ASX:AAR - Annual Report

Annual Report

Released 25 Sep 2024 - 6:44 PM

Announcement PDF ASTRAL RESOURCES NL AND ITS CONTROLLED ENTITIES ABN 24 651 541 976 Annual Report For the year ended 30 June 2024 Astral Resources Suite 2, Lyall St, South Perth WA 6151 T +61 8 9382 8822 E info@astralresources.com.au astralresources.com.au | ASX: AAR CONTENTS CORPORATE DIRECTORY ......................................................................................................................................................... 3 REVIEW OF OPERATIONS ........................................................................................................................................................ 4 DIRECTORS’ REPORT ............................................................................................................................................................ 25 AUDITOR’S INDEPENDENCE DECLARATION ............................................................................................................................. 43 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME .......................................................... 44 CONSOLIDATED BALANCE SHEET ........................................................................................................................................... 45 CONSOLIDATED STATEMENT OF CASH FLOWS ........................................................................................................................ 46 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ............................................................................................................. 47 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ........................................................................................................ 48 CONSOLIDATED ENTITY DISCLOSURE STATEMENT................................................................................................................... 73 DIRECTOR’S DECLARATION ................................................................................................................................................... 74 INDEPENDENT AUDITOR’S REPORT ........................................................................................................................................ 75 ASX ADDITIONAL INFORMATION ........................................................................................................................................... 79 Astral Resources NL Annual Report 30 June 2024 2 CORPORATE DIRECTORY This financial report includes the consolidated financial statements and notes of Astral Resources NL (Astral or the Company) and its controlled entities (the Group). The Group’s functional and presentation currency is AUD ($). A description of the Group’s operations and of its principal activities is included in the review of operations and activities in the Directors’ report. The Directors’ Report is not part of the Financial Report. Directors Mark Connelly - Non-Executive Chairman Marc Ducler - Managing Director Justin Osborne - Non-Executive Director David Varcoe - Non-Executive Director Peter Stern - Non-Executive Director Company Secretary Brendon Morton Registered Office & Principal Place of Business Suite 2, 6 Lyall Street South Perth WA 6151 Telephone: +61 8 9382 8822 E-mail: info@astralresources.com.au Website: www.astralresources.com.au Share Registry Automic Registry Services Level 5, 191 St Georges Terrace Perth WA 6000 Telephone: +1300 288 664 Auditors BDO Audit Pty Ltd Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth WA 6000 Bankers National Australia Bank Level 14 100 St Georges Terrace Perth WA 6000 Solicitors Thomson Geer Level 29, Central Park Tower 152-158 St Georges Terrace Perth WA 6000 Stock Exchange Australian Securities Exchange Limited Level 40, Central Park Tower 152-158 St Georges Terrace Perth WA 6000 ASX Code: AAR Astral Resources NL Annual Report 30 June 2024 3 REVIEW OF OPERATIONS SUMMARY AND HIGHLIGHTS The principal activities of Astral during the financial year were progressing the Company’s 100% owned Mandilla Gold Project (Mandilla) and Feysville Gold Project (Feysville). Mandilla is