Key Highlights

  • Avira Resources (ASX:AVW) announced completion of its Phase 1 reverse-circulation drilling programme at Mt Cattlin on 20 October 2026, with 37 holes drilled for a total of 4,234 metres across four gold prospects.
  • Earlier drilling returned intersections including 7 metres at 6.11 grams per tonne (g/t) gold at Maori Queen and 8 metres at 2.77 g/t gold at Plantagenet, while assays from the later drilling campaign remain outstanding.
  • Avira Resources (ASX:AVW) reported a cash balance of AUD 1.45 million at 30 June 2026, with its maiden Mineral Resource estimate targeted for 4QCY26 and further exploration dependent on assay results and funding availability.

Avira Resources Limited (ASX:AVW) is an Australian mineral exploration company focused on its Mt Cattlin Gold Project near Ravensthorpe in Western Australia. On 20 October 2026, the company confirmed completion of its first Phase 1 reverse-circulation (RC) drilling campaign, marking a transition from field exploration to laboratory analysis and geological interpretation. The programme investigated mineralisation across Maori Queen, Plantagenet, Sirdar and Ellendale. Further assay results will help determine whether the company's geological findings can support its planned maiden Mineral Resource estimate and subsequent drilling activities.

What Does Completion of Phase 1 Drilling Mean for Mt Cattlin?

Avira Resources (ASX:AVW) completed 37 RC drill holes covering approximately 4,234 metres during its inaugural Mt Cattlin drilling campaign.

The programme was conducted in two stages, with the first phase of fieldwork completed before winter weather interrupted operations.

Drilling resumed in late September 2026, allowing the company to complete the remaining exploration targets.

The second tranche comprised 18 holes for approximately 2,324 metres, focusing on Sirdar, Ellendale and extensions of the Maori Queen mineralised structures.

Following completion of drilling, samples were submitted for laboratory analysis.

The company reported that approximately 1,101 samples had been submitted across three batches, with assay results expected from early to mid-November 2026.

Completion of the programme provides additional geological information across the project's principal exploration targets.

However, the significance of the newly drilled mineralised zones will depend on the pending analytical results.

What Have the Earlier Gold Drilling Results Revealed?

Avira Resources (ASX:AVW) previously announced assay results from the first 18 holes of its maiden drilling campaign, covering approximately 1,910 metres.

The programme identified gold mineralisation at Maori Queen and Plantagenet.

At Maori Queen, drill hole RAGC116 returned an intersection of 7 metres at 6.11 g/t gold from 105 metres, including 2 metres at 15.1 g/t gold.

At Plantagenet, drill hole RAGC102 intersected 8 metres at 2.77 g/t gold from 16 metres, including 2 metres at 9.68 g/t gold.

Another intersection, recorded in hole RAGC108, returned 4 metres at 3.86 g/t gold from 23 metres.

These results provided evidence of gold mineralisation within the tested structures.

However, reported intersections represent downhole lengths rather than confirmed true mineralised widths.

Further drilling and geological interpretation will be required to establish continuity, geometry and resource potential.

Why Is the Sirdar Prospect Important?

The Sirdar prospect represents one of the principal targets within Avira Resources' (ASX:AVW) Mt Cattlin exploration programme.

Historical exploration identified high-grade gold intersections, including 1 metre at 131.24 g/t gold and 6 metres at 50.07 g/t gold.

These historical results informed the company's decision to undertake first-pass RC drilling at the prospect.

During the latest programme, Avira Resources (ASX:AVW) completed 10 holes at Sirdar, representing approximately 1,349 metres according to the final drilling update.

The drilling investigated interpreted gold-bearing structures and potential extensions of previously identified mineralisation.

Geological logging identified quartz veining, silicification and alteration associated with the targeted structures.

However, geological observations do not independently establish gold grades.

Laboratory results will be required to determine whether the newly drilled intervals contain significant gold mineralisation.

How Does Ellendale Fit Into the Exploration Programme?

Ellendale was included in the second tranche of the Phase 1 campaign to investigate additional gold targets within the Mt Cattlin project area.

The company completed six RC holes for approximately 645 metres at the prospect.

Historical drilling had identified intersections including 10 metres at 2.70 g/t gold from 77 metres and 13 metres at 1.51 g/t gold from 24 metres.

The latest drilling targeted geological structures associated with these historical results.

Initial geological observations identified quartz-carbonate alteration, sulphide-bearing intervals and structural features potentially associated with mineralisation.

However, assay results from the recent programme had not been reported in the 20 October 2026 drilling completion announcement.

The results will be important in assessing whether Ellendale warrants additional exploration expenditure.

What Is the Significance of the Planned Maiden Mineral Resource Estimate?

Avira Resources (ASX:AVW) has identified a maiden Mineral Resource estimate as an objective of its Mt Cattlin exploration programme.

The company previously indicated a target of completing the estimate during 4QCY26.

A Mineral Resource estimate requires sufficient geological and analytical information to establish the location, quantity and grade of mineralisation with an appropriate level of confidence.

The completed drilling programme provides additional data that may contribute to this assessment.

However, the project does not currently have a declared Mineral Resource or Ore Reserve.

The timing and scope of any maiden estimate will depend on the results of outstanding assays, geological interpretation and the adequacy of the available drilling information.

Additional drilling may be required if the existing dataset does not support the intended resource classification.

What Do Avira Resources' (ASX:AVW) FY26 Financial Results Show?

Avira Resources (ASX:AVW) reported a net loss after tax of AUD 986,980 for FY26, compared with AUD 645,526 in FY25.

The increase in losses reflects the company's continuing exploration-stage activities and associated corporate expenditure.

Cash and cash equivalents increased to AUD 1.45 million at 30 June 2026 from AUD 337,945 a year earlier.

Total assets reached approximately AUD 4.85 million, compared with AUD 1.94 million in FY25.

Net assets increased to approximately AUD 4.49 million from AUD 1.83 million over the same period.

The company reported approximately AUD 3.34 million in capitalised exploration and evaluation expenditure at the end of FY26.

Despite the higher cash balance, management acknowledged material uncertainty regarding the company's ability to continue as a going concern without sufficient future funding.

The June-quarter cash balance therefore remains relevant to assessing the company's capacity to finance further exploration.

What Are the Main Exploration and Funding Risks?

Avira Resources (ASX:AVW) faces geological uncertainty because the Mt Cattlin project has not yet established a Mineral Resource.

Although earlier drilling identified gold-bearing intersections, the continuity and economic significance of mineralisation remain subject to further evaluation.

The company must also assess whether assay results from Sirdar, Ellendale and Maori Queen support additional drilling.

Funding represents another important consideration.

The FY26 financial statements identified material uncertainty associated with the company's future financing requirements.

Additional equity funding could increase the number of shares outstanding, while delays in securing capital could affect the timing of exploration.

Adverse weather, geological conditions and regulatory requirements may also influence future drilling schedules and expenditure.

What Are the Next Milestones for Avira Resources (ASX:AVW)?

The immediate priority is receiving and interpreting outstanding assay results from the completed drilling programme.

The company has indicated that results from the second drilling tranche are expected during November 2026.

These results will help determine the geological significance of the newly tested targets and guide subsequent exploration decisions.

The proposed maiden Mineral Resource estimate remains another milestone, although completion will depend on the quality and sufficiency of available information.

Avira Resources (ASX:AVW) is also reviewing a potential Phase 2 RC drilling programme across the broader New Zealand Trend.

Any decision to undertake additional drilling will depend on technical findings, exploration priorities and funding arrangements.

Further financial disclosures will provide updated information about the company's available cash and planned expenditure.