Samso News: Cazaly Resources Limited — First Farm-In Milestone Achieved at Goongarrie - A Good Gold Province to Ponder.
- Noel Ong
- 1 day ago
- 6 min read
Announcement
Cazaly Achieves First Milestone at Goongarrie Gold Project – 20 January 2026 (view the announcement)
Cazaly Resources is another new story for the Samso platform as it tries to work on their Goongarrie story that is slowly developing since doing a decent raise late 2025. I tas interesting to see that a placement that raised AUD $3.5M in November 2025 (Strongly Supported Placement To Accelerate RC Drilling) to set drilling underway at the project was supported with promising results released at the end of December showing near surface intercepts of gold (High Grade Gold from Surface in Drilling at Goongarrie).
As most geologists who have been working for decades, especially in WA, the Goongarrie area is one that has always held good historical potential but in my 3 decades in the industry not much has happened that had substance. Hence, I am curious with the noise that is currently being created. I wonder what it will bring out in terms of value for the shareholders and what it could mean for potential shareholders.
Cazaly Resources Limited – Goongarrie Gold Project, Eastern Goldfields, Western Australia
Cazaly Resources Limited (ASX: CAZ) has achieved its first earn-in milestone at the Goongarrie Gold Project, located approximately 90 kilometres north of Kalgoorlie in Western Australia’s north-eastern goldfields (Figure 1). The update confirms completion of the Phase 1 farm-in expenditure, securing an initial 25% interest in the project and advancing exploration along a gold-mineralised structural corridor.
Figure 1: Goongarrie Gold Project location map – Eastern Goldfields, 90km north of Kalgoorlie (source: CAZ).
The Business of Cazaly Resources Limited: Gold Exploration and Project Advancement
Australian-focused exploration company targeting gold opportunities in established mining districts
Current focus on advancing the Goongarrie Gold Project via a staged farm-in joint venture
Strategy centred on early geological understanding, structural targeting, and scalable discovery potential
Exploration activities include RC drilling, aircore drilling, and surface sampling to define mineralised trends
Highlights – Phase 1 Farm-In Completed and Mineralised Trend Confirmed
Cazaly has secured an initial 25% interest in the Goongarrie Gold Project by completing the $1 million Phase 1 farm-in expenditure within nine months.
The Company retains the right to increase its interest to 51% by September 2027 and 80% by March 2029 through further staged exploration expenditure.
Exploration drilling and surface sampling have identified anomalous gold mineralisation greater than 1g/t over a 1.3 kilometre strike length.
Mineralisation extends from Goongarrie Lady to Jenny’s Reward, highlighting continuity along the Menzies Shear corridor (Figure 2).
Drilling programs comprised 18 RC holes for 1,914 metres and 298 aircore holes for 10,315 metres during the initial earn-in period.
Notable intercepts include 19m at 1.5g/t gold (including 4m at 4.7g/t) at the Duchess prospect and 6m at 10.3g/t gold and 10m at 5.7g/t gold at Duke of York.
A surface costean sample returned 1m at 10.8g/t gold at Mason’s Flat, scheduled for follow-up drilling.
Figure 2: Anomalous gold results from AC and RC drilling along the Goongarrie trend (source: CAZ).
Leadership Commentary
Cazaly’s Managing Director, Tara French, commented:
“We are very pleased to have met the initial farm-in expenditure to acquire our first 25% of the Goongarrie Gold project. The initial drilling campaigns undertaken in 2025 successfully identified continuous gold mineralisation >1g/t gold along the Menzies Shear corridor over 1300m and highlighted several new high grade targets for follow up drilling. We now look forward to commencing the next RC drilling campaign later this quarter, targeting the gold mineralisation at depth”
Near-term Milestones to Watch
Commencement of the planned Q1 2026 RC drilling campaign
Testing of the 1.3-kilometre mineralised trend at depth along the Menzies Shear
Follow-up drilling at Mason’s Flat and priority prospects, including Duchess and Duke of York
Continued progression toward the 51% earn-in milestone through staged exploration
Samso Concluding Comments
Cazaly has met its first farm-in milestone at Goongarrie within the agreed timeframe and confirms execution against the joint venture structure.
The drilling completed to date appear to outlined a continuous mineralised trend. What this is providing is a clear technical basis for the next phase of work. The staged earn-in allows capital to be deployed progressively ultimately limiting early risk while keeping long-term upside open.
Planned drilling at depth will test the strength of the system. These results will help guide future exploration decisions.
The divestment of the non-core assets looks like the company is gearing to lighten the load and focus on gold as would make perfect sense. The market sentiment is all gold now and anything else will be a distraction and carry not much leverage.
Market Implication - The Investor Lens
The rise in share price from January (Figure 3) will most likely be related to the placement that occurred in late November and the ASX release of "good" surface results in late December. The lack of volume in those trades caution me to internal excitement but that is not critical.
Figure 3: Anomalous gold results from AC and RC drilling along the Goongarrie trend (source: CAZ).
A market capitalisation of AUD $17.4M as of the 2nd February 2026 is not high and can be accepted, although, you have companies like Miramar Resources Limited (ASX: M2R) who are sitting at a market cap of AUD $5M drilling as we speak. So for those looking for a ride, Cazaly will be a very early story and volatility will be the name of the game. Personally, I will be watching as the geology in this part of the woods will be very patchy but there is a gold mine nearby, so that will the carrot for Cazaly.
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