Highlights

  • Aircore drilling at Nuckulla Hill confirmed and extended a gold trend of more than 3km.
  • The best intersection was 10m at 1.4g/t gold from 56m to end of hole.
  • Preliminary metallurgical testwork at Sheoak averaged 90.5% gold recovery.
  • Auravelle raised $1.5 million and agreed to sell its Skeleton Rocks Project for $250,000.

Auravelle Metals Limited (ASX:AUV) has released its quarterly activities and cash flow report for the period ended 30 September 2026. The gold-focused explorer reported drilling and metallurgical results at its Nuckulla Hill project in South Australia, new soil anomalies at Skye and several corporate developments.

Nuckulla Hill Drilling Results

A 34-hole aircore program targeted the Sheoak North, Myall and Sauna prospects within the Yarlbrinda Shear Zone. Results received after the quarter confirmed and extended a gold trend of more than 3km between the Sheoak and Myall prospects. Gold anomalism above 0.1g/t appeared in about one-third of holes.

The best intersections, from 4m composite samples, were 10m at 1.4g/t gold from 56m to end of hole and 8m at 1.0g/t gold from 48m. Selected targets will be tested in an upcoming RC program, which will also infill and extend known gold at Sheoak and Bimba.

Sheoak Metallurgy and Skye Soil Results

Bottle roll tests by Bureau Veritas on 22 RC samples from Sheoak returned gold recoveries of 81% to 97%, averaging 90.5% after a 24-hour leach. The results suggest the mineralisation is non-refractory and amenable to conventional cyanide leaching. The company noted that "the gold system extends for at least 600m along strike and remains open at depth and to the north and south."

At Skye, located about 30km along strike from Marmota's Greenewood discovery, a maiden soil program identified multiple kilometre-scale gold anomalies. Results will be integrated with historical data ahead of a maiden drilling program in 2027. At the Crown Gold Project in Western Australia, results from about 400 soil samples are pending.

Corporate Update

Auravelle raised $1.5 million before costs through a placement of 187.5 million shares at 0.8 cents, including $205,000 from all four directors, subject to shareholder approval. The company also agreed to sell its non-core Skeleton Rocks Project to Forrestania Resources for $250,000 in Forrestania shares, subject to due diligence.

Cash stood at $1.3 million at 30 September 2026, and the company has no debt. Auravelle estimated a funding runway of about 1.9 quarters and said it is confident of raising further capital. The AGM will be held on 26 November 2026 in Adelaide.

Key Takeaways

  • Aircore drilling has extended the Nuckulla Hill gold trend to more than 3km.
  • Metallurgical testwork indicates Sheoak gold is amenable to conventional processing.
  • New soil anomalies at Skye add to the exploration pipeline.
  • Additional funding is likely to be needed given the short funding runway.