Cazaly Resources (ASX:CAZ) intersects high-grade gold and defines new target at Goongarrie

Cazaly Resources (ASX:CAZ) has confirmed high-grade gold mineralisation and identified a new prospect at its Goongarrie Gold Project in Western Australia’s Eastern Goldfields, following the completion of its maiden reverse circulation (RC) drilling campaign.

The company reported standout results including 12 metres at 7.2 grams per tonne gold at the Duke of York prospect and 20 metres at 1.9 grams per tonne gold at the newly defined Duchess prospect, located just 300 metres to the southwest.

The Goongarrie Project covers 70 square kilometres and includes 12 kilometres of strike along the Bardoc Tectonic Zone, a major regional structure that is the northern extension of the Boulder Lefroy Shear Zone, which hosts numerous multi-million-ounce gold deposits.

With new aeromagnetic data highlighting structural complexity across the tenement, Cazaly is advancing exploration with additional drilling planned for the September quarter.

Managing Director Tara French provided further context on the recent results, geological setting and next steps for the project.

How significant are the new gold intercepts at Duke of York and Duchess?

The RC program was designed to confirm historical results and test nearby targets, and it achieved both.

At Duke of York, we intersected 12 metres at 7.2 grams per tonne gold in hole GGRC004, including 4 metres at 19.4 grams per tonne.

This aligns with historical intercepts such as 13 metres at 3.5 grams per tonne and 4 metres at 2.7 grams per tonne, which gives us confidence in the validity of historical drill intercepts at Duke of York.

Hole GGRC010, located south of the historical drill line, returned another encouraging result with 4 metres at 4.6 grams per tonne.

Duchess was tested with two scout holes targeting a structurally complex zone near a magnetic high.

Hole GGRC018 intersected 20 metres at 1.9 grams per tonne gold, including 8 metres at 3.8 grams per tonne.

This new prospect remains open along strike and down dip, and further drilling will be required to understand its full potential.

“I am very pleased that our first pass drill results have confirmed the historical drilling at Duke of York with 12m @ 7.2g/t, and our scout holes have successfully identified a new gold target at Duchess.”

What is the geological setting of these results and how does that inform your future exploration plans?

The Goongarrie Project lies within the Kalgoorlie Terrain of the Eastern Goldfields. Goongarrie is located within a greenstone belt that extends over 100km from Paddington to Menzies.

The project’s geology is comprised of a greenstone sequence that includes mafic and ultramafic volcanic rocks, felsic volcanics and metasediments.

The project covers 12km of the northerly trending Bardoc Tectonic Zone, a major shear zone with three component faults that intersect within the project area.

Several parallel north trending faults in the project area also provide opportunities for gold exploration and discovery.

At Duke of York, mineralisation is hosted within sheared mafic units and is associated with quartz veining, sulphides and biotite-chlorite-sericite alteration.

At Duchess, the host rocks are ultramafics with sericite alteration, sulphides and fine quartz veining parallel to shearing.

Both prospects are within structurally complex areas, which are often favourable for gold accumulation.

Reprocessed aeromagnetic data has revealed cross-cutting structures and magnetic inflections that coincide with known mineralisation, helping us refine targeting.

This new dataset is already influencing our approach to upcoming aircore and RC drilling.

“Although it’s early days, with this new drilling information and reprocessed geophysics we are building our knowledge base in the area.”

What are the next exploration steps following this drilling campaign?

We are planning an aircore drilling program for the September quarter to test approximately five kilometres of strike along the Boorara and Menzies shear zones.

These discrete shear zones lie within the broader Bardoc Tectonic Zone and have not been systematically tested.

The program is designed to generate new gold targets across the broader tenement.

We also collected one metre split samples during the recent RC campaign, which will be submitted for assay to better define and characterise the mineralised zones.

Follow-up RC drilling is already being planned to test anomalies identified in the aircore program and to further investigate the Duchess prospect and other prospective areas.

The recent aeromagnetic interpretation has become a valuable tool in targeting.

Conducted by Fathom Geophysics, this work has helped us understand the structural architecture of the tenement and will continue to support future targeting.

“4m @ 19g/t and 8m @ 3.8g/t gold is a great start to our work on the ground at Goongarrie.”

How does Goongarrie compare to nearby projects and what is the broader potential?

Goongarrie sits in a highly prospective gold belt, with limited historical drilling compared to nearby projects.

To the west at Comet Vale, Gorilla Gold recently reported high-grade intercepts including 19 metres at 18.1 grams per tonne and 96 metres at 2.5 grams per tonne at the Lakeview prospect.

This highlights the broader potential of the region. Immediately south of the project area Genesis’ Aphrodite Resource totals 1.6Moz at 2 grams per tonne gold.

Within our tenements, historical mining occurred at Jenny’s Reward and Goongarrie Lady during the 1980s, and Goongarrie Lady has recently been recommissioned by a private group.

Much of the project area remains underexplored.

Our results from this first RC campaign including the discovery of Duchess reinforce our view that the project is prospective for new gold discoveries across multiple structural targets.

What is the status of Cazaly’s earn-in agreement and how far along are you in that process?

Cazaly has the right to earn up to 80 percent of the Goongarrie Gold Project through a staged earn-in agreement with Brightstar Resources.

The earn-in is structured across three stages: the first requires an expenditure of one million dollars to earn 25 percent, the second a further one million dollars to reach 51 percent, and the third another one million dollars to earn up to 80 percent.

We exercised our option in March 2025 and are progressing through the initial stage.

The recently completed RC program, the upcoming aircore campaign and further planned drilling all form part of our expenditure commitments.

All exploration activities, including stakeholder engagement and permitting, are being managed directly by Cazaly.

Advancing a District-Scale Opportunity

Cazaly Resources early exploration success at Goongarrie has validated historical data, uncovered new mineralisation and revealed a structurally complex and underexplored gold system in a proven district.

The confirmation of high-grade results at Duke of York, along with the emergence of Duchess as a new gold target, supports the company’s strategy to focus on systematic exploration across multiple corridors within the project area.

With aircore drilling set to begin in the September quarter and follow-up RC drilling already in planning, Cazaly is progressing steadily through its earn-in milestones while building a growing pipeline of targets.

Further updates will be provided as exploration advances and new data becomes available.

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