located approximately 70 kilometres south of Kalgoorlie and Feysville is located approximately 14 kilometres south of Kalgoorlie, in Western Australia (Figure 1). Figure 1 – Map identifying location of Astral projects. On 21 September 2023, Astral announced the results of a Scoping Study for Mandilla which – based on a standalone project comprising three open pit mines feeding a 2.5Mtpa processing facility, producing 80 to 100koz per year, and incorporating a gold price of A$2,750 – had a Net Present Value (8% discount rate) of A$442 million 1. The Scoping Study is discussed in further detail in this Review of Operations. On 20 July 2023, the Company announced an updated JORC 2012 Mineral Resource Estimate (MRE) for Mandilla of 37 million tonnes at 1.1g/t Au for 1.27 million ounces of contained gold (July 2023 MRE) 2. The July 2023 MRE is discussed in further details in this Review of Operations. The Company’s total Mineral Resource Estimate, incorporating Mandilla and Feysville is approximately 1.4 million ounces as disclosed in Table 4. 1 2 - ASX Announcement 21 September 2023 “Mandilla Gold Project –Positive Scoping Study.” - ASX announcement dated 20 July 2023 – “Mandilla Gold Resource Surpasses 1.25Moz – MRE Upgrade.” Astral Resources NL Annual Report 30 June 2024 4 Mandilla and Feysville were the focus of significant exploration and resource definition effort during the financial year, with approximately 28 kilometres of drilling completed across the two projects, including 11,526 metres of drilling at Mandilla and 16,427 metres of drilling at Feysville (refer to Figure 2). Drilling at Mandilla during the financial year included 1,826 metres of diamond drilling (DD), 7,209 metres of reverse circulation (RC) drilling and 2,491 metres of air-core (AC) drilling. Drilling at Feysville during the financial year included 495 metres of DD, 9,558 metres of RC drilling and 6,374 metres of AC drilling. 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - 30,000 25,000 20,000 15,000 10,000 5,000 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May- Jun-24 24 1 2 3 4 5 Mandilla 6 7 Feysville 8 9 10 11 - DRILLING (CUMULATIVE) DRILLING (MONTH) Total Drilling (FY24) 12 Cumulative Figure 2 – Chart illustrating information regarding drilling completed during the financial year. During the financial year and up to the date of this Report, Astral reported assay results for a total of 36,443 metres of drilling, inclusive of 5,979 metres of drilling completed prior to 30 June 2023 at Mandilla and reported on 3 July 2023 3 and 30 August 2023 4 and 2,510 metres of drilling completed at Feysville subsequent to the end of the financial year. Assay results reported included:   A total of 17,505 metres of in-fill, extensional and exploration drilling at Mandilla, including 2,971 metres of DD, 9,911 metres of RC drilling and 4,623 metres of AC drilling; and A total of 18,938 metres of drilling at Feysville, including 495 metres of DD, 12,531 metres of RC drilling and 5,912 metres of AC drilling. Mandilla is one of the largest undeveloped free-milling open pit gold development projects in the Kalgoorlie region. The release of the Scoping Study and the declaration of the July 2023 MRE at Mandilla during the financial year, coupled with the continued exploration success at Mandilla and Feysville, demonstrates the genuine potential for Astral to develop a longterm profitable gold business in the Kalgoorlie region. MANDILLA GOLD PROJECT Mandilla is situated in the northern Widgiemooltha greenstone belt, approximately 70 kilometres south of the significant mining centre of Kalgoorlie, Western Australia (Figure 1). The area hosts world-class deposits such as the Golden Mile Super Pit in Kalgoorlie owned by Northern Star Resources Limited (ASX:NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Limited, as well as the substantial Beta Hunt Gold Mine owned by Westgold Resources Limited (ASX:WGX). 