The Spargoville Gold Project, situated in the Coolgardie Domain of the Kalgoorlie Terrane near the St Ives gold camp, was acquired through Astral’s takeover of Maximus Resources. The updated MRE, prepared by independent consultancy Widenbar and Associates in accordance with the JORC Code (2012 Edition), estimates three million tonnes at 1.4 grams per tonne (g/t) gold. This calculation uses a lower cut-off grade of 0.39g/t gold and a gold price of A$3,500 ($2,265) per ounce, aligning with assumptions for an upcoming Mandilla pre-feasibility study.
The MRE encompasses deposits including Wattle Dam, Eagles Nest, Hilditch, Larkinville, and 5B. Astral Resources managing director Marc Ducler stated: “With compulsory acquisition of the outstanding shares in Maximus having now been completed, we considered that it was important to set our own baseline for the recently acquired Mineral Resources at the Spargoville Gold Project. Astral’s standard approach when testing the Mineral Resources for reasonable prospects for economic extraction (RPEE) includes a first step of regularising the block model, which is the process of varying the size of the block model shapes to approximate the size of the earth-moving machinery likely to be used in open-pit mining.”
Astral plans to initiate drilling near the Hestia deposit at Mandilla this quarter, with a larger drilling program scheduled for the September quarter of 2025. The acquisitions have increased Astral’s Group MRE to 50 million tonnes, strengthening its position in Western Australia’s gold sector.
In September, Astral secured A$25 million in funding through a two-tranche placement, with A$21 million already raised. This capital will support the ongoing development of its gold projects, enhancing exploration and operational capabilities. The updated MRE and strategic acquisitions reflect Astral’s commitment to expanding its resource base and advancing sustainable mining practices in the region.
