Evergold Minerals Hits Best Grade Yet at Duchess of York, Mt Monger

Evergold Minerals Drills Best Grade Yet at Duchess of York as Gold System Grows in Scale and Continuity

Evergold Minerals Limited (ASX: EG1) has reported further assay results from its 2026 reverse circulation drilling program at the Duchess of York Prospect within the Mt Monger Gold Project in Western Australia, with the latest batch delivering the highest-grade intersection of the program so far. According to the ASX announcement, results from a further 15 RC drill holes continue to show both high-grade intervals and broad mineralised zones, while assays have now been received for 80% of the 2026 RC program, representing 2,180 of 2,667 samples submitted.

The results matter because they continue to support Evergold's interpretation of Duchess of York as a broad, structurally controlled gold system extending from surface to depths of more than 100 metres. For investors following ASX gold exploration stocks, the combination of shallow mineralisation, wider zones, and mineralisation remaining open at depth can be an important indicator that further drilling may continue to expand the known footprint.

The Numbers That Stand Out

The latest drilling update shows a mix of narrow high-grade hits and thicker lower-grade intervals. That combination is often important in gold exploration because it can point to both a stronger core and broader surrounding mineralisation.

Among the strongest assays reported in this batch were:

• 2m at 7.90 g/t Au from 43m in MM26RC0009
• 3m at 5.11 g/t Au from 3m, including 1m at 11.46 g/t Au, in MM26RC0012
• 1m at 4.91 g/t Au from 28m in MM26RC0024

The broader intersections were also material:

• 19m at 1.48 g/t Au from 56m in MM26RC0010
• 18m at 1.23 g/t Au from 8m in MM26RC0026
• 25m at 1.00 g/t Au from 57m within a broader 61m at 0.62 g/t Au in MM26RC0018
• 12m at 1.19 g/t Au from surface in MM26RC0016
• 8m at 2.14 g/t Au from 1m in MM26RC0015
• 22m at 1.80 g/t Au from 59m, including 8m at 3.38 g/t Au, in MM26RC0024

Below is a summary of key reported intercepts from the update.

These results are reported as downhole intersections. The company stated that true widths are not yet confirmed.

Mineralisation Remains Open at Depth

A key point in the drilling update is that the system has not yet been closed off by drilling. In the report, Evergold noted that hole MM26RC0014 ended in mineralisation, with the final metre returning 1.15 g/t Au from 104m to 105m.

Why Does That Matter?

In exploration terms, a hole ending in mineralisation can suggest the gold system continues beyond the current drill depth. It does not confirm the extent, but it does support the case for further drilling below the current limit.

The company also stated that the latest results continue to indicate that mineralisation is broader and flatter-lying than previously interpreted, with the system remaining open down-dip. That revised understanding may be important for Phase 2 RC drilling, which is planned to test down-dip, along-strike and offset extensions.

Historical drilling had already returned strong results at Duchess of York, including:

• 3m at 17.6 g/t Au from 13m in YDC014
• 20m at 2.87 g/t Au from 56m in YDC135

Furthermore, according to the company, the 2026 drilling has now confirmed multiple broad zones extending below previous drilling, adding to confidence in the scale and continuity of the system.

"What is exciting about these results is what they tell us about the scale of the opportunity at Duchess of York. Duchess of York is increasingly becoming the template for exploration across the broader Mt Monger Project. As our understanding of this system improves, so too does our confidence in applying the same geological model across a growing pipeline of regional targets."

— Glenn Grayson, Director, Evergold Minerals

Understanding the Geology at Duchess of York

The geological setting is central to this drilling update because Evergold is using it as the basis for broader exploration across Mt Monger. In the announcement, the company said the 2026 RC drilling program was designed to test extensions of known gold mineralisation within the Gladiator Fault corridor, where mineralisation is spatially associated with a felsic, sanukitoid-affinity intrusive.

What Is a Structurally Controlled Gold System?

A structurally controlled system is one where gold is concentrated along breaks, faults or shears in the rock. These structures can act as pathways for mineral-rich fluids moving through the ground. If those fluids cool or react with surrounding rocks, gold can be deposited in economically interesting concentrations. At Duchess of York, Evergold interprets the Gladiator Fault as one of the key geological controls.

