St-Georges Eco-Mining (CSE:SX) has started a six-hole, 770m diamond drilling program at its Thormodsdalur Gold Project in Iceland.
Aurania Resources (TSX-V:ARU) is advancing the project under an option agreement with St-Georges and its wholly owned subsidiary Iceland Resources. Aurania has engaged Finland-based Arctic Drilling Company to undertake the month-long program.
Five twin holes will re-test historical intercepts using modern drilling, sampling, and quality assurance and quality control practices.
The sixth will test a new target associated with surface rock-chip samples grading up to 102 parts per million gold. Drill core will be submitted for analysis once the program is complete.
Thormodsdalur, also known as Thor’s Valley, is a low-sulphidation epithermal gold system located about 20km east of Reykjavík.
Gold was first documented in the area in 1903, while exploration and mining between 1911 and 1924 resulted in two shafts and about 400m of underground workings.
Historical records describe a mineralised vein about 1m wide and at least 1km long, with reported grades of 11–315 grams per tonne gold (Au).
Private Icelandic explorer Melmi completed 32 holes totalling 2,431m between 2005 and 2006, reporting results of up to 415.4g/t Au. Iceland Resources notes it acquired Melmi in 2020 and subsequently drilled another 11 holes for 1,780m, returning results of up to 113g/t Au.
Iceland Resources CEO Þórdís Björk Sigurbjörnsdóttir says the new program adds modern exploration methods to a project supported by more than a century of historical work.
“We are particularly pleased to see active drilling return to the project and look forward to working closely with Aurania as it moves toward an initial modern resource definition,” Sigurbjörnsdóttir says.
St-Georges, Iceland Resources, and Aurania signed the option agreement in April 2026 to undertake phased exploration aimed at defining an initial modern mineral resource.
St-Georges Eco-Mining develops mineral-processing technologies and holds exploration and clean-technology assets through several subsidiaries. Its wider portfolio includes the Manicouagan and Julie nickel-copper-platinum group element projects and the Notre-Dame Niobium Project in Québec, Canada, alongside battery-processing and hydrogen initiatives.
Write to France Pinzon at Mining.com.au
Images: St-Georges Eco-Mining
