Highlights

  • Gateway Mining intersected wide, high-grade gold in unweathered fresh rock at the Cowza prospect at Montague.
  • Cowza confirms substantial primary feeder systems intact beneath shallow oxide blankets across fault zones.
  • The Montague project currently holds a JORC resource of 526,000 ounces of gold across near-surface deposits.
  • GML shares advanced 12.50% over 12 months, settling at $0.072 with a $207.81 million market capitalisation.

What was once regarded as a shallow oxide gold play has just revealed something more enduring — Gateway Mining (ASX:GML) has drilled through the supergene blanket at Cowza and found thick, high-grade gold mineralisation in unweathered fresh rock, fundamentally expanding the exploration story at its Montague Gold Project in Western Australia.

Cowza Discovery Changes the Montague Narrative

Drilling programmes at the 100%-owned Montague Gold Project in Western Australia's Murchison region penetrated bedrock potential beneath shallow historical oxide pits and intersected wide, high-grade gold intercepts in unweathered fresh rock at the Cowza prospect. Assays confirmed primary gold mineralisation associated with quartz-sulphide veining and shearing, proving that economic gold grades extend deep into primary bedrock across multiple structural zones.

This discovery marks a pivotal evolution in GML's exploration strategy. Historically regarded primarily as an oxide gold play, Montague's Cowza discovery validates that substantial high-grade primary feeder systems remain completely intact and largely untested beneath shallow supergene blankets. The existing JORC Mineral Resource of 526,000 ounces across near-surface deposits now has material expansion potential.

Strategic Position in the Murchison Region

The Montague project covers approximately 1,000 square kilometres of contiguous greenstone tenure within the under-explored Gum Creek Greenstone Belt. A notable strategic advantage is proximity to multiple operating gold mills throughout the Murchison and Northern Goldfields regions, positioning Gateway to pursue flexible commercial pathways including toll-treatment agreements, profit-sharing joint ventures, or outright asset consolidation.

Gold represents the singular strategic focus for GML, offering unhedged leverage to robust Australian-dollar bullion prices in a politically stable, infrastructure-rich jurisdiction.

Financial Discipline and Market Performance

GML shares advanced $0.002 or 2.86% to settle at $0.072 on 2 October 2026, trading between $0.069 and $0.073 on robust turnover of 2,218,750 shares. At this price, GML commands a market capitalisation of $207.81 million — a 12.50% net gain over the preceding 12-month period.

The company maintains a sound cash balance and holds liquid equity investments in regional exploration peers, providing financial flexibility to fund continuous drilling without premature equity dilution. Management has prioritised in-ground exploration expenditure to maximise drilling productivity.

Resource Growth Plans and Key Risks

GML's primary operational focus is executing step-out RC and diamond drilling to test strike and dip extensions at Cowza, Montague-Boulder, and Achilles. Defining continuous mineralised envelopes along the 2.5-kilometre northwest-trending corridor will form the foundation for an updated JORC Mineral Resource Estimate.

Risks include geological uncertainty in step-out drilling, capital requirements for development studies and permitting, and the need to secure commercial toll-milling arrangements at attractive terms. Macro-economic headwinds including skilled drilling crew shortages and cost inflation across diesel and consumables also present ongoing considerations.