Accelerate Resources (ASX:AX8) reports high grade gold at Balagundi

Accelerate Resources has reported assay results from its maiden reverse circulation drilling program at the Spencers gold discovery, part of the Balagundi Gold Project, located 15km east of Kalgoorlie in Western Australia.

All 9 holes intersected gold mineralisation, with the company reporting that the results confirm a broad mineralised zone extending beneath the shallow aircore discovery announced in May 2026.

Highlights

The reverse circulation program was designed to test basement targets defined by Accelerate’s earlier aircore drilling and determine whether the shallow gold system continued at depth.

Spencers was announced as a new gold discovery on 7 May 2026 after wide spaced, shallow aircore drilling outlined a coherent north to south mineralised trend over approximately 300m of strike.

The aircore program returned 28m at 1.01g/t Au in 26BGAC039, including 8m at 1.78g/t Au and 8m at 1.37g/t Au.

Hole 26BGAC043 returned 8m at 1.42g/t Au within a larger interval of 20m at 0.76g/t Au, while subsequent reverse circulation drilling returned 11m at 4.65g/t Au from 25m in 26BGRC023, including 1m at 46.93g/t Au from 33m.

Accelerate reported this as the highest gold grade delivered at Balagundi to date.

Additional results included 11m at 0.90g/t Au from 73m and 5m at 0.82g/t Au from 64m in 26BGRC028.

Hole 26BGRC024 returned 14m at 0.45g/t Au from 94m, 26BGRC030 intersected 11m at 0.92g/t Au from 110m, 26BGRC027 returned 9m at 0.79g/t Au from 14m and 2m at 3.23g/t Au from 116m, while 26BGRC026 returned 11m at 0.60g/t Au from 20m and 3m at 1.26g/t Au from 93m.

Accelerate reported that better gold grades occur within wide intervals of quartz veining on a mappable contact between dolerite and sediment.

Mineralisation remains open along strike and down dip along this contact, while further drilling is required to determine the size and continuity of higher grade zones within the broader mineralised envelope.

Accelerate Chief Executive Officer Luke Meter commented on the mineralised setting identified by the drilling.

“Importantly, the high-grade sits within a broader mineralised zone associated with quartz veining and alteration along a geological contact we can map and follow.”

The high grade interval in 26BGRC023 occurs at shallow depth in highly weathered rock, which Accelerate stated suggests potential to define near surface oxide gold, described by the company as the foundation of its gold strategy in a district with toll milling options.

The reported intercepts use a 0.2g/t Au lower cut off with up to 2m of internal dilution and weighted average grades. Intervals are downhole widths, and true widths are not yet known.

The Balagundi Gold Project hosts basalts, dolerites, sediments and felsic intrusives, with gold mineralisation associated with structural corridors and historic workings, and Accelerate reported that the project remains underexplored by modern exploration methods.

Accelerate expanded the project through a transaction with Maritana Minerals (ASX:MRT) announced on 19 May 2026, increasing its landholding by 80% to approximately 62km².

The transaction also covers the interpreted extension of the Delta Trend and provides a larger platform for systematic exploration across the camp.

Balagundi is being advanced as a multi trend gold project, with priority target areas comprising Spencers, Paris Gift, Delta, Iron Bound, Fluffy and other emerging structural targets.

Further drilling at Spencers will focus on extending the mineralised zone along strike to the north and south, testing the dolerite and sediment contact down dip below the current holes, and infilling around 26BGRC023 to assess continuity of the shallow high grade oxide gold.

Planning and permitting are underway, and Accelerate stated that it will update the market as development milestones are delivered.