What Do New Drill Results Mean for Auravelle Metals (ASX:AUV) at Nuckulla Hill?

Sonal Goyal

03 November 2026 11:57 PM AEDT

What Do New Drill Results Mean for Auravelle Metals (ASX:AUV) at Nuckulla Hill?

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Key Highlights

A 34-hole aircore program at Nuckulla Hill confirmed and extended a +3km anomalous gold zone between the Sheoak and Myall prospects.
Best results include 10m at 1.4g/t Au from 56m at Sheoak North (NHAC413) and 8m at 1.0g/t Au from 48m at Myall (NHAC409).
Gold anomalism above 0.1g/t Au was intersected in approximately one-third of all holes drilled, with the trend remaining open at depth and to the north and south.
RC drilling at Nuckulla Hill is expected to commence within weeks, targeting high-priority aircore results and infill and extensional opportunities at Sheoak and Bimba.

Auravelle Metals Limited (ASX:AUV), an Australian gold explorer focused on the Gawler Craton in South Australia and the Kalgoorlie region of Western Australia, has confirmed the continuity and lateral scale of the gold system at its Nuckulla Hill project. A 34-hole shallow aircore drilling program targeting the early-stage Sheoak North, Myall and Sauna prospects within the Yarlbrinda Shear Zone returned multiple intersections above threshold, including two results exceeding 1g/t gold.

The drilling confirmed the existing anomalous gold zone at Nuckulla Hill and extended it further north, with the trend now established across a strike length of more than three kilometres from Sheoak through Sheoak North to Myall. All three prospects fall within the Yarlbrinda Shear Zone, a structurally controlled corridor recognised for its prospectivity across the broader region.

Key Drill Results

The four-metre composite sampling methodology used in the program returned multiple intersections above 0.25g/t Au. The two headline results were 10m at 1.4g/t Au from 56m to end-of-hole in hole NHAC413 at Sheoak North, and 8m at 1.0g/t Au from 48m in NHAC409 at the Myall prospect. Approximately one-third of all 34 holes returned gold anomalism above 0.1g/t Au, a hit rate considered encouraging for an early-stage aircore program at relatively shallow depths.

Managing Director Andrew Muir described the results as reflecting the prospectivity of the new targets and supporting further investigation through the planned RC program. The grades and widths at Sheoak North and Myall are comparable to those from earlier shallow drilling at the Sheoak prospect, lending credibility to the geological model that underpins the emerging trend.

Pathway to RC Drilling

Selected intervals from the aircore program will progress to one-metre resampling to better define the grade distribution ahead of RC drilling. The RC program is expected to mobilise within weeks and will pursue multiple objectives: testing selected high-priority aircore results at depth, infilling and extending known mineralisation at Sheoak, and drilling extensional targets at the Bimba prospect.

Auravelle has outlined a near-term news flow pipeline that includes RC assay results from the upcoming Nuckulla Hill campaign, results from recently completed soil sampling at the Crown project in Western Australia, and one-metre resamples from the current aircore drilling. This sequence of catalysts represents a meaningful period of data-flow for investors following the stock.

Crown Project and Portfolio Context

Auravelle's exploration portfolio spans two jurisdictions. The Nuckulla Hill project in South Australia sits within the Yarlbrinda Shear Zone of the Gawler Craton, which hosts a number of significant gold discoveries. The Crown project, located near Kalgoorlie in Western Australia, is at an earlier stage but benefits from its proximity to one of the world's most productive gold Mining districts. Results from a soil sampling program at Crown are pending.

Sector Context

Junior gold explorers on the ASX have attracted sustained interest in an environment of elevated gold prices. The Gawler Craton, historically underexplored relative to the Eastern Goldfields of Western Australia, has seen increasing activity as explorers test shear-zone-hosted gold systems. Auravelle's focus on the Yarlbrinda Shear Zone positions the company in a structurally controlled setting with geological analogues to other significant gold camps in South Australia.

Risks

The primary risks for AUV at this stage are inherent exploration risks: further drilling may not confirm the grade or continuity implied by the aircore results at the scale required for a resource. The RC program, while on track, remains subject to equipment availability and weather. The company is pre-revenue and reliant on Equity markets for funding exploration activity. Results from the Crown project in Western Australia add portfolio exposure but also dilute the focus and Capital available for Nuckulla Hill.

What to Watch Next

The most important near-term catalyst is the commencement and early results from the RC drilling program at Nuckulla Hill. RC holes targeting the 10m at 1.4g/t Au intercept at Sheoak North and the Myall results at depth will be critical in assessing whether the shallow aircore anomalism has economic potential at greater depth. Soil sampling results from the Crown project in Western Australia and the one-metre resamples from the aircore program will also be released in coming weeks.

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