Astral Resources (ASX:AAR) has updated the resource estimate for the Feysville Project to 5 million tonnes at 1.2 grams per tonne (g/t) for 196,000 ounces of contained gold.
The updated mineral resource estimate (MRE) includes maiden resources for the Kamperman and Rogan Josh deposits, as well as an updated resource estimate for the Think Big deposit.
Astral reports the oxide and transitional deposits at Rogan Josh and Think Big total 1.6 million tonnes at 1.3g/t for 68,200 ounces of contained gold. Meanwhile, the Kamperman deposit’s resource totals 2 million tonnes at 1.3g/t for 83,800 ounces of contained gold.
Feysville’s resource, which was prepared by independent consultant Cube Consulting, is reported using a 0.39g/t gold lower cut-off and is constrained within pit shells derived using a gold price of $2,500 per ounce — the same price used in the Mandilla Gold Project’s July 2023 resource estimate.
Managing Director Marc Ducler says as the company’s understanding of Feysville grew, Astral formed the view that the tenement package has the potential to contribute several 100,000-ounce open pit opportunities to the broader Mandilla Gold Project.
“With today’s Feysville MRE announcement, Astral is well on the way to delivering on this potential,” Ducler says.
“While we acknowledge that using a gold price of $2,500 to constrain the Feysville MRE is too conservative given the current spot gold price exceeds $4,000, we intend to update the group MRE using a more appropriate gold price and cost assumptions as the current data becomes available through advancement of the Mandilla Prefeasibility Study.
“To adjust revenue pricing assumptions prior to gaining certainty over cost assumptions is not considered appropriate.”
Ducler adds that Kamperman offers “significant” growth potential based on the results of a recently completed reverse circulation drilling program.
“These results are not included in the Kamperman MRE; however, one of the reported intercepts — 3m @ 177g/t gold from 74m as part of a broader intersection of 25m @ 24.3g/t gold from 68m in hole FRC3785 — is quite outstanding and suggests there to be scope for considerable upside with further drilling,” he says.
“Similarly, the supergene deposits present at both the Think Big and Rogan Josh MREs are also likely to have a very high conversion rate into a production target.”
Astral remains focused on increasing the group resource estimate through extensional drilling, alongside increasing the geological confidence levels through additional infill drilling.
A reverse circulation and diamond drill rig is currently onsite at Mandilla. Reverse circulation drilling is expected to begin at Kamperman before the Christmas period to undertake infill and extensional drilling.
The company intends to report revised MREs for Mandilla and Feysville in the first quarter of 2025, ahead of an upcoming PFS for Mandilla which will be released in the second quarter of 2025.
The Feysville Gold Project is located within the north-northwest trending Norseman-Wiluna Greenstone Belt in Western Australia.
Astral Resources is a Perth-based gold and base metals explorer focused primarily on gold discoveries in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Astral Resources
