CGN Resources (ASX:CGR) Continues Leonora Expansion with New Exploration Milestones

CGR

4 min read | July 16, 2026 11:41 AM AEST | By Sonal Goyal

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CGN Resources (ASX:CGR) Continues Leonora Expansion with New Exploration Milestones — Image source: CGR Update

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Highlights

CGN Resources completed the acquisition of the 142 km² Desdemona Project, expanding its Leonora landholding to ~386 km² within the GwaliaUlysses Gold Corridor.

The company commenced its maiden RC drilling at the Christmas Well Project.

At the Panhandle Project, the company identified multiple drill-ready targets, supported by historical high-grade gold intersections at Pelican, Annapurna and Paradise North.

Technical work progressed at the Webb Project, while the Broadhurst Project expanded to approximately 715 km² with continued geological modelling and tenure advancement.

During the September 2026 quarter, the company plans to continue drilling, report maiden assay results and advance exploration activities across its Western Australian project portfolio.

CGN Resources Ltd (ASX:CGR) has reported progress across its Western Australian exploration portfolio for the quarter ended 30 June 2026. The major highlight for the quarter was the completion of the Desdemona Project acquisition, which expanded the companys foothold in the Leonara region to ~386km². During the quarter, the company also advanced preparations for its maiden reverse circulation (RC) drilling campaign at Christmas Well, and exploration progress across the Webb and Broadhurst projects.

Desdemona Acquisition Expands Leonora Landholding

The completion of the 142 km²Desdemona Project acquisition marked a key development during the quarter, expanding consolidated landholding in the Leonora region to approximately 386 km². The enlarged project area establishes a district-scale exploration position within the GwaliaUlysses Gold Corridor.

During the reported period, the company integrated historical exploration datasets, geological interpretations and drill planning across the expanded land package. These activities were aimed at advancing the project from data compilation and target generation to active drill testing and project preparation.

Christmas Well Moves into Maiden Drilling Phase

During the quarter, the company integrated historical drilling records, aeromagnetic data and regional geological datasets to refine the geological interpretation of the Christmas Well Project. The work identified granite-greenstone contacts, structural corridors and hydrothermal alteration zones, recognised as key controls on gold mineralisation, while generating drill-ready targets including Rocky Mountain Oyster, Sweetbread, Ox Tongue and Black Pudding.

Following the completion of heritage clearances, land access approvals and site preparation, the company commenced its maiden RC drilling program. The campaign marks the project's transition from target generation to active exploration.

Panhandle Project Prioritises Multiple Gold Targets

Following the Desdemona acquisition, the Panhandle Project now covers a larger and more continuous exploration area between the Gwalia and Ulysses gold mines.

Review and integration of historical drilling, geophysical datasets and geological mapping confirmed widespread gold mineralisation across the project. Previously reported drill intersections included 9 metres at 20.20 g/t gold at Pelican, 3 metres at 17.28 g/t gold at Annapurna, and 12 metres at 2.04 g/t gold at Paradise North.

The company has refined and prioritised drill-ready prospects including Pelican, Annapurna, Paradise North and Gwalia South, with heritage clearance completed for Pelican while tenure approval remains pending.

Webb and Broadhurst Projects Advance through Technical Work

The company also progressed technical work at the Webb Project, refining its geological framework through geochronology and structural reinterpretation.

Meanwhile, the Broadhurst Project expanded to approximately 715 km² following additional tenure applications. Historical drilling, geochemical information and geophysical datasets were compiled and remodelled, helping identify prospective structural corridors and stratigraphic positions, considered prospective for sediment-hosted copper mineralisation. Heritage engagement and regulatory approvals also continued to progress to support future field activities.

Upcoming Exploration Activities

Looking ahead to the September 2026 quarter, the company plans to continue RC drilling across the Christmas Well and Panhandle prospects, report assay results from the maiden drilling campaign, refine geological models and focus on follow-up drilling programs. The company will also continue advancing exploration planning at the Webb and Broadhurst projects while progressing remaining land access activities across Leonora.

CGR shares traded at AUD 0.092 per share on 15 July 2026.

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