Cazaly Resources (ASX:CAZ) eyes Goongarrie gold potential as price hits record highs
February 12, 2025The gold sector has seen its fair share of ups and downs, but with prices now smashing through A$4,600 per ounce, the latest move by Cazaly Resources (ASX:CAZ) suggests the company is betting big on a sustained golden era.
Cazaly Resources has inked a joint venture deal with Brightstar Resources (ASX:BTR) to earn up to 80% of the Goongarrie Gold Project, an advanced exploration play located 90km north of Kalgoorlie in the heart of Western Australia’s prolific Eastern Goldfields.
Managing Director Tara French is wasting no time in positioning the company for what could be a lucrative return to gold.
“The Goongarrie gold project presents Cazaly with an outstanding opportunity to explore for new gold resources in a multi-million-ounce gold district,” she said. “With the gold price breaking A$4,600 oz for the first time, and with a positive pricing outlook, it’s the perfect time for Cazaly to get back into gold.”
Unlike some junior players who dilute shareholders with upfront acquisition costs, Cazaly has secured the project with no cash or scrip consideration, funnelling all investment directly into the ground.
The deal allows the company to incrementally earn its stake through staged exploration spend, starting with an initial $1 million for a 25% interest, followed by a further $2 million to reach 80%.
A Sleeper Asset in a World-Class District
Goongarrie is no greenfield gamble.
It boasts a 12km stretch of the Bardoc Tectonic Zone (BTZ), a proven gold-hosting corridor that extends southwards into the world-renowned Boulder-Lefroy Shear Zone, home to tier-one operations like Northern Star’s (ASX:NST) Paddington and Gold Fields’ (JSE:GFI) St Ives.
Despite its location, the project has remained largely untested at depth—a symptom of historical exploration priorities elsewhere.
However, prior drilling at the Hastings prospect has already delivered 38m at 3.1g/t gold, a robust intercept that remains open along strike and at depth. Other key targets include:
- Duke of York: Historical results include 8m at 10.7g/t gold from 75m.
- Sir Laurence: Widespread mineralisation extending over 2km strike.
- Great Eastern: Gold hosted in ultramafics, associated with major structures.
With gold demand heating up, the timing of this venture is more than just opportunistic—it could be a strategic play on an evolving landscape.
While global markets debate the future of fiat currency and economic instability drives investor interest in hard assets, gold’s role as a hedge remains rock solid.
Next Steps: Hitting the Drill Bit
French says Cazaly’s first priority is to rank all targets by prospectivity before commencing drilling.
“We look forward to generating new gold targets and drill testing the existing prospects,” she said. “Our focus is on maximising value for shareholders while working closely with Brightstar.”
With boots soon to be on the ground and a robust gold price backdrop, Cazaly’s return to the yellow metal could not be better timed.
For investors, it’s now a waiting game—one where the drill rig will ultimately determine the company’s fortune.
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