Iceni Gold Defines 1.6km Gold Footprint at Guyer West, 14 Mile Well

Iceni Gold Expands Guyer West Footprint Within 6 km Gold Corridor

Iceni Gold Ltd (ASX: ICL) has reported aircore drilling results from the Guyer Farm-In area at the 14 Mile Well Gold Project in Western Australia, extending the gold geochemical footprint at Guyer West. The Iceni Gold Guyer West gold corridor expansion at 14 Mile Well represents a significant step forward in the company's systematic exploration of this prospective region.

According to the ASX announcement dated 10 July 2026, a 33-hole, ~1,900 m aircore (AC) program has defined a >0.1 g/t gold anomaly over 1.6 km of strike and up to 500 m wide, with the anomaly remaining open. The work also advanced the Sovereign target, although results there are described as inconclusive pending further technical review.

These results sit within what Iceni Gold Ltd interprets as a prospective 6 km northwest-trending corridor between Guyer West and the Wild West Trend in the adjacent Everleigh Farm-In area.

What the Drilling Confirmed at Guyer West

The dual AC program focused on two target areas within the Guyer Farm-In:

• Guyer West on the western flank of the Danjo Granite
• Sovereign located within the Danjo Granite further to the south

Both targets lie adjacent to the margin of the Danjo Granite, which Iceni Gold Ltd interprets as an important control on gold mineralisation across the 14 Mile Well Gold Project.

Guyer West: Extensional AC Drilling Grows a 1.6 km Footprint

At Guyer West, the 2026 program comprised 13 vertical AC holes for 819 m. Drill lines were spaced 280 m to 470 m apart, with 100 m to 200 m between holes, a configuration described by the company as suitable for reconnaissance geochemical coverage under transported cover.

Significant intercepts reported for the 2026 Guyer West program include:

These follow on from earlier 2025 Guyer West intercepts such as:

• 20 m at 0.39 g/t gold from 40 m to end-of-hole in FMAC0233
• 4 m at 0.29 g/t gold from 36 m in FMAC0253

Taken together, the datasets indicate broad, low-level gold anomalism along the western margin of the Danjo Granite at Guyer West, rather than isolated high-grade intersections.

Iceni Gold Ltd reports that the >0.1 g/t Au geochemical footprint now extends over 1.6 km of strike, up to 500 m wide, and remains open both to the northwest and south.

Geological Observations and Link to Wild West

Logging from the 2026 AC program at Guyer West recorded:

• Granodiorite with quartz veining and local silica alteration
• Pyrite and weathered sulphides in some quartz veins
• A mafic dolerite dyke in two infill holes, with moderate foliation and minor quartz–pyrite veining along the granodiorite contact, which returned elevated gold values

According to Iceni Gold Ltd, this setting shares similarities with the Wild West Trend in the Everleigh Farm-In area to the northwest, where gold is interpreted to be hosted within a quartz dolerite unit beneath transported cover.

Furthermore, the Managing Director, Wade Johnson, commented on these findings:

"These new results from the Guyer Farm-In area continue to demonstrate the effectiveness of our systematic aircore drilling exploration strategy in defining broad gold footprints under cover and generating high quality targets for follow up RC and diamond drilling."

"At Guyer West, the wide spaced first pass extensional AC drilling has expanded the gold anomalism and identified encouraging similarities to the early-stage geochemical signature recognised at the Wild West trend. The emerging connection between these areas, combined with a favourable structural setting where multiple interpreted structures converge, provides further confidence in the prospectivity of this new emerging gold corridor."

The company notes that mineralisation identified so far is interpreted to be hosted within narrow, structurally controlled lodes beneath transported cover. The current AC results are being used to delineate the geochemical footprint of this lode system, rather than to define ore-grade intercepts.

Sovereign Target: Early Results Under Review

The Sovereign target lies within the Danjo Granite and was initially identified in wide-spaced AC drilling in June 2025, which outlined three new gold anomalies within the granite and several high-grade intercepts south of Guyer Well.

