Drilling at a historic gold field

Avira Resources Ltd (ASX:AVW) is an exploration company searching for gold, copper and base metals, with projects in Western Australia and Sweden. Its current focus, judged by its announcements, is the Mt Cattlin Gold Project in Western Australia, where a 4,500 metre reverse circulation (RC) drilling programme began on 2 June 2026.

What the company says it has found

On 24 March 2026 the company reported what it called high-grade gold at Mt Cattlin. In its 18 June 2026 update it cited earlier intercepts from that announcement, including 2.00 metres at 31.65 grams per tonne gold from 67 metres at the Maori Queen main lode, 2.00 metres at 19.46 g/t from 24 metres, and at Plantagenet 4.00 metres at 18.52 g/t from 14 metres and 3.00 metres at 19.98 g/t from 62 metres. These are exploration intercepts and, as the company's update itself notes, are not a mineral resource.

Where the programme stood in June

By 18 June 2026 the company had completed 1,308 metres of RC drilling: nine holes for 811 metres at Maori Queen and five holes for 497 metres at Plantagenet. A further six holes (820 metres) were planned at Maori Queen to finish Phase 1, with about 2,500 metres to follow at the Sirdar and Ellendale prospects. First samples had been sent to SGS Laboratories in Perth, and no new assay results were included in that update.

The company said assays would be released progressively to the ASX and that it is targeting a maiden Mineral Resource Estimate, with the highlights section specifying the fourth quarter of 2026. That is company guidance, not a verified outcome, and timetables for drilling and resource estimation can slip.

Corporate developments

Preparatory milestones in 2026 included land access (3 March), approvals (4 May), tenure extension (11 May) and siteworks (22 May). On 1 July 2026 the company appointed Andrew van Bentum as chief executive. Drilling updates followed on 18 June and 7 July 2026, and a quarterly Appendix 5B was lodged on 28 July 2026. A change in substantial holding notice was lodged on 23 July 2026. Twentieth Century Motor Company Pty Ltd is listed as a substantial holder with 21,000,000 shares (9.13%).

Funding and risks

The company lodged a cleansing notice and application for Quotation of securities on 10 June 2026, indicating a share issue around then. The share price fell from $0.010 to $0.008 after the 18 June update.

As with any explorer, key risks include assay results below expectations, the need for further Capital and the gap between selected high-grade intercepts and an economic, bulk-tonnage resource. A small Market Capitalisation does not itself indicate distress or value.

Upcoming milestones

The next Quarterly Report is expected around 30 October 2026, though the company has not confirmed a date. The company is also targeting a maiden Mineral Resource Estimate in the fourth quarter of 2026.