Iceni Gold (ASX:ICL) confirms dual mineralisation systems at Guyer, strengthening discovery potential

Iceni Gold Limited (ASX:ICL) has confirmed the presence of two distinct mineralisation styles across its Guyer Prospect within the 14 Mile Well Gold Project, following completion of an extensive 10,842-metre reverse circulation (RC) drill program.

The results mark a key milestone for the company, strengthening the geological model and confirming that both granite-hosted and basalt-hosted systems are contributing to what is shaping up to be a large and evolving gold system.

Located between Leonora and Laverton in Western Australia’s Eastern Goldfields, the project is advancing under a $35 million farm-in and joint venture agreement with Gold Fields, providing both financial strength and technical expertise to systematically unlock Guyer’s potential.

What makes the Guyer area stand out within the 14 Mile Well Gold Project?

Guyer has become a focal point of exploration because it exhibits two clearly defined mineralisation styles—one hosted within the Danjo Granite and the other within basalt.

The contrast between these geological environments provides valuable insight into the distribution and behaviour of gold within the broader 14 Mile Well system.

“We have now confirmed two clear mineralisation styles at Guyer – in both the granite and the basalt – which is a major step forward in understanding the scale of this system.”

In the granite, mineralisation occurs along flat-lying shears, where leaching in the regolith has dispersed gold near the saprock contact.

The basalt-hosted system, by contrast, is associated with steeply dipping shears, where the regolith profile is stripped, allowing gold to remain tightly contained.

Together, these findings reinforce the interpretation that Guyer represents a large and complex mineral system extending over several kilometres.

What were the key outcomes from the recent 10,842-metre RC drill program?

The RC program, comprising 41 holes for a total of 10,842 metres, delivered multiple strong gold intersections that have expanded the understanding of Guyer’s geological framework. Key results include:

· 6 metres at 1.22 g/t gold from 130 metres, including 1 metre at 5.41 g/t gold (GUYRC0050)

· 7 metres at 1.48 g/t gold from 99 metres, including 2 metres at 4.65 g/t gold (GUYRC0054)

· 3 metres at 3.26 g/t gold from 172 metres, including 2 metres at 4.82 g/t gold (GUYRC0045)

These intercepts build on earlier results, such as 13 metres at 1.13 g/t gold from 197 metres in hole GUYRC0083, which first identified the basalt-hosted trend.

The drilling confirmed mineralisation across both host rock types, defining a continuous mineralised corridor that remains open along strike and at depth.

“The basalt-hosted gold mineralisation is an exciting development. It sits under transported cover and remains underexplored given our focus on the gold in granite, yet it’s returning strong intercepts that point to a much larger system beneath the surface.”

The program also confirmed that the contact between the Danjo Granite and the mafic stratigraphy acts as a major structural boundary, guiding the emplacement of gold-bearing fluids and providing a clear structural target for future drilling.

How does the partnership with Gold Fields enhance exploration at Guyer?

The partnership with Gold Fields has significantly strengthened Iceni’s exploration capability. Under the $35 million farm-in and joint venture agreement, Gold Fields can earn up to an 80% interest in the Guyer Project by investing in staged exploration, with the initial $5 million minimum expenditure already met.

The collaboration brings together Iceni’s regional geological expertise and Gold Fields global operational experience, ensuring exploration is both technically robust and well-resourced.

The partnership structure enables close coordination through a joint Exploration Committee, streamlining decision-making and ensuring new data from each phase of work is efficiently integrated into forward planning.

“The team is looking forward to expanding upon these recent results including the intercept in GUYRC083 and unlocking further value in this basalt-hosted system as part of the broader Guyer gold project.”

What are the next steps for Iceni following these results?

With final RC results received, Iceni is now preparing a follow-up drilling campaign to expand on the mineralised zones identified at Guyer.

The upcoming program will prioritise the basalt-hosted mineralisation trend defined by hole GUYRC0083, which remains open in multiple directions.

In addition, the company is awaiting the results of multi-element geochemical assays, expected to further refine the geological model and highlight additional pathfinder elements associated with gold.

The findings will be reviewed at the next Exploration Committee meeting with Gold Fields, scheduled for early Q4 2025.

“These results further support the presence of a significant gold system at Guyer. The basalt trend is still open and largely untested, and we’re gearing up for the next phase of targeted drilling to keep building on this momentum.”

The next stage of work will focus on testing extensions of mineralisation along the granite contact and across several untested anomalies identified in recent geological interpretation.

How does Guyer fit within Iceni’s broader exploration portfolio and regional strategy?

Guyer is the flagship target within Iceni’s extensive 14 Mile Well Gold Project, which covers around 850 square kilometres in the heart of the Leonora–Laverton gold belt.

The project is situated amongst major operations including Wallaby, Sunrise Dam, Granny Smith, and Jupiter, highlighting its strategic location within one of Australia’s most productive gold regions.

While Guyer remains the immediate focus, exploration is also advancing across the Everleigh–Tatong (Wild West) and Guyer West targets, which may form part of a 7-kilometre mineralised corridor along the western margin of the Danjo Granite.

This corridor remains largely underexplored, with approximately 2 kilometres of strike still to be tested, offering substantial discovery potential.

The broader 14 Mile Well Project continues to represent an underexplored opportunity within a proven district, while the Welcome Creek Au–Cu Project in the Paterson Region provides additional long-term optionality.

The ongoing partnership with Gold Fields ensures that each step of exploration is guided by technical discipline and regional geological understanding.

Advancing a systematic exploration pathway

Iceni Gold’s progress at Guyer underscores the company’s disciplined approach to exploration and its ability to convert geological potential into tangible results.

With both granite- and basalt-hosted gold systems now confirmed and new structural controls defined, the next phase of drilling will build upon a strong technical foundation.

According to Managing Director Wade Johnson, the company’s focus remains firmly on extending and defining the mineralised system with precision and purpose.

With momentum building and the Gold Fields partnership firmly established, Iceni is well positioned to advance Guyer into its next phase of growth.

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