The 2026 follow-up program at Sovereign included:

• 20 AC holes for 1,084 m
• Line spacing of 160 m to 450 m
• Hole spacing of 80 m to 200 m, with east-west orientated lines to test north-northwest trends

The program delivered one significant intercept:

Iceni Gold Ltd describes the Sovereign results as inconclusive. Consequently, the company is:

• Resampling material from the 2026 AC program
• Conducting QA/QC investigations
• Validating 2025 drilling results
• Awaiting multi-element bottom-of-hole (BoH) geochemistry, which will be used to refine the lithogeochemical interpretation

Further work at Sovereign is expected to be determined after this technical review and any reassessment of the geological model.

How Aircore Drilling Supports Early-Stage Gold Discovery

What Is Aircore Drilling?

Aircore (AC) drilling is a shallow drilling technique widely used in early-stage exploration. It uses a small-diameter blade bit, in this case around 78 mm, to cut through soil and weathered rock. Compressed air pushes the cuttings up through an inner tube to surface.

Key characteristics include:

• Relatively low cost per metre compared with reverse circulation (RC) or diamond drilling
• Ability to drill efficiently through soft cover such as sands, clays and weathered material
• Collection of relatively clean samples due to the inner tube design, which helps reduce contamination

At 14 Mile Well, AC drilling is particularly important because much of the project area is covered by up to 40 m of transported alluvial and palaeochannel material. This cover can hide bedrock mineralisation and dampen surface geochemical responses. AC drilling allows the explorer to penetrate through this cover into:

• Saprolite – weathered bedrock that still retains some original rock structure
• Saprock – the transitional zone between weathered rock and fresh bedrock

Sampling these zones helps build a picture of the underlying gold distribution.

AC Drilling as a Geochemical Reconnaissance Tool

In the Guyer Farm-In area, AC drilling is being used primarily as a geochemical reconnaissance tool, rather than for resource definition. The aim is to:

• Identify areas where gold values exceed a threshold, often >0.1 g/t Au
• Map the shape and size of this footprint, both along strike and across strike
• Select specific segments of this footprint where more expensive RC or diamond drilling is most justified

For investors, it is important to understand that AC intercepts are often low-grade and broad. The focus is on the continuity and scale of anomalism rather than headline grades, and a large, coherent geochemical footprint is often viewed as a positive indicator that a mineralised system may be present at depth.

The Guyer West anomaly now measures 1.6 km in strike and up to 500 m in width, still open in several directions. According to Iceni Gold Ltd, this is comparable in pattern to the early-stage anomaly at Wild West prior to infill drilling.

Key Technical Terms Explained

• g/t Au (grams per tonne gold): Standard unit to express gold grade. It indicates how many grams of gold are contained in one tonne of rock.
• Geochemical footprint: The area over which elevated metal values are detected in drilling or surface sampling, used to infer the size and shape of an underlying mineralised system.
• Bottom-of-hole (BoH) sample: A sample taken from the deepest part of each hole, usually the least weathered material, used for multi-element analysis and rock-type classification.
• Orogenic gold: A style of gold deposit formed during deformation events, commonly associated with shear zones and faults. The Eastern Goldfields, where 14 Mile Well is located, is dominated by this style.

Understanding these concepts can help investors interpret why a broad, low-grade AC anomaly may still be seen as encouraging when set within the right structural and geological framework.

The Broader Corridor: Guyer West to Wild West

The Interpreted 6 km Northwest-Trending Gold Corridor

The Iceni Gold Guyer West gold corridor expansion at 14 Mile Well is best understood in the context of the broader district-scale picture that has emerged from multiple phases of drilling since August 2024. According to the ASX announcement, these phases have already:

• Defined the Guyer Main anomaly over 6 km of strike along the granite–greenstone contact
• Shown that Guyer West sits along a north-northwest magnetic feature on the western margin of the Danjo Granite
• Indicated that this trend forms part of a broader northwest-trending shear zone corridor, termed the Guyer Shear

The latest results, furthermore, indicate:

• Broad-spaced AC drilling at Guyer West has created a coherent >0.1 g/t Au footprint extending northwest towards Wild West
• A 1 km gap remains untested along this inferred 6 km corridor beneath transported cover
• Interpreted regional structures appear to converge near the western contact of the Danjo Granite between Guyer West and Wild West

Iceni Gold Ltd considers these structural intersections as priority targets, as they may have acted as pathways and traps for mineralising fluids. While mineralisation intersected to date is interpreted to be in narrow lodes, such intersection zones can be favourable locations for more extensive and continuous mineralised bodies.

