Iceni Gold Advances Goose Well Drilling Program in Western Australia

The Iceni Gold Ltd Goose Well drilling program represents a pivotal exploration initiative, as Iceni Gold Limited (ASX: ICL) has completed comprehensive validation work and advanced its flagship Goose Well target to drill-ready status. The company is set to commence a significant 2,600-metre reverse circulation (RC) drilling program in late March 2026, marking a critical milestone for the 14 Mile Well Gold Project, strategically positioned between the major gold mining townships of Leonora and Laverton in Western Australia's Eastern Goldfields.

Promising Geological Setting Emerges at Goose Well

The target area has revealed compelling geological characteristics that mirror some of the region's most significant gold discoveries. The Goose Well Intrusive Complex (GWIC) comprises a multi-phase monzo-granite/quartz-syenite intrusion within a structurally complex mafic greenstone sequence—a geological setting analogous to major deposits including Wallaby and Jupiter.

Key Geological Features:
• Strong magnetic anomaly interpreted as magnetite-reaction rim surrounding the GWIC
• Multiple generations of brittle-ductile faults and shear zones identified through surface mapping
• Late-stage lamprophyre dykes recognised throughout the prospect
• Circular vegetation feature visible in aerial imagery defining the intrusive complex

Furthermore, the geological complexity observed at Goose Well provides multiple avenues for gold mineralisation, particularly where structural controls intersect with favourable host rocks.

Managing Director Highlights Strategic Importance

"The prospect sits within a favourable geological setting where multi-phase intrusions, including syenite, are interpreted to be spatially associated with gold mineralisation like what is observed at the nearby Jupiter and Wallaby Deposits," said Wade Johnson, Managing Director.

The company's confidence in the Iceni Gold Ltd Goose Well drilling program stems from extensive geological assessment and validation work that has consistently demonstrated the area's gold potential.

Validation Work Confirms Gold Potential

Iceni's systematic exploration approach has delivered encouraging results that support the prospect's advancement to drilling. The company undertook rigorous field validation of historical work, including resampling of well-preserved RC drill spoil from four historic holes drilled in 2014.

Resampling Results – Significant Gold Intercepts:

The resampling program confirmed multiple broad anomalous zones (>0.1g/t Au) within both the supergene profile and fresh rock, particularly at the contact between monzo-granite/quartz-syenite and basalt. Consequently, these results have provided critical validation for the upcoming drilling campaign.

Soil Geochemistry Defines Target Zones

A comprehensive tenement-wide soil sampling program using 40m x 200m grid spacing has delineated coherent gold-in-soils anomalies >15 ppb Au. These anomalies spatially coincide with mapped quartz veins forming conjugate sets trending NNW-SSE and NE-SW.

Soil Sample Highlights:
• 699 samples collected across the prospect
• Peak values reaching 1,570 ppb Au
• Anomalies trending north-northeast, correlating with structural corridors
• Strong correlation with interpreted major structural zones

In addition, the systematic soil sampling has provided crucial targeting information that directly influences the design of the Iceni Gold Ltd Goose Well drilling program.

Understanding Intrusive-Hosted Gold Systems

What are syenite-associated gold systems?

Syenite-associated gold deposits represent a specific style of mineralisation where gold occurs in association with alkaline igneous intrusions. These systems are characterised by:

• Structural controls: Gold typically occurs along shear zones and fault structures
• Alteration halos: Intrusions create reaction zones in surrounding rocks
• Multiple mineralisation phases: Often involving several episodes of fluid flow and gold deposition

Why this matters for investors

Syenite-associated systems can host substantial gold deposits, as demonstrated by nearby operations like Wallaby (2.6 million ounces) and Jupiter. The geological similarity at Goose Well suggests potential for a significant gold system, particularly given the presence of multiple favourable indicators including structural complexity, alteration zones, and confirmed gold mineralisation.

However, investors should understand that whilst these systems offer significant potential, they require systematic exploration to delineate their full extent and economic viability.

Strategic 23-Hole RC Program Ready to Launch

The planned drilling program has been designed based on comprehensive data integration and represents the first modern systematic testing of the Goose Well target. The Iceni Gold Ltd Goose Well drilling program will commence with all necessary approvals and infrastructure in place.

Program Specifications:
• 23 RC holes totalling approximately 2,600 metres
• Challenge Drilling secured as drilling contractor
• All Program of Work approvals and statutory clearances in place
• March 2026 commencement targeted

Drilling Objectives:

1. Validate recent resampling results from historic holes
2. Assess continuity of mineralisation along strike and at depth
3. Test structurally controlled, syenite-hosted mineralisation model
4. Evaluate up-dip extensions within regolith profile

The program will focus on three high-priority target zones identified through the systematic validation process, with holes designed to intersect the key geological contact zones and structural corridors.

