Australia’s Aureka Gold Project eyes new gold opportunity at Irvine

Confirmation of gold mineralisation on the western flank of the Irvine Basalt at the Resolution lode has potentially opened up Aureka to an entirely new area of gold prospectivity on what is already its largest and most advanced project. The initial assay result confirms gold mineralisation on both sides of the Irvine Basalt shows similarities to the Magdala Basalt, which hosts the more than 5mln ounce Stawell Goldfield.

Aureka, which has a market capitalization of $12.8 million, is now reviewing how to factor the new area of interest and incorporate it into follow-up programs at Irvine.  Managing Director James Gurry says the new mineralisation, outside known areas, validates Irvine as one of Victoria’s most substantial undeveloped gold projects. The company reports the best result includes 0.32m @ 4.72 grams per tonne gold from 159m. Assays from the second hole remain pending.

Aureka’s flagship Irvine Gold Project, located in western Victoria, sits 16km south of the Stawell Gold Mine. More than $11.5 million has been spent on the asset since its in 2015. Victoria is a world-renowned gold province with various deposit styles and pre-competitive geoscientific data and knowledge to improve targeting and reduce mineral exploration risk.

Although Victoria receives less attention than states such as Western Australia, production and exploration expenditure remain buoyant. Production is in the order of about 650,000 ounces of gold per annum, coming mainly from four deposits. The state has produced more than 2,500 tonnes (80 million ounces) of the precious metal.