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

Sonal Goyal

27 August 2026 02:03 PM AEST

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

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Key Highlights

Cazaly has secured a 51% interest in the Goongarrie Gold Project, meeting the Stage 2 farm-in milestone 12 months ahead of schedule.
Over 5,000 metres of Reverse Circulation and approximately 14,000 metres of Aircore drilling have been completed across the project to date.
A first-pass systematic Aircore program at the Hastings gold trend comprised 50 holes for 3,512 metres, identifying a gold-mineralised trend following the Menzies Shear.
High-grade gold at depth has been confirmed over 400 metres of strike from the Duke of York to Duchess prospects, with mineralisation remaining open.

Cazaly Resources Limited (ASX:CAZ) share price was trading at $0.018, up 5.88% or $0.0010 on the day, as at 27 August 2026, 10:42am AEST, following an update on the Goongarrie Joint Venture with Brightstar Resources Limited (ASX:BTR), located 90 kilometres north of Kalgoorlie in Western Australia's northeastern goldfields. The company confirmed that the second farm-in milestone of its earn-in agreement with Brightstar has been met through exploration drilling and geophysics, earning Cazaly a majority 51% interest in the project, 12 months ahead of schedule.

Under the terms of the earn-in joint venture agreement, Cazaly expended an initial $1 million on exploration to earn a 25% interest within the first 12 months, completed in January 2026. The company was then required to expend a further $1 million within 18 months, by September 2027, to earn a 51% interest, a milestone now completed well ahead of the contracted deadline. A further $1 million of expenditure within an additional 18 months, by March 2029, would earn Cazaly an 80% interest in the project.

Extensive Drilling Program Underpins Earn-In

Exploration completed to meet the 51% earn-in milestone included Aircore and Reverse Circulation drilling, a ground gravity survey, 3D modelling and geological and structural interpretation of mineralising structures. To date, more than 5,000 metres of Reverse Circulation and approximately 14,000 metres of Aircore drilling have been completed across prospective areas at the Goongarrie Gold Project.

The most recent Aircore drilling programme was designed as a first-pass, systematic test of the Hastings gold trend beneath shallow alluvial cover along the Menzies Shear within the Bardoc Tectonic Zone, with 50 holes completed for 3,512 metres. Managing Director Tara French said this disciplined approach to exploration activities at Goongarrie has confirmed gold mineralisation across multiple high-grade prospects associated with the Menzies Shear and identified new targets requiring further work.

Key Findings from Drilling to Date

Work completed to date has highlighted a gold mineralised trend exceeding 1 g/t that follows the Menzies Shear zone north and south along strike of the Duke of York prospect. High-grade gold at depth has been confirmed over 400 metres of strike from the Duke of York to Duchess prospects, with mineralisation remaining open. Multiple additional targets located north of the Jenny's Reward open pit have also been identified through a review of historical data, new drill data and surface mapping.

The company is awaiting results from the Aircore drilling program at Hastings, which will be used to rank all prospects tested to date, alongside untested targets, to prioritise future drilling campaigns.

Regional Context and Project Overview

The Goongarrie Gold Project is situated in the northeastern goldfields, easily accessible via the Goldfields Highway, and consists of 70 square kilometres of greenstone sequence within the Kalgoorlie Terrain. The project covers 20 kilometres of the Bardoc Tectonic Zone, the northern extension of the Boulder-Lefroy Shear Zone to the south, described by the company as one of the richest gold-mineralised structures in the Yilgarn Craton. Subsequent exploration has identified two additional subparallel north-south structures with potential to host significant gold deposits.

The company cited the tenor and economic potential of unexploited gold mineralisation in the district as being supported by ASX-listed Gorilla Gold's recent resource update at the nearby Comet Vale gold project, with resources now totalling 7.3 million tonnes at 3.7 g/t gold for 860,000 ounces, underscoring the broader endowment of the surrounding district.

Conclusion

Cazaly Resources' achievement of the 51% earn-in milestone at Goongarrie, well ahead of its contracted schedule, reflects the pace at which the company has advanced drilling and geophysical work across the project since securing the farm-in option. With more than 19,000 metres of combined drilling completed to date and high-grade mineralisation confirmed over 400 metres of strike at Duke of York-Duchess, the company's near-term focus will be on ranking prospects using the pending Hastings assay results to prioritise the next phase of drilling as it works toward the further $1 million expenditure milestone required to reach an 80% project interest.

FAQs

Q: What interest has Cazaly Resources earned in the Goongarrie Gold Project?

A: Cazaly has earned a 51% interest in the project by meeting the Stage 2 farm-in milestone under its joint venture agreement with Brightstar Resources, 12 months ahead of the September 2027 schedule.

Q: How much drilling has been completed at Goongarrie to date?

A: Over 5,000 metres of Reverse Circulation drilling and approximately 14,000 metres of Aircore drilling have been completed across the project.

Q: What did the Hastings Aircore drilling program find?

A: The 50-hole, 3,512 metre program identified a gold-mineralised trend exceeding 1 g/t following the Menzies Shear zone, along with high-grade gold at depth over 400 metres of strike from Duke of York to Duchess.

Q: What further milestone remains under the earn-in agreement?

A: Cazaly can earn an 80% interest in the project by expending a further $1 million within 18 months of the 51% milestone, by March 2029.

Q: What is the broader geological significance of the Goongarrie Project?

A: The project covers 20 kilometres of the Bardoc Tectonic Zone, the northern extension of the Boulder-Lefroy Shear Zone, a structure the company describes as one of the richest gold-mineralised zones in the Yilgarn Craton.

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