3 4 - ASX announcement dated 3 July 2023 – “Outstanding Diamond Hole Hits Multiple Mineralised Zones.” - ASX announcement dated 30 August 2023 – “High-Grade Air-Core Results of up to 28.0g/t Au at Eos.” Astral Resources NL Annual Report 30 June 2024 5 Mandilla is covered by existing Mining Leases which are not subject to any third‐party royalties other than the standard WA Government gold royalty. Mandilla includes the Theia, Iris, Eos and Hestia deposits. Gold mineralisation at Theia and Iris is comprised of structurally controlled quartz vein arrays and hydrothermal alteration close to the western margin of the Emu Rocks Granite and locally in contact with sediments of the Spargoville Group. Significant NW to WNW-trending structures along the western flank of the project are interpreted from aeromagnetic data to cut through the granitic intrusion. These structures are considered important in localising gold mineralisation at Theia, which now has a mineralised footprint extending over a strike length of more than 1.6km. A second sub-parallel structure hosts gold mineralisation at the Iris deposit. The mineralised footprint at Iris extends over a strike length of approximately 600 metres, combining with Theia to form a mineralised zone extending over a strike length of more than 2.2 kilometres. At Eos, located further to the south-east, a relatively shallow high-grade mineralised palaeochannel deposit has been identified and which extends over a length of approximately 600 metres. A primary gold source is also present with further drilling required to determine both the nature and structural controls on mineralisation and its extent. Mineralisation delineated over approximately 800 metres of strike at the Hestia deposit, located approximately 500 metres west of Theia, is associated with a shear zone adjacent to a mafic/sediment contact, interpreted to be part of the major north-south trending group of thrust faults known as the Spargoville Shear Corridor. Locally, the Spargoville Shear Corridor hosts the historically mined Wattle Dam gold mine (266koz at 10.6g/t Au) and, further to the north, the Ghost Crab/Mt Marion mine (>1Moz). The mineralisation at Hestia, which is present in a different geological setting to bedrock mineralisation at Theia and Iris, remains open both down-dip and along strike. Metallurgical testing undertaken on each of the main deposits at Mandilla – Theia, Iris, Eos and Hestia – has demonstrated high gravity recoverable gold, fast leach kinetics and exceptional overall gold recoveries with low reagent consumptions and coarse grinding 5,6. A map of Mandilla illustrating both the local area geology and mineral deposits is set out in Figure 3. Image 1 – RC Drilling at Mandilla (September 2024) 5 6 - ASX Announcement 6 June 2022 “Outstanding metallurgical test-work results continue to de-risk Mandilla.” - ASX Announcement 17 September 2024 “Outstanding metallurgical results further de-risk Mandilla.” Astral Resources NL Annual Report 30 June 2024 6 Figure 3 – Map of Mandilla identifying July 2023 MRE optimised pit shells on local area geology. Astral Resources NL Annual Report 30 June 2024 7 SCOPING STUDY On 21 September 2023, the Company announced the results of a Scoping Study for Mandilla (Study) 7. Mandilla is one of the largest undeveloped free-milling open pit gold development projects in the Kalgoorlie region. The Study was based on a standalone development, including a 2.5Mtpa Carbon-in-leach (CIL) processing plant and associated infrastructure, identified as the optimum commercialisation strategy for Mandilla. Highlights of the Study included the following:  Life-of-mine (LoM) payable metal production target of 845koz at an All-In Sustaining Cost (AISC) of approximately $1,648 per ounce.  Projected average annual gold production target of approximately 100kozpa at an average feed grade of 1.30g/t Au over the first 7.4-year period, reducing to a projected average gold production target of approximately 41kozpa at an average feed grade of 0.50g/t Au when treating lower grade stockpiles over the remaining 3.4-year period.  Total estimated pre-production capital of approximately $191 million, inclusive of: o Processing plant and non-process infrastructure capital expenditure ($123 million); and o Pre-production mining and general & administrative costs ($68 million).  