In a significant development for Victoria's resurgent gold sector, Aureka Limited has intersected a brand-new mineralised structure containing spectacular visible gold at its Comstock project, located 125 kilometres north-northwest of Ballarat.
A New Discovery in the Goldfields
The exciting find was made during drilling, where geologists observed a remarkable array of visible gold grains within a laminated quartz vein starting from a depth of 127.6 metres. This structure had not been previously identified or exploited by the company, marking a fresh discovery that opens up multiple new avenues for exploration.
This new structure provides Aureka with several promising near-surface drill targets, alongside substantial potential for extensions both along strike and down-dip. The discovery underscores the belief that considerable potential remains untapped beneath the historic Victorian goldfields.
Building on a Solid Foundation
This latest success builds on the company's established resource base at Comstock. Earlier this year, Aureka announced a maiden inferred resource for the project of 1.45 million tonnes grading 1.21 grams per tonne (g/t) gold and 2.14g/t silver. This equates to 56,500 ounces of gold and 100,000 ounces of silver.
That resource forms part of a larger mineral exploration target at Comstock, estimated to contain between 112,000 and 116,000 ounces of gold, with grades ranging from 1 to 1.2g/t gold. The company's push towards this target gained serious momentum in November, when drilling delivered outstanding high-grade intercepts.
A standout result from that earlier program was 1 metre grading an exceptional 65.37 g/t gold from 116.2 metres. This intercept was located 150 metres north of the existing inferred resource shell, well within the exploration target area.
Pathway to Early Production
Aureka is not just exploring; it is actively planning for production. The company recently took a major step by engaging Core Prospecting, a local small-scale mining specialist and mill owner. Core Prospecting will conduct a comprehensive scoping study in the coming year.
This study will examine regulatory pathways, engineering, transport, logistics, and targeted drilling. A key component will be assessing the option to process Aureka's ore at Core's under-utilised Wedderburn milling facility, which is conveniently located just 45km northeast of the Comstock site.
The Wedderburn plant has a nameplate capacity of 42,000 tonnes per year and features both gravity and flotation circuits, along with wet and dry tailings storage facilities.
"I am delighted to be reporting further occurrences of visible gold at St Arnaud, Comstock, with extensions this time to the west after our recent highlight intercepts extending mineralisation to the north," said Aureka Limited managing director James Gurry. He noted the timing is ideal as Core Prospecting assesses the pathway to small-scale production.
Logging and sampling from the recent seven-hole diamond drilling program are ongoing, with more assay results expected in the coming weeks as laboratories process the samples.
Aureka has positioned Comstock as one of Victoria's most credible near-term production stories, highlighting the potential for a compact, high-margin starter operation. The outcome of Core Prospecting's scoping study early next year will be closely watched. A positive result could see Aureka pouring its first gold well ahead of other contenders in the richly endowed but competitive Ballarat–Bendigo goldfield.
