Key Highlights

  • An initial program of more than 7,000 metres across about 50 RC holes is underway at the Everleigh Farm-In.
  • The drilling targets the Bellbird Dolerite unit on ten traverses across four key targets over a 5-kilometre strike length.
  • The program is fully funded by Gold Fields under a A$10 million option and joint venture agreement announced in June 2026.
  • Heritage clearances are in place for both Stage 1 and Stage 2 drill sites on four priority target areas.

Iceni Gold Limited (ASX:ICL) has announced that a significant drill program is underway on the Everleigh Farm-In, located within its flagship 14 Mile Well Gold Project between Leonora and Laverton in Western Australia. The initial program of more than 7,000 metres, or about 50 reverse circulation holes, is being funded by Gold Fields Australia under a A$10 million option and joint venture agreement. The announcement is dated 10 November 2026.

Scope of the Initial Drilling

The program is designed to test the Bellbird Dolerite unit along ten drill traverses across four key targets, covering a strike length of about five kilometres. The company says it is testing a highly magnetic dolerite sill that includes the recently identified Wild West Trend. Within target ET1, three aircore gold anomalies above 0.1 grams per tonne, named Rio Bravo, Sundance and High Noon, sit within the trend.

The targeting applies a dolerite-hosted model analogous to the Mt Charlotte style of mineralisation, and it examines fractionated horizons and structural settings similar to those at the Golden Mile Dolerite. Rock chip results with high grades and gold nugget fields coincide with several priority drill targets, which the company cites as support for the target selection.

Access and Approvals

A heritage survey has been completed within the Everleigh tenement package, with access approved on four priority target areas. Both Stage 1 and Stage 2 drill sites have been cleared, and site preparations have been completed. The company established its exploration team at the 14 Mile Well camp to support the drill contractor.

Funding Structure

The program is fully funded by Gold Fields under the A$10 million farm-in, option and joint venture agreement. For Iceni, this means the drilling costs are met by its partner under that agreement, although the terms governing ownership and the earn-in progression are set out in the earlier agreement rather than in this announcement.

Timing of the Program

The company's managing director described the time from agreement execution to drilling as four months, with heritage clearances, site preparation and camp support all completed in that period. The company has not provided results from this program yet.

Risks and Matters to Monitor

The results from RC drilling and any aircore anomalies are subject to the usual uncertainty of early-stage exploration. The gold anomalies and rock chip results are indicators rather than confirmed grades. Partner decisions under the joint venture will also shape how the project progresses, and the company's share of any future results depends on the agreement's terms.

Final Word

Iceni has moved the Everleigh Farm-In from agreement to drilling within four months, with the 7,000 metre Bellbird Dolerite program now testing ten traverses. The assays will show whether the magnetic sill carries gold at the targets identified, and the progress of the program will shape the next phase of the joint venture with Gold Fields.