Aureka Limited (ASX: AKA) is a gold-focused exploration company with a strong portfolio of advanced-stage projects in Victoria, Australia. With a strategic emphasis on resource growth and near-term development opportunities, Aureka’s primary assets include the Irvine Project in the Stawell Corridor and now the promising St Arnaud – Comstock Prospect. Aureka’s work is underpinned by responsible exploration practices, compliance with the JORC Code (2012 Edition), and a commitment to unlocking value across its regional gold tenements. The company’s vision is to evolve into a sustainable mid-tier gold producer by leveraging high-quality Victorian assets, historical datasets, and contemporary drilling and resource modelling.
St Arnaud Project Delivers JORC Resource and Exploration Target
In early 2025, Aureka capitalised on existing datasets from historical drilling programs at the Comstock Prospect within the St Arnaud Gold Project to deliver a new JORC Mineral Resource Estimate (MRE). This effort resulted in a Maiden Inferred Resource of 1.45 million tonnes at an average grade of 1.21 grams per tonne of gold, equating to 56,500 ounces of contained gold. The Comstock pit, last mined in the 1990s, is located approximately 65 km northeast of Stawell and 90 km west of Bendigo. Additionally, an Exploration Target has been defined surrounding the JORC Resource. It spans an estimated 3.0 to 3.5 million tonnes of mineralised material at gold grades between 1.0 and 1.2 grams per tonne, indicating a further potential of 112,000 to 116,000 ounces of gold and around 100,000 ounces of silver at 2.14 grams per tonne.
This announcement marks a significant expansion in Aureka’s resource base. Prior to the Comstock update, the company’s entire gold inventory was sourced from the Irvine Project in the Stawell Corridor. With the addition of Comstock, Aureka’s total JORC-compliant resources now exceed 360,800 ounces, an increase of 19%. Notably, the Comstock resource benefits from historical high-grade gold production reaching up to 50 grams per tonne, indicating potential for deeper or adjacent mineralisation, which Aureka is currently investigating.
To enhance confidence and potentially expand the current resource base, Aureka has launched a diamond drilling campaign at Comstock. This program, announced in April 2025, consists of four initial drill holes totalling 1,400 metres. These holes are positioned along strike and adjacent to the historic pit, targeting extensions of known mineralised zones. The drill campaign is progressing on schedule and forms part of Aureka’s broader strategy to identify near-term production opportunities while the gold price remains favourable.
Ongoing Exploration and Future Development Pathways
Aureka’s systematic approach to resource growth is grounded in utilising both historic and current datasets. The Comstock resource has been compiled using data from 120 historic drill holes, including air core, reverse circulation, and diamond drilling, with the most recent significant program taking place in January 2022. That campaign delivered encouraging intercepts such as 25.3 metres at 1.7 g/t gold and 13.9 g/t gold over 1 metre, along with notable silver credits. These intercepts supported the case for further drilling and model refinement in the lead-up to the 2025 MRE. An independent resource modelling exercise was conducted by a third-party consultant in accordance with the JORC Code (2012 Edition). The Comstock resource modelling incorporated geological interpretations, historical depletion from past mining, and modern drilling data. Importantly, Aureka has assumed full responsibility for data quality, geological assessments, and QA/QC processes. The modelling was undertaken by Daniel Brost, an experienced geologist and mine engineer with professional credentials from the Australasian Institute of Geologists.
Beyond the defined resource, Comstock’s Exploration Target is noteworthy. The target, though conceptual in nature, provides a substantial upside to the project’s development potential. Should further drilling convert parts of the target into inferred or indicated resources, it could dramatically improve the economic outlook for Comstock as a standalone mining project or as a feedstock source for nearby third-party processing facilities. Importantly, Comstock’s location within a fenced-off public reserve may allow for a smoother permitting process compared to remote greenfield sites. Its proximity to existing processing infrastructure also enhances its development appeal, providing a shorter path to production with lower capital expenditure.
Aureka’s broader project pipeline remains robust. In addition to the new Comstock results, the company continues to advance the Irvine Project. Combined, these two Victorian assets provide Aureka with a diversified base of resources and exploration targets. The total global Exploration Target across all Aureka projects now ranges between 392,000 to 536,000 ounces of gold, underlining the company’s capacity for significant organic growth. Given the conceptual nature of the Exploration Target at the Comstock Prospect, any interpretation must be approached with caution. While the data collected thus far is sufficient to outline the parameters of an Exploration Target, it is not yet of the standard or quantity required to support the definition of a Mineral Resource. As such, any forward-looking statements or expectations regarding resource conversion must be clearly framed within the context of ongoing and future exploratory efforts.
Further exploration, including infill drilling and geophysical surveying, is required to increase geological confidence and to validate the continuity of mineralisation along strike and down dip. These efforts would also be aimed at refining lithological and structural interpretations that underpin the current Exploration Target estimation. The company remains committed to following a disciplined and transparent approach, aligned with the guidelines of the JORC Code (2012), to ensure that all Exploration Targets are robust, well-documented, and underpinned by sound technical rationale. In line with industry best practice, any future upgrade of the Exploration Target to a Mineral Resource will require adherence to strict sampling, QA/QC protocols, and appropriate statistical validation to mitigate bias and ensure representativity. Should additional positive results be obtained from further exploration activities, there is potential for enhancing the confidence levels and expanding the existing resource inventory in the Comstock region.
It is reiterated that no assumption of economic extraction is made at this stage. All geological interpretations, grade estimations, and tonnage ranges remain subject to change as more comprehensive data becomes available. The potential of the Comstock area is, nonetheless, considered to be worthy of systematic exploration based on historical mining, geological context, and initial drill results. The company acknowledges that responsible disclosure of Exploration Targets, particularly in gold systems such as those in Victoria, must always be qualified appropriately. Hence, all technical data and assumptions disclosed are accompanied by cautionary language, consistent with the intent and purpose of public reporting as per JORC Code requirements.
Finally, as further drilling and fieldwork progress, the company intends to engage with independent experts to review and validate ongoing findings. This peer review process will form a critical component of advancing the geological model and underpinning the reliability of future Mineral Resource estimations. The company remains committed to transparent communication with stakeholders and regulatory bodies regarding the development status of its exploration assets. Looking forward, Aureka is well-positioned to deliver further resource updates, supported by its active drilling programs and strong technical team. As the market seeks advanced gold opportunities with near-term upside, Aureka’s strategy of leveraging historic datasets, rigorous resource estimation, and infrastructure-ready locations may provide it with a critical edge in the Australian gold sector.