Astral Resources Strikes High-Grade Gold in Theia Deposit Infill Drilling
Astral Resources (ASX: AAR) has announced impressive results from its ongoing infill drilling program at the Theia Deposit, part of its 100%-owned Mandilla Gold Project near Kalgoorlie. The latest batch of assays continues to demonstrate the robust nature of the deposit's gold mineralisation, with broad zones of high-grade gold a common feature.
Standout High-Grade Results Confirm Resource Model
The company has received assay results for an additional 29 holes (3,233 meters) of its ongoing 99-hole (10,000-meter) infill drilling program at Theia. These results represent approximately 50% of the planned program and continue to align strongly with the current Mineral Resource Estimate.
Among the standout intercepts are:
- 14 meters at 6.89g/t Au from 57m including 2 meters at 36.4g/t Au in hole AMRC052
- 14 meters at 4.10g/t Au from 44m including 1 meter at 28.0g/t Au in hole AMRC040
- 24 meters at 2.24g/t Au from 52m including 1 meter at 11.4g/t Au in hole AMRC063
- 21 meters at 2.26g/t Au from 104m including 1 meter at 34.3g/t Au in hole AMRC045
- 1 meter at 53.0g/t Au from 38m in hole AMRC049
Notably, of the 29 holes reported in this announcement, 18 returned intervals exceeding 10 gram-meters, demonstrating the consistency and high-grade nature of the gold mineralisation at Theia.
Strategic Importance of the Infill Program
The current drilling program aims to infill an 80-meter by 120-meter area of the Stage 1 open pit contemplated in Astral's recently announced Pre-Feasibility Study (PFS). By increasing the drill density to a 12-meter by 12-meter spacing, the company is working toward a potential Measured Resource classification for this area.
Astral's Managing Director Marc Ducler emphasised the significance of these results:
"As the results for the Theia in-fill program are received, our confidence in the robustness of the Mineral Resource Estimate continues to increase… With these results to hand, we are getting more confident and more excited about progressing the Theia deposit into production as soon as possible."
The Theia infill drilling program is now approximately 75% complete, with 75 holes drilled for 8,433 meters out of the planned 99 holes.
Understanding Mineralisation Controls at Theia
The Theia deposit is situated within an intrusive granitoid of monzonitic composition. The mineralisation occurs as a series of very shallow south-dipping (approximately 8 degrees average) vein zones hosted within this monzonitic intrusive unit.
While individual quartz veins are typically less than 5cm in thickness, the vein zones are typically 20-50m thick with up to 3-4 veins per meter. The highest grades are generally found in areas with higher vein density.
Visible free gold is common within the Theia Deposit, typically hosted within quartz veins, with gold grains usually around 1mm in size but varying from pinhead to match-head size. This high percentage of free gold is supported by metallurgical test work showing significant gold recovery during gravity testing.
What is "Gram-Meters" and Why It Matters to Investors
In gold exploration, "gram-meters" is a measurement used to assess the significance of a drill intercept. It's calculated by multiplying the grade (g/t) by the length (meters) of the intercept.
For example, an intercept of 14 meters at 6.89g/t equals 96.46 gram-meters. This metric helps investors compare different intercepts and gauge their potential economic significance. Generally, intercepts above 10 gram-meters are considered potentially economic, depending on other factors like depth and mining method.
Astral notes that 18 of the 29 holes reported returned intercepts exceeding 10 gram-meters, highlighting the economic potential of the Theia deposit.
Future Plans and Ongoing Exploration
With three drill rigs currently operating at Mandilla, Astral is advancing its exploration efforts on multiple fronts:
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The infill RC drilling program at Theia is now approximately 75% complete, with 75 holes drilled for 8,433 meters out of the planned 99 holes.
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A 3,000-meter diamond drill program has commenced, designed to test high-grade structures within the Theia deposit and an extensional target at depth on the eastern flank.
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Once the Theia infill program is completed, the RC rig will be relocated to Feysville to commence a 7,000-meter program, designed to extend the Kamperman deposit and follow up areas of gold anomalism identified by historical air-core and RC drilling.
Investment Thesis: A Multi-Million Ounce Gold Portfolio
Astral Resources NL gold exploration results have been consistently impressive, with the Mandilla Gold Project, which includes the Theia, Iris, Eos, and Hestia deposits, hosting a Mineral Resource Estimate of 42Mt at 1.1 g/t Au for 1.43Moz of contained gold. The company's Pre-Feasibility Study (PFS) for Mandilla, announced in June 2025, showed robust economics:
- Based on a standalone project comprising seven open pit mines feeding a 2.75Mtpa processing facility
- Production of 95koz per year for the first 12 years
- At a A$4,250/oz gold price, the project has a Net Present Value (NPV8) of $1.4 billion
- At a A$6,250 gold price, the NPV8 increases to $2.9 billion
The Theia deposit represents a significant portion of this value, hosting 1.11Moz of the 1.48Moz total production case outlined in the PFS.
Why Investors Should Watch Astral Resources
Astral Resources presents a compelling investment case for several reasons:
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Advanced-stage gold project with robust economics: The Mandilla PFS demonstrates strong financial metrics with a NPV8 of $1.4 billion (at A$4,250/oz gold).
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Consistent high-grade drill results: The ongoing infill drilling program continues to confirm and potentially enhance the resource model with impressive high-grade intercepts.
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Near-term production potential: With a strong focus on progressing Theia toward production "as soon as possible," the company is positioning itself to capitalise on strong gold prices.
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Multiple exploration catalysts: With three drill rigs active and exploration programs planned across multiple projects, investors can expect a steady stream of news flow.
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Substantial resource base: Recent Astral Resources NL gold exploration results reinforce the company's 1.76Moz resource base, which provides a solid foundation for future growth.
With gold prices remaining strong and Astral advancing toward production decision milestones, the company represents an attractive opportunity for investors seeking exposure to the Australian gold sector. Furthermore, the consistent Astral Resources NL gold exploration results provide confidence in the project's potential as it moves toward development.
Ready to Benefit from Astral's Gold Discovery Success?
Don't miss the opportunity to be part of Astral Resources' exciting journey as they progress their high-grade Theia Deposit toward production. With impressive drill results consistently exceeding expectations and a robust Pre-Feasibility Study demonstrating billion-dollar potential, now is the time to take a closer look at this emerging Australian gold producer. For more information about Astral Resources and their gold projects near Kalgoorlie, visit their website today.
