Astral eyes Theia’s further resource upside

Astral Resources (ASX:AAR) continues to demonstrate the presence of a ‘high-grade’ assay population within its Theia deposit, as part of the Mandilla Gold Project in Western Australia. 

A 6-hole 1,822.3m diamond drilling program was completed at Theia in November, with the first 3 assay results returning broad zones of ‘high-grade’ gold mineralisation, 

The $57.89 million market capitalisation company reports ‘exceptional’ intercepts from drillhole MDRCD828 includes 39m @ 5.43 grams per tonne (g/t) gold (Au) from 279m, including 1m @ 199g/t Au from 279.6m. 

Astral Resources Managing Director Marc Ducler says the company has continued to highlight the ‘significant’ growth potential of its Mandilla project. At the same time he says Astral continues to complement the July Mineral Resource Estimate (MRE) update and Scoping Study outcome in September.

“The July 2023 MRE update – which saw the Mandilla resource pass 1.27Moz – demonstrated our proven ability to deliver cost-effective resource growth while, importantly, also increasing in the higher confidence Indicated Mineral Resource category. 

This allowed the Astral team to complete the maiden Mandilla Gold Project Scoping Study, which outlined an 845,000oz production target, with 70% of the potential gold production sourced from the indicated category.

These latest diamond drill results further reinforce the significant upside potential of the project as we continue to enhance our understanding of the complexities of the Mandilla gold deposits.”

The upper interval of gold mineralisation from drillhole MDRCD828 supports the current MRE interpretation on this section. 

Astral says this is likely to support an increase in the resource confidence to the indicated category in this area at Theia.

Ducler says in addition to the advancements made at Mandilla, Astral’s Kamperman prospect within the Feysville project has increased and now represents a ‘significant high-grade’ target. 

“This has been followed up with a 3-hole diamond drill program for which assay results are expected in the New Year. Further testing of the high-grade potential at Feysville will commence by mid-January with both aircore and reverse circulation (RC) drilling.”

The Mandilla Gold Project sits in the northern Widgiemooltha greenstone belt in Western Australia. The project’s current MRE includes 37 million tonnes (Mt) @ 1.1g/t Au for 1.27 million ounces (Moz) of contained gold. 

Astral Resources is a Perth-based gold and base metals explorer with assets in Western Australia. 

As of 30 September 2023, the company had $4.1 million cash at hand, according to its latest quarterly report.

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Images: Astral Resources
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.