Multiple Lines of Evidence Support Drilling Decision

Iceni's methodical approach has generated multiple independent indicators supporting the presence of a mineralised gold system. For instance, the convergence of geological, geochemical, and geophysical evidence provides strong justification for the upcoming drilling campaign.

Geological Evidence:
• Favourable intrusive complex analogous to major regional deposits
• Structural complexity with identified fault and shear systems
• Contact metamorphism creating magnetite reaction zones

Geochemical Evidence:
• Coherent soil anomalies defining structural trends
• High-grade rock chips exceeding 20 g/t Au from historical workings
• Validated gold intercepts from systematic re-sampling

Geophysical Evidence:
• Strong circular magnetic anomaly defining the intrusive complex
• Magnetic signature consistent with mineralised systems in the district

Historical Evidence:
• Laccos shaft historical workings with documented high-grade gold
• Multiple phases of historical exploration identifying gold potential
• Presence of quartz veining with fresh sulphides

Furthermore, the integration of these multiple data sets has enabled Iceni to define specific drill targets with higher confidence than would be possible with any single exploration technique.

Why Investors Should Follow Iceni Gold

The advancement of Goose Well to drill-ready status represents a significant milestone in Iceni's systematic exploration of its 850 km² 14 Mile Well Gold Project. The company has positioned itself strategically in the highly endowed Leonora-Laverton district, with multiple high-priority targets across its extensive tenement package.

Key Investment Considerations

Strategic Location: The project sits within 75km of multiple high-tonnage operating gold mills, providing potential processing options and infrastructure advantages. This proximity to existing infrastructure could significantly reduce development costs if a discovery is made.

Systematic Approach: Iceni's methodical validation and advancement of targets demonstrates disciplined exploration methodology, reducing risk whilst maximising discovery potential. The Iceni Gold Ltd Goose Well drilling program exemplifies this approach through comprehensive pre-drill validation.

Multiple Targets: Beyond Goose Well, the company continues exploring Everleigh, Keep It Dark, and the 15km-long Guyer Trend, providing multiple shots at discovery. This diversified exploration portfolio reduces reliance on any single target whilst maintaining upside potential.

Strong Partnerships: The recent Farm-In Agreement with Gold Fields Australia on the Guyer Trend validates the project's potential and provides financial backing for exploration. Such partnerships with major mining companies often indicate strong geological potential.

Experienced Team: Management's geological expertise and understanding of the local district provides competitive advantages in target identification and development. This local knowledge has been instrumental in advancing the Iceni Gold Ltd Goose Well drilling program to its current state.

Market Timing and Catalysts

The upcoming drilling program represents a significant catalyst for Iceni Gold, with results expected to flow through the second quarter of 2026. Additionally, the company's systematic approach to exploration has created a pipeline of targets that could provide ongoing newsflow and value creation opportunities.

However, investors should recognise that exploration carries inherent risks, and whilst the geological indicators are encouraging, drilling results remain uncertain until completed.

"The upcoming drilling results could be transformational for both the Goose Well prospect and Iceni's broader 14 Mile Well Gold Project," highlighting the significance of this campaign for the company's future.

The Iceni Gold Ltd Goose Well drilling program represents more than just another exploration campaign—it embodies the company's systematic approach to unlocking value in one of Australia's most prospective gold districts. With comprehensive validation work complete, strong geological indicators, and a well-designed drilling program ready to commence, Iceni is positioned for potential discovery success.

Capital Structure: 343.9 million shares on issue
Next Catalyst: Commencement of 23-hole RC drilling program in March 2026
Project Location: 14 Mile Well Gold Project, between Leonora and Laverton, Western Australia

Could Iceni Gold's Strategic Drilling Campaign Transform Your Portfolio?

With all validation work complete and drilling set to commence in March 2026, Iceni Gold Limited (ASX: ICL) stands at a pivotal moment. The company's systematic approach to exploring its flagship Goose Well target has revealed compelling geological similarities to major regional deposits like Wallaby and Jupiter. As the 2,600-metre RC drilling program approaches, investors have the opportunity to position themselves ahead of potentially transformational results in one of Australia's most prolific gold districts. To explore Iceni's comprehensive exploration strategy, exceptional geological setting, and upcoming catalysts that could drive significant value creation, visit the company's website for detailed project information and investment updates.