Study generates compelling financials for Mandilla, using a A$2,750/oz gold price: o Free cash flow – A$740 million o Net present value (8%) pre-tax – A$442 million o Internal rate of return – 73% o Payback period – 0.75 years o AISC – $1,648 per ounce  Study is based on the Mineral Resources defined at Mandilla only. Further upside exists from ongoing exploration at Mandilla targeting resource growth as well as the inclusion of the nearby high-grade Feysville Gold Project as a potential future satellite ore source. For detailed information material to the understanding of the Study, please refer to the ASX announcement dated 21 September 20237. The results of the Study are highly sensitive to the gold price. The gold price sensitivity table below outlines some of the key Study metrics based on a prevailing gold price. MINERAL RESOURCE ESTIMATE (JULY 2023) On 20 July 2023, Astral announced the July 2023 MRE of 37 million tonnes at 1.1g/t Au for 1.27 million ounces of contained gold, encompassing the cornerstone Theia deposit and the Iris, Eos and Hestia deposits2. The MRE was prepared by independent consultant Cube Consulting in accordance with the JORC Code (2012 Edition). This was the fifth MRE published for Mandilla within 26 months and added 231koz of contained gold to the previous MRE at an exploration cost of approximately $18 per new ounce discovered. This represents a low discovery cost in industry terms, despite a substantial proportion of the drilling being focused on in-fill drilling to increase resource confidence rather than the identification of new mineralisation. The significant growth achieved by each of the MRE updates is shown in Figure 4 below. Importantly, Figure 4 demonstrates the historical growth and the potential for Astral to continue to increase both its Mineral Resources and the level of geological confidence. 7 - Refer to ASX Announcement dated 21 September 2023 – “Mandilla Gold Project – Positive Scoping Study”. Astral Resources NL Annual Report 30 June 2024 8 Mandilla Mineral Resources Ounces - Growth Gold Ounces ('000) 1400 1200 1000 571 800 624 600 400 200 0 341.5 262.6 453 237.8 324.1 331 410 May-21 Aug-21 Jan-22 Dec-23 694 Jul-23 Mandilla MRE Reported Indicated Inferred Gold ounces Figure 4 – Chart illustrating Mandilla MRE Growth. The MRE was determined using a 0.39 g/t Au lower cut-off and is constrained within pit shells derived using a gold price of A$2,500 per ounce (consistent with previous MREs). The MRE is summarised in Table 1 below, a detailed breakdown by deposit is provided in Table 2 and a grade and tonnage sensitivity by cut-off grade is provided in Table 3. Table 1 – Mandilla Mineral Resource Estimate (July 2023) Mineral Resource Estimate for the Mandilla Gold Project (Cut-Off Grade >0.39g/t Au) Classification Tonnes (Mt) Grade (g/t Au) Au Metal (koz) Indicated 21 1.1 694 Inferred 17 1.1 571 Total 37 1.1 1,265 The preceding statement of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures. Astral Resources NL Annual Report 30 June 2024 9 Table 2 – MRE (July 2023) grade and tonnage by source Deposit Classification Indicated Inferred Total Indicated Inferred Total Indicated Inferred Total Indicated Inferred Total Tonnes (Mt) Grade (g/t Au) Au Metal (koz) 17 1.1 573 Theia 12 1.1 447 29 1.1 1,021 0.4 0.8 11 Iris 4.0 0.8 103 4.4 0.8 115 0.6 1.6 29 Eos 0.5 1.3 19 1.0 1.5 48 2.7 0.9 78 Hestia 0.2 0.8 4 2.9 0.9 82 Total 37 1.1 1,265 All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures. Table 3 – MRE (July 2023) grade and tonnage by cut-off grade Cut-off grade (g/t Au) Tonnes (Mt) Grade (g/t) Au Metal (koz) 0.30 43 1.0 1,332 0.35 40 1.0 1,298 0.39 37 1.1 1,265 0.40 37 1.1 1,258 0.45 34 1.1 1,215 0.50 31 1.2 1,171 All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures. The locations of the optimised pit shells based on a gold price of A$2,500 per ounce are set out in plan view in Figure 3. A summary of information material to the understanding of the MRE was provided in the ASX announcement dated 20 July 2023, in compliance with the requirements of ASX Listing Rule 5.8.1. EXPLORATION Summary During the financial year, Astral completed a total of 11,526 metres of drilling at Mandilla, comprising 1,826 metres of DD, 7,209 metres of RC drilling and 2,491 metres of AC drilling. During the financial