Cazaly Resources (ASX:CAZ) Earns 51% of Goongarrie Gold Project 12 Months Early

Aditi Sarkar

28 October 2026 05:03 PM AEDT

Cazaly Resources (ASX:CAZ) Earns 51% of Goongarrie Gold Project 12 Months Early

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

Cazaly's interest in the Goongarrie Gold Project rose to 51%, meeting the Stage 2 farm-in 12 months early.
Aircore drilling at Hastings extended gold anomalism 400m south of a historic high-grade intercept.
RC drilling began at Gulls Blow on 8 October 2026, the first drilling there since the 1980s.
Adrian Byass was appointed Managing Director, and a strategic portfolio review is underway.

Cazaly Resources Limited (ASX:CAZ) has released its quarterly activities report for the period ended 30 September 2026. Highlights include an early step-up in its Goongarrie Gold Project interest, new drilling, and a change in leadership with a focused portfolio strategy.

Goongarrie Gold Project

Cazaly's interest in Goongarrie rose to 51% after it met the Stage 2 farm-in spend 12 months ahead of the September 2027 deadline. Stage 3 requires a further $1.0 million to reach 80% by March 2029.

At Hastings, 50 aircore holes for 3,512m over 2.1km of the Bardoc Tectonic Zone extended gold anomalism 400m south of the historic 38m at 3.1g/t Au intercept. The best result was 7m at 1.2g/t Au from 58m. Hastings lies on the same structural corridor as the 1.5Moz Aphrodite deposit, about 6km to the south. RC drilling began at Gulls Blow on 8 October 2026, targeting depth extensions beneath historical shafts.

Romano and Abenab North Projects

All Romano joint venture tenements have been granted, and the tenement acquisition is complete. Dundas Minerals can earn 80% by spending $2.0 million on exploration within two years, while Cazaly retains a 20% free-carried interest to a positive feasibility study.

At the Abenab North Copper-REE Project in Namibia, where Cazaly holds 95%, a drone magnetic survey of about 196 line-km was flown. Accra and Abenab have been defined as drill targets, with drilling expected in early 2027 targeting Tsumeb-style copper mineralisation.

Corporate Changes and Cash Position

Adrian Byass was appointed Managing Director effective 8 October 2026, succeeding Tara French. A strategic portfolio review will focus capital on two to three core projects and seek partners or buyers for non-core assets.

Cash at quarter end was $3.031 million, with cash and investments of about $4.1 million. Exploration spending was $547,000, tenement disposal proceeds were $215,000, and the estimated funding runway is 5.5 quarters.

Key Takeaways

Cazaly reached 51% of Goongarrie a year ahead of schedule.
Hastings and Gulls Blow drilling are building the Goongarrie pipeline.
Abenab North copper drilling is planned for early 2027.
New leadership is focusing capital on two to three core projects.

FAQs

Q: What is Cazaly's interest in Goongarrie?

A: 51%, after meeting the Stage 2 farm-in 12 months early.

Q: What did Hastings drilling show?

A: Gold anomalism extended 400m south, with a best result of 7m at 1.2g/t Au.

Q: When did Gulls Blow drilling start?

A: On 8 October 2026.

Q: Who is Cazaly's new Managing Director?

A: Adrian Byass, effective 8 October 2026.

Q: What is Cazaly's cash position?

A: $3.031 million in cash, with cash and investments of about $4.1 million.

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.