Aureka Limited (ASX:AKA) Shares Leap 24% as Irvine Drilling Finds First Gold Across the Two-Kilometre Gap

Aditi Sarkar

09 November 2026 04:18 PM AEDT

Aureka Limited (ASX:AKA) Shares Leap 24% as Irvine Drilling Finds First Gold Across the Two-Kilometre Gap

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Highlights

Shares surged 24% to A$0.155 on 9 November 2026, lifting Market Capitalisation to about A$34.07 million.
North Resolution hole RD058 intersected 3.92 metres at 4.74 grams per tonne gold, revealing a new structure at depth.
Eaglehawk drilling returned the first significant mineralisation in the two-kilometre gap between Irvine and neighbouring mineralisation.
Irvine's Inferred Resource stands at 398,000 ounces, and Aureka is targeting growth beyond one million ounces.

Few junior explorers can point to a new gold structure at depth and a first hit in an untested corridor within the same set of drill results. Aureka Limited (ASX:AKA) did exactly that at its Irvine Gold Project in Victoria, and its shares rose 24% to A$0.155 on 9 November 2026, extending a twelve-month gain of 14.82%.

North Resolution Reveals a New Structure

Aureka’s 15 September 2026 drilling update reported partial assays from hole RD058, which returned 3.92 metres at 4.74 grams per tonne gold from 238.82 metres. That interval included 0.72 metres at 9.18 grams per tonne and 0.5 metres at 16.1 grams per tonne. A shallower intercept delivered 0.95 metres at 3.71 grams per tonne. The company described the deeper result as a new structure at depth, and remaining assays will be reported once quality control is complete.

At South Resolution, hole RD054 returned 3.5 metres at 2.79 grams per tonne from 155.1 metres, including 0.7 metres at 8.78 grams per tonne. The hole was ended early because of poor ground conditions, so the rig has been repositioned to redrill the target from a different angle.

Eaglehawk Delivers First Gold in the Gap

Drilling at Eaglehawk produced the first significant mineralisation in the roughly two-kilometre gap. Hole EH002 returned 0.9 metres at 3.84 grams per tonne, and EH001 intersected 1.0 metre at 3.98 grams per tonne. Intercepts are down-hole lengths and true widths are not yet known.

Mineralisation at Irvine is generally narrow, under two metres, though the existing resource reaches up to five metres in true thickness. Aureka plans infill and expansion drilling if follow-up results are positive.

Resource Growth and Production Pathway

Irvine carries a JORC Inferred Resource of 398,000 ounces of gold, and management aims to grow it beyond one million ounces. Drilling continues to target extensions within the company’s Advanced Exploration Targets and the flanks of the Irvine basalt dome.

On the development side, Aureka has indicated that production at Fiddlers Creek is planned to start first, followed by Comstock near St Arnaud. The proposed Wedderburn Mill Acquisition remains subject to completion.

Future Outlook

Next steps include further drilling at North Resolution to test down-plunge extensions, redrilling at South Resolution and follow-up work at Eaglehawk. Aureka has said these programs will be reported as assays are finalised and quality control checks are passed.

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