Aureka Limited has announced a significant discovery at its Comstock project, located approximately 125 kilometres north-northwest of Ballarat in Victoria. The company has identified a newly mineralised structure containing visible gold, which was revealed during drilling activities at a depth of 127.6 metres. This finding opens up various opportunities for near-surface drill targets and indicates substantial potential for gold extensions both along the strike and down-dip.
The discovery marks a pivotal moment for Aureka, as the newly identified structure had not been previously documented or exploited. This suggests that there could be further valuable deposits waiting to be uncovered. Earlier this year, Aureka reported an inferred resource at Comstock of 1.45 million tonnes grading 1.21 grams per tonne (g/t) gold and 2.14 g/t silver, which translates to about 56,500 ounces of gold and 100,000 ounces of silver.
James Gurry, managing director of Aureka Limited, expressed his enthusiasm regarding the new findings, stating, “I am delighted to be reporting further occurrences of visible gold.” He noted that these extensions have emerged to the west, following the company’s recent successes in extending mineralisation to the north.
Future Production Plans and Exploration Targets
Aureka’s mineral exploration target for Comstock is estimated to range between 112,000 and 116,000 ounces of gold, with an expected grade of between 1 g/t and 1.2 g/t. The company’s ambitions to achieve this target have gained momentum following promising results from drilling conducted in November. In that program, a standout result included a remarkable intercept of 1 metre grading 65.37 g/t gold, located 150 metres north of the inferred resource shell.
To advance towards early gold production at Comstock, Aureka has engaged Core Prospecting, a local mining specialist. Under the terms of their agreement, Core Prospecting will conduct a comprehensive scoping study in the upcoming year. This study will encompass regulatory pathways, engineering, transport, and logistics, alongside targeted drilling and milling options. Notably, the study will evaluate the possibility of processing Aureka’s ore at Core’s under-utilised milling facility in Wedderburn, situated just 45 km northeast of the mine site. This facility has a nameplate capacity of 42,000 tonnes per year and includes both gravity and flotation circuits, as well as wet and dry tailings storage.
Gurry highlighted the significance of these developments, stating, “It comes just as mill owners Core Prospecting Pty Ltd assess the possible pathway to small-scale production for Comstock.”
Ongoing Exploration and Anticipated Results
Logging and sampling activities are currently ongoing across a seven-hole diamond drilling program at Comstock. Aureka anticipates releasing more assay results in the coming weeks as the laboratory processes the samples.
With the Comstock project positioned as one of the most credible near-term production stories in Victoria, Aureka is underscoring the potential for a small yet high-margin operation. The outcome of Core’s scoping study, expected early next year, will be closely monitored, as a positive result could enable Aureka to commence gold production ahead of its competitors in the mineral-rich Ballarat-Bendigo goldfield.
As Aureka continues to explore and develop its promising gold resources, the industry watches closely for what could be a significant shift in the regional mining landscape.