year and up to the date of this report, Astral reported assay results for a total of 17,505 metres of drilling at Mandilla. This included 2,971 metres of DD (1,145 metres were completed prior to the commencement of the financial year), 9,911 metres of RC drilling (2,702 metres were completed prior to the commencement of the financial year) and 4,623 metres of AC drilling (2,132 metres were completed prior to the commencement of the financial year). Diamond Drilling Program During the financial year, Astral completed a six-hole/1,832 metre DD program targeting extensions at the Theia deposit. Assay results for the Theia DD program were released on 21 December 2023 8 and 18 January 2024 9. Significant assay results are discussed below: DD-Hole MDRCD827 DD-hole MDRCD827 was targeting a southern extension at depth of the Theia Deposit. Significant assay results included: 8 9 - ASX announcement dated 21 December 2023 – “Outstanding Wide High-Grade Intercepts at Theia.” - ASX announcement dated 18 January 2024 – “Theia Drilling Continues to Deliver Strong Results.” Astral Resources NL Annual Report 30 June 2024 10     50 metres at 0.95g/t Au from 12 metres including 1 metre at 10.2g/t Au from 49 metres; 32.6 metres at 0.80g/t Au from 306 metres including 0.55 metres at 23.6g/t Au from 322 metres; 9.6 metres at 0.75g/t Au from 360 metres; and 16.6 metres at 0.83g/t Au from 377 metres including 0.3 metres at 15.2g/t Au from 390.2 metres. DD holes MDRCD828 and MDRCD829 were drilled to test the lateral extent and continuity of an interpreted sulphide-rich high-grade shear previously intersected by DD. The interpreted shear is located at the base of the current pit shell as optimised in the July 2023 MRE update. Significant assay results included: DD-Hole MDRCD828   39 metres at 5.43g/t Au from 279 metres including 1 metre at 199g/t Au from 279.6 metres; and 8 metres at 8.76g/t Au from 386 metres including 0.3 metres at 14.6g/t Au from 386 metres and 0.3 metres at 211g/t Au from 391 metres. DD-Hole MDRCD829     9 metres at 1.71g/t Au from 111 metres (previously reported as an RC pre-collar); 5.4 metres at 1.81g/t Au from 135 metres including 0.3 metres at 18.5g/t Au from 135.7 metres; 8 metres at 5.37g/t Au from 177 metres including 0.8 metres at 11.4g/t Au from 177.5 metres and 1 metre at 28.6g/t Au from 180 metres; and 13.4 metres at 2.87g/t Au from 367 metres including 1 metre at 28.9g/t Au from 374 metres. DD-Hole MDRCD830 DD-hole MDRCD830 was drilled with the purpose to both in-fill the Theia deposit at depth and to intercept the interpreted sulphiderich high-grade shear intersected in previous DD holes, including in MDRCD828 and MDCRD829 (discussed above). Significant assay results included:       28 metres at 1.36g/t Au from 122 metres; 2 metres at 14.5g/t Au from 211 metres including 0.3 metres at 94.5g/t Au from 212.7 metres; 20 metres at 1.03g/t Au from 221 metres including 0.3 metres at 18.5g/t Au from 222.55 metres and 1 metre at 11.6g/t Au from 240 metres; 5.85 metres at 1.89g/t Au from 311.75 metres including 0.3 metres at 33.2g/t Au from 316.2 metres; 29 metres at 2.78g/t Au from 324 metres including 0.3 metres at 139g/t Au from 328.85 metres and 0.3 metres at 78.7g/t Au from 349 metres; and 4.14 metres at 2.36g/t Au from 393.76 metres. DD-Hole MDRCD832 DD hole MDRCD832 was drilled to the north-west of MDRCD830 targeting a gap in drilling close to the prospective sediment/ granitoid contact to the north-west and outside of the current optimised pit shell. This drillhole was designed to intersect the sediment-granitoid contact. Significant assay results included:  0.35 metres at 27.2g/t Au from 318.5 metres. DD-Hole MDRCD841 DD-hole MDCRD841 was drilled 60 metres further to the south of MDRCD827 in a westerly orientation, targeting a southern extension of the Theia Deposit at depth. Significant assay results included:  18.4 metres at 0.91g/t Au from 310 metres. The assay results from the Theia DD program provide significant confidence of Astral’s ability to both increase the MRE at Theia and importantly, increase the geological confidence of the Mineral Resource. An updated MRE for Mandilla is targeted for completion by the end of