Aureka Limited (ASX: AKA) Intersects Shallow Visible Gold in Comstock’s Walkers Zone
- Noel Ong
- 6 hours ago
- 8 min read
Visible gold has been logged at approximately 18 metres and 40 metres below the existing pit surface, placing the latest discovery directly within the area Aureka Limited is evaluating for potential early production.
Aureka Limited (ASX: AKA) has reported two occurrences of visible gold in diamond hole NED035 at the St Arnaud-Comstock Gold Project in Victoria.
The first occurrence was logged at 21.7 metres downhole, approximately 18 metres vertically below the existing Walkers pit surface. Multiple visible gold grains measuring between one and two millimetres were observed within a bedding-parallel quartz vein.
A further 13 visible gold grains were logged at 61.2 metres downhole, approximately 40 metres below the pit surface. These grains measured between 0.5 and two millimetres and were hosted within a three-centimetre-thick quartz vein associated with a larger en-echelon extension vein set (Figure 1).
Laboratory assays are expected within three to five weeks.
This is the first visible gold reported by Aureka from the Walkers Shear, a secondary mineralised structure branching southeast from the main Comstock Shear. Previous visible gold occurrences at Comstock have largely been associated with the main structure.
Figure 1: St Arnaud Comstock – Walkers Shear: visible gold - NED035 61. 2m down hole (Source: AKA ASX Announcement)
Key Highlights
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Why the Location Matters
For Aureka, the significance is not simply that visible gold has appeared in the drill core. It is where that gold has been observed.
Both occurrences are shallow and sit beneath a previously mined pit within the area being assessed as part of Aureka’s nearer-term production strategy. This gives NED035 greater strategic relevance than a deeper exploration result detached from existing access and infrastructure.
The Walkers Shear is also separate from the better-known Comstock Shear. Establishing mineralisation within this secondary structure could improve Aureka’s understanding of how gold is distributed throughout the broader Comstock system (Figure 2).
Figure 2: Plan View of the Walkers sub-pit and the Walkes main Shear with legacy drill intercepts projected to pit floor surface9 . Red/yellow star indicates visible gold intercepts reported in this release (Source: AKA ASX Announcement)
Managing Director James Gurry said he was impressed to see Comstock “delivering again”, particularly because the visible gold had been encountered within the pit targeted for potential first production.
Aureka drilled seven diamond holes at Comstock during 2025, with six returning what the company described as significant gold and/or silver results. The latest visible gold occurrences add another geological data point, but the pending assays will be needed before their grade significance can be assessed.
Gurry added: "We drilled seven diamond holes at Comstock in 2025 with significant gold and/or silver results in six of these holes – this repeated success in a previously mined pit demonstrates the value we have at Comstock in the high-grade St Arnaud goldfield where, within 2km of our drill rig location, there is a history of mining 400koz of gold at 15g/t.”
An Infill Program with a Defined Purpose
NED035 is part of a 13-hole diamond drilling program (Figure 3) comprising approximately 1,100 metres. The holes have an average planned depth of less than 100 metres.
The program has three principal objectives:
Validate historical drilling results.
Increase drill density within the current resource.
Collect material for metallurgical testing.
Figure 3: Diamond Drilling within the Walkers pit at the Comstock Gold Project. Picture taken June 2026 and shows rig targeting shallow depth drilling on the Walkers stockwork vein area and utilising the existing pit access ramp (Source: AKA ASX Announcement)
If the drilling supports the historical data and demonstrates sufficient geological continuity, Aureka may be able to seek the reclassification of part of Comstock’s current 100 per cent Inferred Mineral Resource into a higher-confidence category.
That would be an important step, but it would not constitute a mining decision.
Aureka has explicitly noted that resource reclassification would be necessary, but not sufficient, for any future Scoping Study. Metallurgical, geotechnical, hydrogeological, environmental, regulatory, social and capital-cost work would still be required before a compliant Production Target or financial forecast could be established.
Connecting the Drilling to the Production Strategy
The Comstock deposit currently carries a JORC Inferred Mineral Resource of 56,000 ounces of gold grading 1.21g/t.
It is located within a previously mined pit and approximately two kilometres north of the township of St Arnaud. The project also sits within reach of existing processing infrastructure.
