croydon with $69M Cash Boost

Exploration Momentum Builds at Croydon

CZR Resources Ltd has officially kicked off a new phase of exploration at its Croydon gold project in the Pilbara region of Western Australia. The company has commenced an aircore drilling program targeting a 6-kilometre gravity anomaly on the Eastern Block, a previously untested area with geological characteristics akin to the nearby Hemi gold deposit, which boasts over 11 million ounces of gold.

This initial program involves approximately 180 aircore holes designed to test for extensions of known shallow, high-grade gold mineralisation and to identify buried Hemi-style intrusions. Assay results from this campaign are expected in November, setting the stage for a more extensive reverse circulation (RC) drilling program of around 8,000 metres, subject to heritage approvals.

Strategic Positioning Near a Major Deposit

The Croydon project’s location is a key strategic advantage. Situated roughly 50 kilometres from Northern Star Resources’ Hemi deposit, Croydon shares a similar structural and geochemical signature, including strong gold and arsenic surface geochemistry. Previous limited drilling at Croydon’s Top Camp and Bottom Camp prospects has already confirmed shallow, high-grade gold mineralisation, with notable intercepts such as 27 metres at 3.2 grams per tonne gold.

With the new drilling programs, CZR aims to expand these mineralised zones both laterally and at depth, testing for deeper gravity anomalies that may represent Hemi-style intrusions. This approach reflects a methodical strategy to rapidly advance from discovery towards resource definition.

Robust Financial Position Fuels Exploration

Following the completion of the Robe Mesa iron ore sale in early September 2025, CZR has cleared all outstanding debts and now holds approximately $69 million in cash. This strong balance sheet provides ample funding for the accelerated exploration programs not only at Croydon but also at the Edamurta copper and Yarraloola iron ore projects.

Managing Director Stefan Murphy highlighted the significance of this financial flexibility, noting the company’s swift mobilization of drilling rigs just one week after closing the Robe Mesa transaction. The cash position also enables CZR to actively evaluate capital management strategies, including potential shareholder distributions, once exploration results and tax positions are clearer.

Looking Ahead

The next few months will be critical for CZR as assay results from the aircore drilling inform the scope and focus of the upcoming RC drilling campaign. The company’s ability to confirm extensions of mineralisation and identify deeper intrusive targets could materially enhance the project’s value proposition. Meanwhile, the market will be watching closely for announcements regarding capital management, which could signal returns to shareholders or further investment in growth.