the 2024 calendar year. RC Drilling Programs RC Program - Theia During the financial year, Astral completed a RC drill program at Theia, focusing on in-fill and extensional drilling within the existing optimised pit shell towards the south-east. A total of 37 holes for 5,523 metres of RC drilling were completed. The RC program consisted of 24 holes of in-fill drilling at Theia south, four holes of in-fill drilling on the eastern flank of Theia and nine pre-collars for the Theia DD program. Best assay results included: Astral Resources NL Annual Report 30 June 2024 11            4 metres at 19.58g/t Au from 70 metres in MDRCD831; 32 metres at 1.74g/t Au from 120 metres and 31 metres at 0.93g/t Au from 185 metres to bottom-of-hole in MDRC816; 50 metres at 1.18g/t Au from 73 metres and 7 metres at 1.06g/t Au from 163 metres in MDRC836; 1 metre at 35.35g/t Au from 115 metres in MDRC820; 28 metres at 1.36g/t Au from 122 metres in MDRCD830; 50 metres at 0.95g/t Au from 73 metres in MDRCD827; 9 metres at 1.71g/t Au from 111 metres, 9 metres at 1.05g/t Au from 95 metres, 5 metres at 1.05g/t Au from 82 metres and 2 metres at 2.45g/t Au from 65 metres in MDRCD829; 6 metres at 2.61g/t Au from 59 metres and 48 metres at 0.44g/t Au from 117 metres in MDRC837; 14 metres at 1.19g/t Au from 42 metres in MDRC807; 4 metres at 1.88g/t Au from 139 metres in MDRC810; and 1 metre at 5.14g/t Au from 113 metres in MDRC813. RC Program - Eos During the financial year, Astral completed an RC Program at Eos. A total of 11 holes for 1,686 metres of RC drilling were completed. The holes were drilled to the north-east of the Eos deposit to evaluate the bedrock potential in the area. Assay results were reported on 22 November 2023. Best assay results included:    4 metres at 3.22g/t Au from 38 metres and 6 metres at 5.57g/t Au from 48 in MDRC852; 3 metres at 2.81g/t Au from 57 metres and 19 metres at 0.65g/t Au from 90 metres in MDRC842; and 2 metres at 2.82g/t Au from 62 metres in MDRC851. AC Drill Programs AC Program - Eos During the financial year, Astral completed an AC drill program to the south-east of the Eos deposit. A total of 37 AC holes for 2,491 metres were completed. The objective of the AC program was to extend the known palaeochannel mineralisation to the south-east. Assay results were reported on 22 November 2023. Best assay results included:       6 metres at 3.92g/t Au from 51 metres in MDAC654; 5 metres at 3.70g/t Au from 48 metres in MDAC642; 4 metres at 3.33g/t Au from 44 metres and 4 metres at 1.29g/t Au from 58 metres in MDAC634; 2 metres at 1.73g/t Au from 46 metres and 4 metres at 2.35g/t Au from 51 metres in MDAC641; 3 metres at 3.10g/t Au from 45 metres and 1 metre at 3.54g/t Au from 68 metres to bottom-of-hole in MDAC632; and 3 metres at 1.44g/t Au from 60 metres to BOH in MDAC633. FEYSVILLE GOLD PROJECT The Feysville Gold Project is located within the north-north-west trending Norseman – Wiluna Greenstone Belt, within the Kambalda Domain of the Archean Yilgarn Craton, approximately 14km south of the KCGM Super Pit in Kalgoorlie. Feysville hosts an MRE of 3Mt at 1.3g/t Au for 116koz of contained gold 10 at the Think Big deposit, providing a foundation for the project to potentially become a source of satellite ore feed to a future operation based on Astral’s flagship Mandilla Gold Project. Significant gold and nickel mineralisation occurs throughout the belt, including world-class deposits such as the Golden Mile Super Pit in Kalgoorlie owned by Northern Star Resources’ (ASX: NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Inc. Locally, Feysville has been interpreted to contain upthrust ultramafics, emplaced within a sequence of volcanic sediments (the Black Flag sediment group), granitic intrusions, mafic basalts, gabbro and andesite. A map identifying tenements and deposits/prospects on local area geology is set out in Figure 5. 