Iceni Gold Limited (ASX:ICL) Reports Successful Quarterly Activities
Iceni Gold Limited (ASX: ICL) delivered promising results in its quarterly activities report for the three months ended 31 December 2024. The company’s exploration at the 14 Mile Well Project has markedly expanded its gold anomaly, enhancing its operational standing in the region.
Key Exploration Highlights
Significant gold results emerged from two aircore drilling programs at the Guyer North area. New findings revealed downhole intervals of significant mineralisation with intersections including 8m at 1.16 g/t Au and 5m at 1.12 g/t Au. These outcomes reinforce the potential of the newly identified 6km long bedrock gold anomaly which has expanded to a width of up to 1100m.
The majority of recent gold intercepts are located within partially oxidised granite at the end of drill holes. This discovery hints at a potentially extensive primary bedrock gold system underlying transported cover of up to 35m.
Farm-In Agreement with Gold Road Resources
Iceni Gold entered a A$35 million farm-in agreement with Gold Road Resources (ASX: GOR). The deal pertains to 154km² of Iceni’s tenements surrounding the Guyer Gold Trend, which will now include a major campaign of follow-up reverse circulation drilling scheduled for early February.
In addition to the farm-in agreement, Gold Road acquired a 9.9% shareholding in Iceni through a placement of new shares, solidifying financial support to accelerate exploration efforts at the 14 Mile Well Project.
Financial Position and Future Outlook
As of 31 December 2024, Iceni Gold reported cash reserves of $3.55 million and no debt. The company spent approximately $1.06 million on exploration and related activities during the quarter, with plans to continue focusing on the Guyer Trend and explore other prospective areas within its project portfolio.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.