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Gateway Mining Limited (ASX:GML) has revealed that follow-up aircore drilling at its Cowza gold discovery, part of the Yandal Gold Project in Western Australia, has expanded the high-grade mineralisation footprint to around 2.5 kilometres of continuous strike length. The company reported consistent gold system intersections across each drill line, with a second rotary air blast (RC) rig scheduled to arrive this weekend to test mineralisation at depth within fresh rock. This discovery lies within a broader 4.5-kilometre structurally complex zone exhibiting evidence of extensive hydrothermal fluid activity linked to gold deposition.
Key Points
- Gateway Mining Limited (ASX:GML) operates the Yandal Gold Project in Western Australia, conducting greenstone-hosted gold exploration near producing mines and major infrastructure.
- Aircore drilling has increased the Cowza high-grade gold discovery strike length from an initial 800 metres to approximately 2.5 kilometres, with assays confirming consistent mineralisation along every drill line.
- Hole CZAC071 yielded 27 metres at 1.4 grams per tonne gold from 84 metres to the bottom of the hole, entirely within fresh rock, including 1 metre at 3.3 grams per tonne gold, marking the first deep fresh-rock intercept at the deposit.
- A second RC rig arrives at Yandal this weekend, focusing initial drilling at Cowza to delineate the mineralisation footprint in fresh rock and evaluate the depth potential of the primary shear zone.
- Gateway reported $15.7 million in cash and $5.6 million in liquid ASX securities at the close of the March 2026 quarter, supporting planned 2026 exploration activities.
- Investors should watch for assay results from northern drilling zones expected within two weeks and monitor fresh-rock drilling outcomes from the RC rig at Cowza.
Cowza Gold Mineralisation Extended to 2.5 Kilometres Within Larger Hydrothermal System
Gateway Mining's recent update confirms that step-out aircore drilling at Cowza has extended the gold mineralisation strike length from 800 metres, initially reported in June 2026, to approximately 2.5 kilometres based on current assay data. Drilling continues to intersect consistent shearing, veining, and alteration across a broader 4.5-kilometre demagnetised corridor. The widespread magnetite loss in host rocks is interpreted as evidence of a large-scale, long-lived hydrothermal fluid event, which is believed to have deposited the gold mineralisation. This suggests Cowza may represent a substantial, continuous, and highly fertile gold-bearing structure.
The mineralisation occurs along a contact zone between intermediate and mafic volcanic sequences, characterised by intense shearing, strong quartz-carbonate-pyrite veining, and pervasive silica-sericite alteration. Gateway CEO Richard Pugh noted that drilling results confirm the gold system is highly continuous and predictable along the target structure, with most of the 2.5-kilometre strike length remaining untested by deeper drilling. This geological continuity, combined with structural complexity and hydrothermal evidence, supports the interpretation of Cowza as a large gold system with significant mineral potential.
Fresh Rock Intercept in CZAC071 Highlights Open Primary Shear Zone at Depth
The standout result from the update is hole CZAC071, which returned 27 metres at 1.4 grams per tonne gold from 84 metres to the bottom of the hole, all within fresh rock. Within this intercept, the last metre returned 3.3 grams per tonne gold, indicating a higher-grade zone within the shear zone that remains open below the hole. Gateway's CEO emphasized this is the first hole to effectively test mineralisation in fresh rock at Cowza, with elevated gold grades at depth suggesting the high-grade core of the primary shear zone remains open downward. The company interprets this as evidence that aircore drilling has only "clipped" the gold system, and deeper drilling will better define the mineralisation scale.
Additional supporting intercepts include CZAC069 with 16 metres at 1.9 grams per tonne gold from 88 metres depth beneath a supergene zone, CZAC051 with 16 metres at 1.3 grams per tonne from 68 metres, CZAC070 with 8 metres at 2.2 grams per tonne from 76 metres, and CZAC066 with 5 metres at 2.8 grams per tonne from 148 metres. These results across multiple drill lines demonstrate the system's continuity and predictability, with both the primary shear zone and a parallel footwall target remaining untested by RC drilling along most of the 2.5-kilometre strike.
Two Key Mineralisation Targets at Cowza to Undergo Deeper RC Testing
Gateway’s geological model identifies two principal targets at Cowza guiding the RC drilling focus. The primary shear zone, exemplified by CZAC071, shows the deepest high-grade intercept and remains open at depth within fresh rock, with potential for increasing grades. The footwall target, characterised by sub-parallel shearing in the intermediate volcanic package, is highlighted by CZAC069’s 16 metres at 1.9 grams per tonne gold intercept beneath a supergene zone. Both targets remain untested by deep drilling along most of the 2.5-kilometre strike, presenting multiple opportunities for RC drilling to confirm and expand mineralisation.
Having established the strike length through aircore drilling, Gateway is now prioritising RC drilling to define the fresh-rock gold system’s scale. Pending assays from northern drilling, which has intersected similar shearing, veining, and alteration on every drill line, are expected within two weeks. These results may extend or confirm the mineralisation continuity beyond the current 2.5-kilometre strike. The second RC rig’s arrival this weekend will enable immediate drilling at Cowza, focusing on mapping the mineralisation footprint in fresh rock and testing the primary shear zone’s depth potential along the established strike.