10 - Feysville JORC 2012 Mineral Resource Estimate: 0.6Mt at 1.1g/t Au for 20.2koz Indicated Mineral Resources and 2.3Mt at 1.3g/t Au for 95.6koz Inferred Mineral Resources (refer to ASX Announcement dated 8 April 2019). Astral Resources NL Annual Report 30 June 2024 12 Figure 5 – Map of Feysville Gold Project showing tenements and deposits prospects on local area geology. Astral Resources NL Annual Report 30 June 2024 13 Image 2 – Diamond drill rig at Kamperman (November 2023). EXPLORATION During the financial year, Astral completed a total of 16,427 metres of drilling at Feysville, comprising 495 metres of DD, 9,558 metres of RC drilling and 6,374 metres of AC drilling. During the financial year and up to the date of this report, Astral reported assay results for a total of 18,938 metres of drilling at Feysville. This included 495 metres of DD, 12,531 metres of RC drilling (inclusive of 2,808 metres completed subsequent to the end of the financial year) and 5,912 metres of AC drilling. Kamperman Prospect The Kamperman Prospect was a key focus during the financial year, with a total of 6,240 metres of drilling completed. A further 2,808 metres of drilling were completed during July 2024, subsequent to the end of the financial year. In-fill drilling completed during the year and subsequent to the end of the year support the interpretation of a high-grade westdipping zone of gold mineralisation extending from north to south over 450 metres of strike. Extensional drilling shows that the mineralisation at Kamperman remains open both to the north and east. Refer to Figure 6 for a current plan view of the Kamperman Prospect. A maiden MRE for Kamperman is targeted for release during early October 2024. Diamond Drilling – Kamperman During the financial year, Astral completed a total of three holes for 495 metres of DD at the Kamperman prospect. The 495 metre Kamperman DD program was designed primarily as a stratigraphic drilling program to increase the understanding of the geology at the location of the prospect. Assay results from the Kamperman DD program were released on 30 January 2024, with best assay results including:   14 metres at 0.89g/t Au from 43 metres and 3.7 metres at 12.2g/t Au from 67.8 metres including 1 metre at 41.0g/t Au from 70.1 metres in hole FRCD262; and 1.3 metres at 9.21g/t Au from 196.7 metres including 1 metre at 22.2g/t Au from 196.6 metres in hole FRCD261. RC Drilling – Kamperman During the financial year, Astral completed a total of 48 holes for 5,962 metres of RC drilling at Kamperman across several drill programs. A further 2,808 metres of drilling as completed during July 2024, subsequent to the end of the financial year. Assays results from the Kamperman RC drilling were released on 5 September 2023, 18 September 2023, 6 March 2024, 4 April 2024, 4 June 2024 and subsequent to the end of the financial year on 2 August 2024 and 19 August 2024. Best assay results included:   18 metres at 0.90g/t Au from 15 metres, 5 metres at 8.29g/t Au from 53 metres (including 1 metre at 38.72/t Au from 59 metres) and 4 metres at 94.84g/t Au from 77 metres (including 2 metres at 187.7g/t Au from 77 metres) in hole FRC243; 21 metres at 4.16g/t Au from 31 metres (including 2 metres at 12.73g/t Au from 47 metres) in hole FRC241; Astral Resources NL Annual Report 30 June 2024 14           35 metres at 2.19g/t Au from 81 metres (including a higher-grade core of 15 metres at 3.91g/t Au from 99 metres) in hole FRC240; 32 metres at 2.13g/t Au from 125 metres in hole FRC360; 38 metres at 2.12g/t Au from 42 metres in hole FRC358; 34 metres at 2.24g/t Au from 33 metres in hole FRC353; 13 metres at 3.95g/t Au from 35 metres including 1 metre at 45.6g/t Au from 41 metres in hole FRC279; 24 metres at 2.67g/t Au from 49 metres including 1 metre at 31.7g/t Au from 59 metres in hole FRC272; 15 metres at 3.12g/t Au from 23 metres including 1 metre at 13.9g/t Au from 24 metres in hole FRC271; 28 metres at 1.99g/t Au from 68 metres including 1 metre at 12.2g/t Au from 89 metres in hole FRC295; 10 metres at 5.04g/t Au from 99 metres in hole FRC350; and 5 metres at 5.89g/t Au from 112 metres (including 1 metre at 20.62g/t Au from 114 metres) in hole FRC238. Image 3 – Kamperman RC hole FRC243 interval 77-78m. Image 4 – Rig on Site at Feysville (May 2024). Astral Resources NL Annual Report 30 June 2024 15 Figure 6 – Aerial view of Kamperman identifying drill hole locations of higher-grade intercepts Astral Resources NL Annual

Share your feedback

Discover