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Accelerate Resources Limited (ASX:AX8) has reported major advancements at its flagship Balagundi Gold Project near Kalgoorlie, unveiling a new gold discovery at Spencers with impressive shallow aircore and RC drilling outcomes. The company has expanded the project area by approximately 78 percent through binding agreements with Maritana Minerals and successfully completed a $2.0 million capital raise to support ongoing exploration under its dual-project growth strategy.
Key Highlights
- Accelerate Resources Limited (ASX:AX8) focuses on gold and manganese exploration projects in Western Australia.
- Spencers gold discovery reveals a consistent north-south mineralised trend spanning about 300 metres with multiple notable gold intercepts.
- Balagundi Gold Project expanded by roughly 78 percent to approximately 62 square kilometres via binding agreements with Maritana Minerals.
- First drilling at the Fluffy prospect in over 30 years confirms significant shallow gold mineralisation with several strong results.
- A $2.0 million capital raising was finalized, with $1.2 million settled during the quarter and $0.8 million post-quarter end, to fund ongoing exploration.
- High-resolution gravity survey completed at Woodie Woodie North Manganese Project, collecting 2,440 stations across target corridors.
- Investors should watch for pending RC drilling assay results from Spencers and follow-up drilling plans at priority prospects.
Spencers Discovery Establishes New 300-Metre Gold Trend
Accelerate Resources identified Spencers as a key new gold discovery within the Balagundi Gold Project through Phase 2 aircore drilling, delineating a clear north-south mineralised trend. The Phase 2 aircore program included 59 holes totaling 3,614 metres, targeting extensions of known trends and new areas at Spencers and Catrock. Results confirmed shallow gold mineralisation across multiple structural corridors at Spencers.
Drilling outlined mineralisation over approximately 300 metres of strike, remaining open along strike and at depth, highlighting potential for further extensions. Significant aircore intercepts included 28 metres at 1.01 g/t gold from 36 metres in hole 26BGAC039 (including 9 metres at 1.75 g/t from 39 metres) and 7 metres at 1.85 g/t gold from 27 metres in hole 26BGAC043. One-metre resampling verified higher-grade intervals within the mineralised trend, reinforcing Spencers as a priority for follow-up drilling.
Maiden RC Drilling at Spencers Targets Basement Mineralisation
Following aircore success, Accelerate Resources conducted its first RC drilling program at Spencers in June 2026, comprising nine holes for 1,086 metres, to test basement targets along the 300-metre strike length. This step advances understanding of the depth potential and economic viability of the Spencers gold system.
Assay results from this maiden RC program were pending at quarter-end, marking a critical milestone for investors. These results will shed light on mineralisation depth, grade, and strike continuity, guiding Accelerate Resources' next exploration phases and capital deployment across Balagundi.
Fluffy Prospect Returns After 30 Years with Significant Shallow Gold
In April 2026, Accelerate Resources resumed drilling at the Fluffy prospect for the first time in over three decades, completing 35 aircore holes totaling 1,473 metres. Targets were selected based on Gradient Array Induced Polarisation geophysics and historical arsenic geochemistry near the eastern margin of the Catrock-textured porphyritic dolerite. Post-quarter, assay results confirmed multiple significant shallow gold intersections, establishing Fluffy as a priority for follow-up.
Key results included 10 metres at 1.05 g/t gold from 24 metres in hole 26BGAC086, 3 metres at 1.96 g/t gold from 49 metres in hole 26BGAC061, 1 metre at 8.44 g/t gold from 37 metres in hole 26BGAC078, and 4 metres at 1.13 g/t gold from surface in hole 26BGAC082. These findings align with historical drilling, such as 45 metres at 1.35 g/t gold from 24 metres, underscoring Fluffy's ongoing prospectivity.
Paris Gift Trend Confirms Shallow Gold Mineralisation with High-Grade Zones
In April 2026, Accelerate Resources released assay results from its Phase 2 RC drilling at the Paris Gift prospect, comprising 15 holes for 1,024 metres aimed at extending and infilling mineralisation along the historically productive Paris Gift Trend. The program confirmed additional shallow gold mineralisation and identified higher-grade zones within the system.