In July 2026, Aureka announced a binding toll-milling agreement with the Wedderburn Gold Mill. That agreement potentially gives the company a processing pathway without first having to build a standalone plant.
The combination of an existing pit, shallow drilling, nearby processing capacity and a defined toll-milling arrangement explains why Comstock is being positioned as Aureka’s potential first-production asset. (Figure 4).
Figure 4: Aureka’s projects relative to the Wedderburn Gold Processing Mill, owned by Core Prospecting Pty Ltd, with which a milling partnership has been signed. (Source: AKA ASX Announcement)
However, the licensing process remains underway, and Aureka has not announced a compliant Production Target or forecast financial outcome. The toll-milling agreement provides a potential processing route; it does not remove the need for resource confidence, metallurgy, approvals and economic studies.
Jozef Story, Exploration Manager, said: “It’s remarkable to see multiple visible gold intercepts from our infill and reaffirmation program along on the Walkers Structures, and so proximal to the pit floor surface. The near-surface visual occurrences of gold reinforce our targeting confidence to deliver additional shallow mineralised intercepts on the pathway of our vision of first up small-scale production here at Comstock.”
Historical Results Provide the Context
The Walkers pit has a history of shallow, high-grade drilling. Previously reported historical results (Figure 5) include:
14 metres at 7.2g/t gold from 18 metres.
3.1 metres at 17.24g/t gold from 22.5 metres.
2.2 metres at 27.4g/t gold from 63.2 metres.
2 metres at 11.30g/t gold from 68 metres
Figure 5: St Arnaud Comstock Project showing previously reported drilling and intercepts outside current JORC Resource (Source: AKA ASX Announcement)
These historical intersections help explain why Aureka is directing short, closely spaced diamond holes into the area.
The current program is intended to test whether those results can be validated using modern drilling, geological logging and sampling procedures. NED035 has provided encouraging visual evidence, but the laboratory results and the broader drilling program will be needed to establish continuity.
Visible Gold Is Not an Assay Result
Aureka has cautioned investors that visible mineralisation should never be treated as a substitute for laboratory analysis.
The two mineralised intervals in NED035 were logged from 21.5 to 21.8 metres and from 61.1 to 61.5 metres. In both cases, the visual abundance of gold was recorded at less than one per cent.
Visible gold confirms that gold is present. It does not establish the grade of the surrounding interval, its true width or whether the result can be repeated across the structure.
Those questions will only begin to be answered when the assays are returned.
What Comes Next
The immediate catalyst will be the assay results from NED035, expected within three to five weeks.
Beyond those assays, investors will be watching for:
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Aureka is also continuing diamond drilling at its Irvine Project near Stawell, where the Resolution deposit contains an Inferred Mineral Resource of 398,000 ounces of gold.
About Aureka Limited
Aureka Limited is a Victorian gold company with total reported Inferred Mineral Resources of approximately 455,000 ounces Its flagship Irvine Project in the Stawell Corridor contains an Inferred Mineral Resource of 398,000 ounces and is located approximately 16 kilometres from the operating Stawell Gold Mine.
The St Arnaud-Comstock Gold and Silver Project contains an Inferred Mineral Resource of 56,000 ounces grading 1.21g/t gold and is being evaluated as Aureka’s potential nearer-term production opportunity.
Aureka’s portfolio also includes the Jubilee Gold Exploration Project near Ballarat, the Morning Bill Gold and Base Metals Project and critical-minerals exploration opportunities within the greater St Arnaud area.
Samso Concluding Comments
The photographs of visible gold are the hook. The shallow location, the design of the drilling program and the potential connection to existing processing infrastructure are the substance. The assays are the test.
For Aureka, the latest result is well placed. The visible gold occurs beneath an existing pit, within the secondary Walkers structure and inside the area being evaluated for potential early production.
That makes NED035 relevant to more than exploration targeting. It may help Aureka test the historical drilling, improve confidence in the resource and collect the technical information needed to advance Comstock.
However, visible gold does not establish an economic deposit. The investment significance will depend on the assays, the consistency of the remaining drilling and whether the program ultimately supports higher resource confidence and a credible development case.
Comstock now has a clearly defined sequence of work ahead of it. The next step is to see whether the numbers support what can presently be seen in the core.
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