Farm-In Structure and District Setting

The Guyer Trend forms the basis of a $35 million farm-in agreement between Iceni Gold Ltd and Gold Fields Australia, originally executed with Gold Road Resources (ASX: GOR) in December 2024 and now held by Gold Fields.

Key context for the project is summarised below:

The 14 Mile Well Gold Project is located between Leonora and Laverton in the Eastern Goldfields, adjacent to Genesis Minerals' Laverton Gold Operation and within 75 km of several operating gold processing plants.

Historical production from the nearby Pennyweight workings, which produced nearly 4,200 oz of gold from 5 tonnes of ore in the late 19th and early 20th centuries, demonstrates the gold fertility of the broader district.

For investors assessing Iceni Gold Ltd, these factors contribute to an exploration narrative that combines a large, mostly underexplored land position, active drilling programmes defining district-scale geochemical trends, and farm-in funding partnerships with a major gold producer.

Planned Next Steps and Upcoming Catalysts

Iceni Gold Ltd has outlined several near-term activities following the latest AC program.

Guyer West

Infill and extensional AC drilling is scheduled for the September quarter 2026. The objective is to tighten drill spacing over the existing footprint, extend it along the 6 km corridor and define priority RC drill targets. This phase is expected to provide more detailed geochemical resolution and help rank specific segments for deeper testing.

Wild West (Everleigh Farm-In)

Early-stage drill planning is in progress with Gold Fields for the Wild West Trend within the Everleigh Farm-In area. The company notes that Guyer West and Wild West share similar geological characteristics, including quartz dolerite host rocks beneath cover.

Sovereign Technical Review

Resampling, QA/QC checks and validation of historical results are underway. BoH multi-element geochemistry will be integrated into the model once available, and decisions on further drilling at Sovereign are expected after these studies are completed.

Key Upcoming Milestones

For investors, these activities provide a sequence of catalysts that may help clarify whether Guyer West advances to a stage where RC and diamond drilling are justified, how well the interpreted 6 km corridor is supported by additional data, and whether Sovereign emerges as a secondary target within the Danjo Granite.

Why This Matters to Investors Assessing Iceni Gold Ltd

The 10 July 2026 ASX announcement positions Iceni Gold Ltd within several themes that are often central to early-stage gold exploration investment decisions. The Iceni Gold Guyer West gold corridor expansion at 14 Mile Well, in particular, highlights the following:

• Large-scale land position in a proven belt: The company holds approximately 645 km² in the Leonora–Laverton district, one of Western Australia's most established gold regions.
• Systematic, staged exploration: The use of broad-spaced AC drilling to define geochemical footprints, followed by planned infill and targeted RC, indicates a methodical approach to risk management and capital allocation.
• Farm-in funding with a major: Two farm-in agreements with Gold Fields, together worth up to $45 million across Guyer and Everleigh, provide a framework for funding exploration without relying solely on equity.
• Emerging corridor-scale target: The 1.6 km Guyer West anomaly and the conceptual 6 km Guyer West–Wild West corridor suggest that Iceni Gold Ltd is working at a scale that could, if supported by further drilling, be material to the project.

While the current AC results are early stage and low grade, they are being used to build a structural and geochemical framework for more detailed follow-up work. The next phases of drilling and the pending multi-element datasets are likely to be important in determining the priority and potential scale of Guyer West and related targets along the corridor.

Ready to Explore Iceni Gold's 14 Mile Well Project Further?

Iceni Gold Ltd (ASX: ICL) is systematically building a compelling exploration story across its 645 km² land position in Western Australia's Eastern Goldfields, backed by up to $45 million in farm-in agreements with Gold Fields Australia. With infill drilling at Guyer West scheduled for the September quarter 2026 and a series of near-term catalysts on the horizon, investors looking to follow the company's progress at the 14 Mile Well Gold Project can find further information, including announcements and project updates, by visiting www.icenigold.com.au.