Notable results included 13 metres at 1.25 g/t gold from surface in hole 26BGRC014, 10 metres at 1.34 g/t gold from 48 metres in hole 26BGRC017 (including 1 metre at 11.48 g/t from 59 metres), and 8 metres at 0.61 g/t gold in hole 26BGRC019. These findings validate the company's exploration model and suggest economic potential across multiple Balagundi prospects.
Balagundi Project Expands 78% via Strategic Maritana Minerals Agreement
Accelerate Resources executed binding agreements with Maritana Minerals, expanding the Balagundi Gold Project by approximately 78 percent to around 62 square kilometres. This includes an approximate 600-metre extension of the Delta Trend, enhancing prospectivity and discovery opportunities within the gold system near Kalgoorlie.
As part of this expansion, the company divested the non-core Kanowna East Project to concentrate on the higher-priority Balagundi and Woodie Woodie North projects. The enlarged tenure offers greater flexibility for follow-up discoveries and testing of new targets based on Phase 2 drilling insights.
Woodie Woodie North Manganese Project Progresses with Gravity and Geophysical Surveys
Exploration at the Woodie Woodie North Manganese Project in East Pilbara advanced with completion of a high-resolution gravity survey, collecting 2,440 stations across the Gingarrigan-El Largo manganese corridors. This survey enhances target generation by identifying subsurface density variations indicative of manganese mineralisation.
Complementary drone orthophoto and LiDAR datasets were also acquired, supporting geological interpretation and drill planning. These geophysical and remote sensing data underpin resource extension and discovery drilling preparations, aligning with the company’s dual-project strategy balancing gold and manganese exploration in Western Australia.
$2.0 Million Capital Raising Finalized in Two Tranches to Support Exploration
Accelerate Resources completed a $2.0 million capital raise before costs, reflecting strong investor support for its exploration strategy and drilling achievements. During the quarter, $1.2 million was settled under Tranche 1, with the remaining $0.8 million settled post-quarter end under Tranche 2. The funds will finance ongoing exploration at Balagundi and Woodie Woodie North.
The capital supports drilling at priority targets including Spencers, Fluffy, Paris Gift, and manganese resource extension at Woodie Woodie North. The staged raising maintained financial flexibility while demonstrating progress on exploration milestones, enabling accelerated target definition through 2026.
Advancing Dual-Project Growth Strategy in Gold and Manganese
During the June quarter, Accelerate Resources made substantial progress across its Balagundi Gold and Woodie Woodie North Manganese projects. The dual-commodity, dual-location approach provides operational diversification and mitigates single-project risk. Successful drilling at Balagundi combined with geophysical work at Woodie Woodie North highlights the company’s capability to manage concurrent exploration programs.
The 78 percent expansion of Balagundi tenure alongside divestment of non-core assets reflects disciplined capital allocation and resource focus. By targeting high-priority prospects with confirmed gold mineralisation near Kalgoorlie, Accelerate Resources aims to develop a significant gold discovery. Concurrently, systematic geophysical and geochemical surveys at Woodie Woodie North support measured manganese resource evaluation.
Investor Priorities for Upcoming Quarter
Investors should monitor key developments including assay results from the maiden RC drilling at Spencers, which will reveal depth and grade characteristics of the new gold discovery. Follow-up drilling at Fluffy and Paris Gift will also impact the company’s valuation and highlight the broader Balagundi gold system’s economic potential.
Additional focus includes timing and outcomes of resource extension and discovery drilling at Woodie Woodie North, critical for advancing the manganese project toward resource definition. The company’s ability to execute exploration plans and deliver results supporting its models will be vital for investor confidence and share price performance. Strategic divestments and Balagundi expansion demonstrate management’s commitment to shareholder value creation, with further corporate updates expected alongside exploration outcomes.
