Aureka (ASX:AKA) has increased its total JORC-compliant resources by 19% to 360,800 ounces, after defining a maiden inferred resource for the Comstock prospect, part of the St Arnaud Project in Western Victoria.
The mineral resource estimate returned 1.45 million tonnes at 1.2 grams per tonne for 56,500 ounces gold.
In addition, the company estimated an exploration target around the inferred resource of 112,000 ounces to 116,000 ounces of gold.
This forms part of a larger exploration target of 392,000 to 536,000 ounces across its entire project portfolio.
Managing Director James Gurry says the company is pleased to define an inferred JORC resource so soon after resuming operations at Comstock, which was a previously mined open pit.
“This has added to our inferred JORC inventory with an additional exploration target across our projects, and demonstrates our ability to deliver value for shareholders from within our portfolio of advanced stage exploration projects,” Gurry says.
The company has begun a diamond drilling program at the project to uncover more potential gold mineralisation, consisting of four drillholes over 1,400m along strike, adjacent to the Comstock pit.
“If these and future drill holes prove successful, we look forward to potentially adding to this maiden JORC resource and exploration target later in the year,” Gurry says.
Previous drilling was conducted in January 2022 on the Nelson Line at St Arnaud which delivered results including 1m @ 13.9g/t gold from within a zone of 25.3m at 1.7g/t, as well as 4.6m at 3.2g/t gold and 26.9g/t silver from 194m.
Aureka, which has a market capitalisation of $12.8 million, is an exploration company focused on the development of gold across its portfolio of projects in Victoria, Australia.
Write to Maddison Elliott at Mining.com.au
Images: Aureka
