Astral Resources NL (ASX:AAR): How Do Theia Deeps Assays Affect Mandilla Drilling Plans?

Aditi Sarkar

11 November 2026 08:00 PM AEDT

Astral Resources NL (ASX:AAR): How Do Theia Deeps Assays Affect Mandilla Drilling Plans?

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Highlights

Astral reported results from three Theia Deeps diamond drill holes in November 2026.
Hole AMRCD468A returned 31 metres at approximately 13.5 g/t gold, including a narrow higher-grade interval.
Hole AMRCD515 included 111 metres at 1.12 g/t gold below the existing April 2026 resource pit shell.
Further infill drilling and assays are planned before any possible resource revision.

Astral Resources NL (ASX:AAR) is an Australian gold exploration and development company focused on the Mandilla, Feysville and Spargoville projects in Western Australia. Its 10 November 2026 announcement detailed further diamond drilling assays from the Theia Deeps programme at Mandilla, about 70 kilometres south of Kalgoorlie. The results include high-grade narrow intersections and broader mineralised zones, although a future resource increase has not yet been established.

Latest Diamond Drilling at Theia

The November announcement reported assay results from holes AMRCD468A, AMRCD514 and AMRCD515, representing approximately 1,796.5 metres of drilling. AMRCD468A returned 31 metres at 13.5 grams per tonne gold from 288 metres, including a narrow 0.34-metre intersection at 1,146.3 grams per tonne from 305.57 metres. The company described the narrow result as its highest gold assay at Theia.

A high individual assay can strongly affect the grade of a composite interval. For Astral Resources NL (ASX:AAR), the broader 31-metre intersection is therefore important context rather than a standalone indication of Mining economics. Drill lengths are reported downhole and should not be assumed to represent true widths.

Broader Intersections and Depth Extensions

AMRCD515 returned 40 metres at 3.30 grams per tonne gold from 332 metres, including 0.3 metres at 317 grams per tonne. The same hole also intersected 111 metres at 1.12 grams per tonne from 424 metres. Astral identified that deeper interval as extending below the open-pit shell used for the April 2026 mineral resource estimate.

AMRCD514 returned several additional intersections, including 2 metres at 16.5 grams per tonne from 434 metres and 38 metres at 0.84 grams per tonne from 572 metres. Together, the results provide information on the depth distribution of mineralisation. Astral Resources NL (ASX:AAR) still needs enough drill density and geological interpretation to determine whether deeper material can support an updated resource.

Resource Context and Infill Programme

Mandilla has an April 2026 reported mineral resource of approximately 1.74 million ounces of gold, with Theia accounting for around 1.4 million ounces. The November announcement confirmed that the diamond programme had been expanded to 25 holes and approximately 13,400 metres, with six holes remaining at the reporting date.

The remaining work aims to achieve drilling spacing of around 60 by 60 metres in the principal mineralised zone. That spacing is intended to provide evidence for potential Inferred resource classification at depth, not confirmation that such a classification has already been achieved. Astral Resources NL (ASX:AAR) was also awaiting assays from AMRCD516 and AMRCD575, while AMRCD615 was being drilled.

Mandilla and Regional Work Ahead

The company expected the Theia Deeps programme to resume in January 2027 after moving its diamond rig to the Kamperman prospect at Feysville for exploration and geotechnical drilling in December. Completion of the expanded Deeps programme was targeted for the March 2027 quarter. The Theia Stage 1 reverse-circulation infill programme was also continuing.

Astral Resources NL (ASX:AAR) must still test whether the high-grade and broad intersections persist between holes. Additional resource work, feasibility studies and project approvals are separate from assay reporting. The current results improve geological understanding, but do not on their own determine mine design, recoverable ounces or commercial returns.

Key Insights

Theia Deeps results provide Astral Resources NL (ASX:AAR) with further evidence of gold mineralisation within and below parts of the established resource interpretation. The 2026 drilling programme is still being completed, and later assays and geological modelling will determine whether a formal resource change is justified. Development decisions remain separate from these exploration results.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.