Second RC Rig Arrival Enables Accelerated Fresh-Rock Exploration
Gateway’s CEO confirmed the second RC rig will arrive at Yandal this weekend, with initial drilling concentrated on Cowza. The timing aligns with mounting evidence of a substantial, continuous, and highly fertile gold-bearing structure extending beyond current assay boundaries. The CEO indicated the RC rig may remain focused on Cowza for the foreseeable future, reflecting the company’s confidence in the discovery and commitment to systematically test the mineralisation footprint. RC drilling offers deeper penetration and faster rates than aircore, allowing rapid characterisation of the fresh-rock gold system and assessment of the ore-grade mineralisation scale.
This deployment marks a significant escalation at the Yandal Gold Project, reflecting management’s positive outlook on Cowza’s potential. RC drilling will test the primary shear and footwall targets at depths where mineralisation transitions from oxidised or transitional to fresh rock, typically associated with higher-grade gold mineralisation. Gateway reported being well capitalised for 2026 exploration, holding $15.7 million in cash and $5.6 million in liquid ASX securities at the end of March 2026, supporting sustained and expanded drilling programmes.
Yandal Gold Project Situated in Highly Prospective Greenstone Belt Near Operating Mines
Gateway Mining’s Yandal Gold Project is located within a greenstone terrane in Western Australia, adjacent to producing gold mines and major road infrastructure, offering geological potential and operational accessibility. The company’s update includes regional context highlighting proximity to regional gold mines and greenstone belts, underscoring the project’s prospective nature. The Cowza discovery lies within this greenstone belt, a historically significant gold province and ongoing focus for major exploration and mining. Proximity to existing mining infrastructure and processing facilities may provide operational advantages if Cowza advances toward resource or reserve status.
The Yandal Gold Project is Gateway’s flagship exploration asset and the centerpiece of its 2026 exploration programme. The Cowza discovery and its mineralisation extensions have redefined the project’s value, elevating Cowza from an initial find to a potentially major gold system warranting intensive exploration and drilling investment. The mafic-intermediate contact zone’s intense shearing and hydrothermal alteration create an ideal environment for large-scale high-grade gold accumulation. The dedicated RC rig deployment at Cowza signals the company’s strategic prioritisation of this discovery within its 2026 portfolio.
Hydrothermal Alteration and Demagnetised Corridor Indicate Large-Scale Mineralisation
A key aspect of Gateway’s interpretation is a 4.5-kilometre demagnetised corridor encompassing the 2.5-kilometre gold mineralisation strike. The widespread magnetite destruction in host rocks strongly supports a large-scale, long-lived hydrothermal fluid event capable of depositing significant gold along strike and at depth. This demagnetisation is observed even where gold assays are pending, suggesting the hydrothermal system extends beyond the characterised mineralised zone. Gateway interprets the same hydrothermal fluids responsible for alteration and demagnetisation as those depositing gold, indicating a genetic link between alteration patterns and mineralisation.
This evidence underpins Gateway’s view of Cowza as a substantial high-grade gold system with potential for further discoveries along strike and at depth. Drilling approximately 2 kilometres north continues to intersect consistent shearing, veining, and alteration, with assays expected within two weeks. Confirmation of gold mineralisation in this northern extension could expand Cowza’s strike length to about 4.5 kilometres, covering the full demagnetised corridor. This model justifies deploying the second RC rig to systematically test mineralisation across this extensive system.
Strong Capital Position Supports 2026 Exploration Programme
As of 31 March 2026, Gateway Mining reported $15.7 million in cash and $5.6 million in liquid ASX securities, totaling $21.3 million in liquid assets to fund exploration and corporate operations. The company is well funded to execute its 2026 exploration plans, with Cowza as the focus of current and near-term drilling. This financial position supports sustained intensive drilling at Cowza using the dedicated RC rig, ongoing aircore drilling to define mineralisation, and potential expansion to other Yandal targets. No specific 2026 exploration budget or drilling metre targets were disclosed in the update.
Gateway’s capital adequacy is critical given plans to focus the second RC rig on Cowza for an extended period, implying a multi-month drilling commitment at this target. Investors should monitor quarterly cash flow reports and funding announcements to assess capital usage relative to exploration. Continued Cowza expansion or enhanced economic potential may prompt accelerated drilling, preliminary scoping studies, or exploration team growth.
Upcoming Milestones Include Northern Zone Assays and RC Drilling Progress
Gateway highlighted key near-term catalysts for investors. Assays from northern zone drilling, which has consistently intersected shearing, veining, and alteration but awaits assay results, are expected within two weeks of the 21 July 2026 announcement. These results may extend the mineralisation strike beyond 2.5 kilometres or confirm continuity across the demagnetised corridor. The second RC rig’s imminent arrival at Yandal and immediate drilling start at Cowza will generate ongoing updates on drilling progress, metres drilled, and preliminary RC core observations.
Investors should also track future announcements on RC drilling results, mineralisation extensions, or exploration programme adjustments. The CEO noted that drilling along the unassayed strike length continues to encounter geological features consistent with mineralised zones, indicating potential for further discoveries. Systematic RC drilling of the primary shear and footwall targets at depth will provide vital data on grade and thickness in fresh rock, essential for evaluating Cowza’s economic potential. Gateway investors and market participants can expect a series of exploration updates as the RC programme advances and northern zone assays are released.
