Transcription of The Stock Network Interview with Aureka (ASX:AKA), Managing Director James Gurry
Lel Smits: Eureka is advancing its flagship Irvine Gold project in Victoria’s prolific Stamwell Corridor with a high-resolution drone magnetic survey, marking a step change in exploration capability. As diamond drilling continues to extend the York resource, the new data set is expected to sharpen structural understanding and unlock new targets across the system. Ahead of presenting at Sydney Mining Club, I’m joined by Eureka’s Managing Director James Gurry to discuss how this survey enhances targeting for broader exploration upside, and what’s next as activity ramps up.
James, welcome to the Stock Network.
James Gurry: Yeah, thanks, Lel. Great to be here.
Lel Smits: Now, you’ve recently completed a drone magnetic survey at your flagship Irvine Gold project. How do you think this upgrade really helps your understanding of the subsurface geology and improves the drill targeting?
James Gurry: Yeah, the drone survey is going to be a real assistance to us now as we go forward. What we’re really trying to achieve here at the Irvine project is step changes to our already sizable 300,000 ounces that we have there.
And last year, we successfully drilled on the margins of that York resource and had some terrific hits and some real growth in both our share price and potential growth, I think, in the York resource that we might see later in the year. But the drone survey now will really help us as we do some larger step-outs, because we think that the Irvine project is much, much larger than this. You know, our real target is to get it to a million ounces.
So the drone survey will really highlight the underlying architecture. And so we look forward to reviewing those results in the weeks ahead. We’ll have, hopefully, an update out to the market showing our new targeting strategy after the drone survey.
But also, don’t forget, we’re drilling every day on this project and we’re drilling in the middle of our, we’ve got a bit of a gap between two loads of gold on the Irvine project at the moment. So it’ll really assist that process as we continue our diamond drilling there.
Lel Smits: Fantastic. And with drilling ongoing, as you mentioned, and a focus on the two-kilometre gap between the resolution and adventure loads, what does this new data set mean for discovery potential and resource growth?
James Gurry: Yeah, what we’re trying to do here is real step change discovery type of holes, but still within the Irvine project itself. So we’re really trying to, if we have success in our drilling, we really want to be able to express to investors, all right, they’re really on the fast track, on the way to a million ounces, or even more. You know, just remember, we’re only 16km down the road from a 5 million ounce mine that still operates today there at the Storr gold mine.
So, you know, this is our real company making project. This one can really drive us to half a billion or a billion dollars in market cap, I think. So that’s why we’re so focused on the Irvine project.
But let’s not forget, only 70km up the road. We do have the Comstock project, which is smaller, it’s brownfield, and we’re hoping to bring that into production quite soon also.
Lel Smith: Fantastic. Well, I appreciate the update from Aureka and look forward to seeing you on stage at Sydney Mining Club soon.
James Gurry: Excellent. Thanks, Lel.
Ends