Western Flank Discovery Opens New Exploration Dimension
Aureka Ltd has announced a significant development at its Irvine Project in Victoria's Stawell Corridor with the discovery of gold mineralisation on the western flank of the Irvine Basalt. This marks the first time gold has been identified on this side, with all previous mineralisation found solely on the eastern flank. Similar to how Sunshine Metals discovers new gold at their Tigertown project, this Aureka Ltd gold discovery represents a potential game-changer for the company's exploration prospects.
The best intercept returned 4.72 g/t gold over 0.32 meters from a relatively shallow depth of 159 meters. Additional mineralisation was encountered at 211 meters, returning 0.62 g/t gold over 1.55 meters.
"It is great to see mineralisation that potentially expands the already substantial size of the Irvine Project where over 300koz of Inferred gold Resource has already been discovered, in addition to the identified 280-420koz Exploration Target range," noted Managing Director James Gurry.
Striking Similarities to the 5Moz Stawell Goldfield
This new Aureka Ltd gold discovery is particularly significant because it shows similarities to the Magdala Basalt which hosts the +5 million ounce Stawell Goldfield. At Stawell, gold was primarily mined from the western flank of the Magdala Basalt until recently, when prospectivity on the eastern flank was also identified. This pattern resembles the recent findings at the major gold system at Hope Hill, where geological structures have proven critical to mineral distribution.
The Irvine Project has developed in the opposite sequence – with mineralisation first identified on the eastern flank, and now confirmed on the western flank as well. This bilateral mineralisation pattern substantially increases the project's potential scale.
| Side of Basalt | Current Status | Potential |
|---|---|---|
| Eastern Flank | 304koz Inferred Resource + 280-420koz Exploration Target | Further expansion with ongoing drilling |
| Western Flank | New discovery (0.32m @ 4.72 g/t Au) | Completely new exploration dimension |
Technical Insights: Understanding Basalt Dome Mineralisation
Basalt domes are key geological structures in Victoria's gold systems, particularly in the Stawell zone. The gold mineralisation at Irvine is associated with a package of steeply west-dipping sheared basalt and meta-sediments offset from the eastern flank of the Cambrian basalt dome.
Gold typically occurs on or adjacent to shear zones, particularly at meta-basalt/meta-sediment contacts where the rheological contrast provides an ideal environment for mineralisation. These contact zones create localised, high-grade gold shoots. The exploration approach here mirrors techniques successfully employed in Marvel Gold's Hanang project acquisition, which also focused on structural controls of mineralisation.
Aureka has identified at least eight basalt domes across its tenements that could potentially host similar gold mineralisation, significantly increasing the exploration potential beyond the current Irvine Project.
Irvine Project: Already Victoria's Largest Undeveloped Gold Project
The Irvine Project, located just 16km south of the Stawell Gold Mine, represents Aureka's most advanced asset. Prior to this new Aureka Ltd gold discovery, the project already boasted:
- 304,000 ounces of inferred gold resources at an average grade of 2.43 g/t
- An exploration target of 280,000-420,000 additional ounces at 2-3 g/t
- Previous high-grade drill results including 5.0m @ 10g/t, 9.4m @ 5.3g/t and 10.8m @ 4.5g/t
With more than $11.5 million invested since acquisition in 2015, the project has steadily grown in scale and now ranks as one of Victoria's most substantial undeveloped gold projects. The methodical exploration approach taken by Aureka shares similarities with Dynamic Metals' Cognac West exploration, which also focuses on systematic testing of geological targets.
What This Means for Investors
This western flank discovery represents a potential step-change in the scale of the Irvine Project. The identification of gold on both sides of the Irvine Basalt mirrors the structure of the nearby 5Moz Stawell deposit, suggesting similar large-scale potential.
For investors, several key takeaways emerge:
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Expanded Resource Potential: The discovery opens an entirely new area for exploration, potentially adding significant ounces beyond the current 304koz resource and 280-420koz exploration target.
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Geological Validation: The similarity to the Stawell Goldfield provides strong geological validation of the exploration model.
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Multiple Growth Catalysts: With assays still pending for the main Exploration Target area, there are near-term catalysts for potential further positive news.
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Victoria's Gold Renaissance: The Aureka Ltd gold discovery adds to Aureka's position as holder of the largest portfolio of advanced exploration projects in Victoria, a region experiencing renewed interest following Fosterville's success.
Future Developments to Watch
Aureka is awaiting further assay results from RD045, including samples from within the planned target zone. The company intends to incorporate this new area of interest into follow-up exploration programmes for the Irvine Project, much like the systematic approach seen at Dart Mining's Triumph Gold Project.
With Aureka's strategy focused on continuous exploration to uncover more of Victoria's high-grade gold, investors should watch for:
- Additional assay results from the current drilling programme
- An updated resource estimate planned for 2025
- Potential expansion of exploration activities on the western flank
- Progress across Aureka's other Victorian gold projects, including Tandarra (49% interest) and St Arnaud
For a company with a substantial 304koz resource already defined and now a completely new exploration dimension, Aureka represents one of the most compelling gold exploration stories in Victoria's resurgent goldfields.
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