Cazaly Resources (ASX: CAZ) extends high grade gold at Goongarrie as depth and strike continuity build

Cazaly Resources Managing Director Tara French spoke with MarketOpen to discuss the company’s latest RC drilling results at the Goongarrie Gold Project, where initial assays confirm high grade gold at Duke of York and extend mineralisation beyond 200m depth. Results also indicate a continuous trend between Duke of York and Duchess across an interpreted 400m strike. With 1m assays pending and a gravity survey underway at Sir Laurence, current work is focused on improving definition and guiding the next phase of exploration.

The latest results extend high grade mineralisation beyond 200m. What has changed in your view of continuity and development potential?

The latest drilling confirms mineralisation at Duke of York extends beyond 210m, increasing the defined depth of the system. We have also extended mineralisation down dip by approximately 80m at Duke of York and 50m at Duchess, supporting a broader, connected trend between the two prospects.

Multiple high grade zones have been intersected, varying in thickness and grade and remaining open at depth. The company has moved from validation of historical shallow gold intercepts to defining a fresh rock high grade structurally controlled gold system, and further drilling will be required to define geometry and overall extent.

Mineralisation now spans 400m but varies along strike. What uncertainties must be resolved before defining a resource?

Across the 400m strike length, the current results show variability in both grade and thickness, meaning the continuity of higher grade zones is not yet fully established. While higher grade zones have been intersected, they are described as strike limited and remain open at depth, so their scale and distribution within the broader system are still being defined. This type of variability is expected in nuggety gold systems and a staged process of de-risking will be undertaken to better understand the distribution of mineralisation. The early economic mineralisation study will assist with this process.

Results are based on 4m composites with 1m assays pending. How critical are these to next phase drilling and any economic assessment?

The 1m split assays are important because they provide a more detailed view of grade distribution within the broader 4m composite intervals. While the composite results have confirmed high grade gold, including intervals such as 4m @ 14g/t gold from 204m and 8m @ 3.1g/t gold from 242m, they do not fully show how that grade is distributed within each interval. In addition we expect to see a clearer distribution of grade over all the mineralised zones drilled, as 1m samples will be assayed for all anomalous 4m composite samples.

The 1m assays will improve resolution within these zones, helping to identify where higher grade material is concentrated. This supports more precise targeting in subsequent drilling and ensures that follow up work is directed efficiently. The results will also contribute to the planned economic mineralisation study, which is intended to guide the next phase of exploration and assess the potential for an economic mineral resource.

With drilling and geophysics running in parallel, how are you prioritising capital between resource definition and broader scale?

We are advancing drilling at Duke of York and Duchess alongside a ground gravity survey at Sir Laurence, with each workstream serving a distinct purpose. The drilling program is focused on extending and confirming mineralisation within known areas, supporting improved definition and continuity.

At the same time, the gravity survey is being conducted across a 2km by 1km anomalous gold footprint at Sir Laurence to identify stratigraphic and structural features beneath cover. This work is designed to improve targeting by providing additional information on subsurface structures, which can then be used to guide future drilling.

The sequencing is deliberate, with geophysical data helping to inform where capital is deployed in subsequent programs, while known mineralised zones continue to be advanced.

Advancing definition while preserving scale

The current program combines targeted drilling with geophysical work to support ongoing exploration across the Goongarrie Gold Project. Pending assay results and further drilling will improve understanding of mineralisation distribution and continuity, while survey outcomes will guide future targeting. Approvals are in place for additional drilling programs across several new prospects, with execution subject to final arrangements, as Cazaly Resources continues to assess and prioritise opportunities across the project.

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