Iceni Gold (ASX: ICL) drilling reshapes Guyer model and resets next phase targeting

Wade Johnson, Managing Director of Iceni Gold, joins MarketOpen today to discuss the latest diamond drilling results at the Guyer area within the 14 Mile Well Gold Project, with the focus on how recent holes have refined the geological model, clarified mineralisation controls, and reset follow up drill targeting across both Guyer Main and Guyer South.

What was the purpose of the latest diamond drilling program at Guyer and how does it change your understanding of the system

The two hole diamond program was designed to follow up significant earlier intercepts from both reverse circulation and diamond drilling and to test two separate interpreted mineralisation styles located about four kilometres apart within the broader Guyer system, with drilling aimed to prove depth and along strike continuity adjacent previous drilling.

The results from GUYDD0009 and GUYDD0010 have materially improved our understanding of mineralisation controls and host geology across Guyer Main and Guyer South. In particular, the revised interpretation now indicates that the previously logged porphyry contact in GUYDD0010 is in fact part of a continuous volcaniclastic sequence with porphyry clasts.

The revised model directly informs the company  where we consider positioning the next holes and how we prioritising  targets along the Guyer trend.

How should investors interpret the results from hole GUYDD0009 at Guyer Main in the context of prior drilling

GUYDD0009 intersected multiple stacked narrow quartz filled shear zones within granite that show continuity with structures seen in earlier hole GUYDD0006, although the mineralised structures in this new hole are narrower and locally discontinuous while still occurring within the same broader structural corridor.

The drilling confirms that the shear hosted mineralisation style is consistent between holes and supports the geological model that these shears may represent splays off a deeper and more continuous structure or a complex faulted zone at the granite contact.

This first confirmation of the structural model supports a more detailed structural review of existing diamond core to define zones of higher shear density and convergence at depth before further step out drilling.

What did GUYDD0010 at Guyer South demonstrate and why does the target remain open

GUYDD0010 intersected multiple zones of shearing and strong chlorite sericite alteration within a volcaniclastic sequence and multi element geochemical analysis confirmed this sequence belongs to the Welcome Well Formation rather than a porphyry contact as previously interpreted.

Although gold assays returned only two narrow intercepts and were lower than anticipated, downhole survey data and geological evidence show that the targeted mineralised structure identified in earlier drilling was not intersected because the hole deviated and tested a distal position within the broader system.

The updated geological interpretation shows that mineralisation at Guyer South is primarily structurally controlled and the priority target remains untested, with follow up drilling already planned to test the interpreted structure position more effectively.

How do these results affect drill targeting and sequencing across the Guyer trend

The program has advanced the geological interpretation across the Guyer area by refining lithological understanding and confirming that structural controls are central to mineralisation, which means our next phase of work is focused on interrogating the structural and geochemical datasets to provide vectors towards specific targets.

A detailed lithological and structural review of all diamond core within the interpreted structural corridor is underway to identify areas where shear density or structural convergence occurs at depth, and those zones will be prioritised for follow up holes.

Follow up drilling is planned to first test the updated target position at Guyer South based on the revised interpretation before returning with additional diamond drilling to assess continuity at depth.

How does the Guyer program sit within the broader 14 Mile Well strategy and partnership structure

Guyer is described in the release as a high priority target within the 14 Mile Well Gold Project and forms the primary focus of the 154 square kilometre farm in area that is subject to the farm in agreement with Gold Fields Australia, which was announced in December 2024.

The broader project covers about 850 square kilometres in the Leonora Laverton district and multiple high priority target areas have been identified through geophysics, surface work and drilling since 2021, with Guyer representing a key structural corridor within that portfolio.

The current drilling and reinterpretation work at Guyer feeds directly into prioritised targeting under this farm in framework and supports a staged and data driven drill sequence.

Structural targeting framework now driving next drill phase

The updated Guyer model shifts Iceni Gold’s execution focus toward structural corridor analysis, core based reinterpretation, and targeted follow up drilling that is designed to test corrected structural positions rather than broad conceptual targets.

Managing Director Wade Johnson confirmed that ongoing interpretation and targeting work is being used to vector into priority zones for subsequent drilling across Guyer Main and Guyer South

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