Iceni Gold Limited (ASX:ICL) advances dual-track exploration at Guyer and Welcome Creek

Iceni Gold has closed out the year with tangible progress across two distinct exploration fronts in Western Australia, completing targeted diamond drilling at the Guyer prospect within its flagship 14 Mile Well Gold Project while continuing a technically demanding deep diamond drill program at Welcome Creek in the Paterson Orogen.

The update reflects a company balancing near term geological definition work in a proven gold district with longer range testing of a large geophysical target in a remote basin setting.

Highlights

• Completion of a 2 hole diamond drill program at Guyer totalling 612.62m, designed to follow up two distinct mineralisation styles identified in earlier drilling.

• Drillholes GUYDD0009 and GUYDD0010 targeted extensions of previously reported intercepts of 3.65m @ 7.46 g/t Au from 151.6m and 13m @ 1.39 g/t Au from 179m.

• Core from Guyer has been processed, with assays pending.

• Deep diamond drillhole WCD001 at Welcome Creek has reached 1,144m toward a planned depth of 1,500m, testing a large coincident gravity and magnetic anomaly.

• Drilling at Welcome Creek is scheduled to pause for the Christmas period before resuming on 30 December 2025.

At Guyer, the latest drilling represents a methodical follow up to results generated from earlier reverse circulation and diamond programs during 2025.

The two diamond holes were positioned approximately 4km apart, reflecting Iceni’s view that multiple mineralisation styles are present along the broader Guyer Trend.

GUYDD0009 intersected sericite carbonate altered shear zones with veining within a granite host, displaying a consistent plunge with mineralised zones encountered in earlier drilling, while GUYDD0010 intersected the contact between basalt and intermediate porphyry units marked by intense alteration and shearing.

The Guyer Trend sits within the southeastern portion of the 14 Mile Well Gold Project, which is strategically located between the established mining centres of Leonora and Laverton and adjoins the Laverton Gold Operation.

The project area is subject to a $35 million farm in agreement with Gold Fields Australia covering 154km² of Iceni tenements, placing the Guyer Trend at the centre of a broader joint venture style exploration strategy within the Leonora Laverton district.

 Iceni Gold Managing Director Wade Johnson said,

“It has been a busy month of exploration to end a huge year for the Iceni team that has worked hard
right up to the Christmas break to undertake these work programs. The follow up diamond drillholes
at Guyer were successfully completed, with multiple intervals of encouraging geology observed in each hole. The core from these key intervals has been processed and assay results are pending (expected end Q4 of 2025) that, along with advancing the geological model, will guide the next phase of work in 2026.”

While Guyer provides nearer term geological definition, Welcome Creek represents a longer dated and technically complex exploration program.

The project comprises 2 adjoining exploration licences covering 393km² in the Little Sandy Desert and targets a deep seated geophysical anomaly defined by coincident gravity and magnetic responses.

Drillhole WCD001 has progressed through carbonate and sulphate rich basin stratigraphy of the Waters Formation, where widespread fracturing and brecciation have been observed, with alteration attributed to circulating basin brines rather than the source of the underlying geophysical signal.

Importantly, drilling to date has not explained the gravity or magnetic anomaly, supporting the interpretation that the target source lies within older basement rocks at greater depth.

The program has been designed to preserve core quality and optionality for future daughter holes, should further testing be justified once the planned depth is reached.

In a broader industry context, Iceni’s update underscores the increasing emphasis on disciplined, technically driven exploration in mature provinces where new discoveries are often concealed beneath cover.

With assays pending at Guyer and deep drilling continuing at Welcome Creek, the outcomes from these programs are set to shape the company’s exploration focus as it moves into 2026.

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