Aureka Reports 10m at 12.1g/t Au at Irvine and Strategic Tandarra JV Review
Aureka Limited reports significant drilling successes at its Victorian gold projects, confirming resource extensions and high-grade intercepts, while initiating a strategic review of its Tandarra joint venture.
- Strong drilling results at Irvine and Comstock projects extend known gold mineralisation
- High-grade gold intercepts include 10m @ 12.1g/t Au at Irvine and 6.9m @ 4.24g/t Au at Comstock
- Strategic review underway for 49% JV interest in Tandarra Gold Project
- Unmarketable Parcel Facility completed, streamlining shareholder register
- Cash position of $2.94 million supports ongoing exploration activities
Exploration Momentum Builds Across Victorian Gold Projects
Aureka Limited (ASX – AKA) has delivered a robust quarter of exploration progress, reinforcing its position in Victoria’s prolific gold regions. The September 2025 quarter saw the company confirm new mineralisation zones and high-grade gold intercepts at its flagship Irvine Project in the Stawell Zone and the Comstock Prospect near St Arnaud.
At Irvine, drilling extended the Resolution Lode mineralisation approximately 220 metres down plunge beyond the existing inferred resource. Notably, assays included 1.18 metres at 4.05 grams per tonne gold from 703.65 metres depth. Subsequent drilling unveiled the Tenacity Hanging Wall Fault, a newly identified structural target that yielded visible gold and exceptional assay results, including a standout 10 metres at 12.1 grams per tonne gold, featuring ultra-high-grade sections up to 183 grams per tonne.
Comstock Project Highlights Potential Resource Expansion
Meanwhile, at the Comstock Prospect, diamond drilling intersected multiple high-grade zones outside the maiden resource boundary. Highlights from hole 25NED001 included 6.9 metres at 4.24 grams per tonne gold and 3.2 metres at 4.71 grams per tonne gold, with visible gold also reported in subsequent holes. These results underscore the continuity of mineralisation and the potential to significantly expand Aureka’s gold inventory in this historically productive region.
Strategic Review of Tandarra JV Signals Portfolio Optimization
In parallel, Aureka initiated a strategic review of its 49% joint venture interest in the Tandarra Gold Project, located in the Bendigo Zone. The review aims to evaluate options including maintaining the stake, partial or full divestment, or converting the interest into a royalty. This move reflects a disciplined approach to portfolio management, focusing resources on the highest-potential assets while exploring value maximisation strategies for non-core holdings.
Financial Position and Shareholder Engagement
Financially, Aureka reported exploration and evaluation expenditure of $1.175 million for the quarter, with cash reserves standing at $2.94 million as of 30 September 2025. The company also completed an Unmarketable Parcel Facility, which reduced the shareholder register and improved trading liquidity. Investor engagement was bolstered through a well-attended webinar featuring senior management, providing transparency on recent drilling successes and strategic direction.
Looking Ahead
With drilling ongoing at Irvine and geological modelling advancing, Aureka is well positioned to build on its recent successes. The December quarter will be pivotal as assay results from recent visible gold intercepts are integrated into resource updates, potentially enhancing the company’s growth trajectory. Meanwhile, the outcome of the Tandarra JV review will be closely watched by investors seeking clarity on Aureka’s strategic priorities.
Bottom Line?
Aureka’s strong drilling results and strategic asset review set the stage for a transformative phase in its Victorian gold exploration journey.
Questions in the middle?
- What are the potential outcomes and timelines for the Tandarra JV strategic review?
- How will recent high-grade intercepts at Irvine impact the next resource upgrade?
- What capital management strategies will Aureka pursue to sustain exploration momentum?