What Is a Sanukitoid Intrusive?

A sanukitoid is a type of ancient igneous rock. In gold districts, these intrusive rocks can be important because they may be linked to the heat and fluid movement that help concentrate gold. The company's interpretation is that gold at Duchess of York is associated with a felsic intrusive body near the fault zone, a setting also seen elsewhere across the Mt Monger district.

Why Should Investors Care About the Geological Model?

Exploration success is often more valuable when it can be repeated. If the geological setting that appears to be working at Duchess of York is also present at other prospects across Mt Monger, Evergold may be able to apply the same targeting approach more widely. That does not guarantee further discoveries. It does, however, provide a clearer framework for where the company plans to drill next.

Technical Glossary:

• RC drilling: A commonly used drilling method that brings rock chips to surface for sampling, widely used in early-stage gold exploration because it is relatively fast and cost effective.
• g/t Au: Grams of gold per tonne of rock, the standard way gold grades are reported.
• Open at depth: Mineralisation has not been cut off by drilling and may continue lower.
• Along strike: Refers to the horizontal direction of a mineralised structure or zone.
• JORC 2012: The Australian reporting standard used for disclosing exploration results and mineral resources.

What Comes Next from Mt Monger?

With 80% of assays now received, the remaining results from the 2026 RC campaign are expected in the coming weeks. These include assays from Evergold's maiden RC drilling at the Gladiator Prospect. The company also outlined several near-term activities across Mt Monger and Leonora.

The aircore program may be especially relevant because it is intended to test whether the geological setting identified at Duchess of York is repeated elsewhere across the project area. Aircore drilling is a shallow method often used for first-pass target testing over larger areas.

Leonora Provides a Second Stream of News Flow

While Duchess of York remains the immediate focus, the ASX update also confirmed progress at the Leonora Goldfields Project. Evergold has completed a regional soil geochemical survey at Craig's Rest, with 1,320 soil samples collected and submitted for multi-element analysis.

The work is targeting the Wonder and Black Cat structures, described by the company as priority structural targets that remain largely untested. Results are expected within four to six weeks, after which they will be combined with historical drilling and a planned drone magnetic survey to refine targets for follow-up work.

Craig's Rest already hosts a JORC 2012 Inferred Mineral Resource of 48,600oz Au at 1.38 g/t Au from 1.096 million tonnes, within a broader Leonora Goldfields Project resource base of 63,000oz Au. For investors, this second project front may help diversify exploration news flow beyond Mt Monger over the coming months.

Why the Update Matters for ASX Gold Investors

This ASX announcement does not present a resource estimate or an economic study. It remains an exploration update. Even so, several points stand out from an investment perspective.

First, the latest assays continue to support scale and continuity at Duchess of York. Broad intervals across multiple holes can be important where a company is trying to demonstrate that mineralisation is not limited to isolated narrow veins.

Second, there is still a high-grade component within the system. The reported 2m at 7.90 g/t Au in MM26RC0009 is the best grade of the program to date, while MM26RC0012 returned 1m at 11.46 g/t Au within a shallow intercept.

Third, the system remains open at depth, with MM26RC0014 ending in mineralisation. That gives the planned follow-up drilling a clearly defined target. In addition, the geological model appears to have district-scale implications, at least in the company's interpretation.

Finally, Mt Monger is located close to existing regional processing infrastructure. Evergold noted that the project is less than 5km from Vault Minerals' 1.2 Mtpa Randalls Gold Mill, with other processing facilities also within 50km. Whilst this does not imply a development outcome, proximity to infrastructure can be relevant when investors assess the long-term pathway for a discovery.

The Takeaway

According to the latest ASX drilling update, Evergold Minerals has continued to add weight to its interpretation of Duchess of York as a broad and growing gold system within the Mt Monger Gold Project. The new results combine the highest-grade hit of the 2026 program with multiple thicker mineralised intervals, while drilling has yet to define the lower extent of the system.

With remaining assays still to come, including maiden RC results from Gladiator, and a regional aircore campaign due to begin shortly, the next phase of news will likely focus on whether the Duchess of York geological setting can be repeated elsewhere across the project. For investors tracking ASX gold exploration, that repeatability question may become just as important as the individual drill results themselves.

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