Airborne Survey Unlocks Fresh Gold Targets at Christmas Well

Highlights

• Airborne survey strengthens geological understanding of Christmas Well

• New litho-structural targets outlined across the exploration corridor

• Reverse circulation drilling planned across multiple prospects

A detailed airborne magnetic and radiometric program has improved geological clarity at the Christmas Well Project in Western Australia. The survey results have outlined several exploration targets, supporting the next stage of drilling and regional mineral assessment.

Exploration activity at the Christmas Well Project has gained attention after CGN Resources (ASX:CGR) completed a comprehensive airborne magnetic and radiometric survey across the project area in the Leonora region of Western Australia. The newly acquired geophysical dataset has provided a clearer view of the subsurface geology, offering valuable insights that are helping refine exploration targets and guide the upcoming phase of work at the Christmas Well Project.

The campaign involved high-resolution, low-level airborne mapping designed to better understand the geological architecture of the region. By capturing refined magnetic and radiometric signals across the landscape, the survey has allowed geologists to interpret structures, lithological patterns, and alteration zones that may host gold mineralisation.

The findings have already begun to reshape exploration planning at Christmas Well. Several litho-structural targets have emerged from the new dataset, helping the company map a favourable corridor where gold mineralisation is believed to extend along strike. This improved geological clarity is expected to guide drilling campaigns and field programs across the project.

Beyond a single exploration campaign, the survey has strengthened the broader geological model of the district and highlighted areas where additional discoveries may occur.

Understanding the Christmas Well Project

A Strategic Location in Western Australia

The Christmas Well Project lies within the Leonora district, a region widely recognised for its gold-bearing geological systems. Western Australia hosts numerous productive gold belts, and Leonora remains one of the most active exploration regions due to its complex structural environment and history of mineral discoveries.

The district contains a combination of greenstone belts, intrusive formations, and structural corridors that can concentrate mineralising fluids. These geological ingredients have historically supported several exploration successes and continue to attract attention from companies exploring the region.

Within this broader setting, Christmas Well has drawn interest due to its geological similarities to nearby mineralised systems. Early mapping and regional datasets had indicated the presence of structural pathways favourable for gold formation, though high-resolution geophysical coverage had previously been limited.

The latest airborne program was designed to close that information gap.

How Airborne Geophysical Surveys Improve Exploration

Mapping What Lies Beneath the Surface

Airborne magnetic and radiometric surveys are widely used in mineral exploration because they provide insights into the geology beneath soil and vegetation cover. Aircraft equipped with specialised sensors collect detailed measurements of magnetic variations and natural radiation emitted by rocks.

These measurements help geologists identify:

• Structural faults and shear zones

• Variations in rock types

• Alteration halos linked to mineral systems

• Hidden geological boundaries

When interpreted alongside historical geological data, airborne results can reveal patterns that guide fieldwork and drilling.

At Christmas Well, the newly acquired data has significantly improved the understanding of lithological distribution and structural controls across the project area. The survey covered a large portion of the tenement with closely spaced flight lines, allowing detailed interpretation of the geological framework.

The result is a clearer picture of how rock units and structures interact across the property.

Survey Results Reveal Key Litho-Structural Targets

Expanding the Exploration Map

The magnetic dataset highlighted numerous litho-structural features that had not been fully defined in earlier datasets. These features appear to align along a corridor believed to host gold mineralisation.

Such corridors are particularly important in gold exploration because they represent zones where geological conditions allow mineralising fluids to flow through faults and fractures. When these fluids interact with suitable host rocks, gold deposition can occur.

The updated mapping has strengthened confidence in several target areas across the Christmas Well tenure.

Key prospects identified for further exploration include:

• Ox Tongue

• Black Pudding

• Sweetbread

• Rocky Mountain Oyster

• Trotter

Each of these prospects displays geological characteristics that may support mineralisation, and they now form the focus of upcoming drilling campaigns.

Importantly, the new data has also identified conceptual greenfield targets. These are areas where exploration activity has been limited but where geological signals suggest the presence of mineralised systems.

Greenfield targets often represent unexplored opportunities that can add significant value to an exploration portfolio when properly tested.

Reverse Circulation Drilling to Test Targets

Next Phase of Exploration

With the airborne survey complete, attention is shifting toward reverse circulation drilling programs designed to test the newly defined targets.

Reverse circulation drilling is commonly used in gold exploration because it provides rapid samples from deeper layers of rock while maintaining relatively efficient operational timelines. The technique allows geologists to collect rock chips from specific depths and analyse them for mineral content.

The planned drilling program at Christmas Well will focus on several of the newly mapped prospects. These locations were selected based on a combination of structural interpretation, geophysical anomalies, and historical regional analysis.

Before drilling begins, heritage surveys are scheduled to take place across the project area. Heritage surveys ensure that exploration activity respects cultural and environmental considerations, an important step in resource development across Western Australia.

Once these preparations are completed, drilling activities are expected to provide the first physical test of the targets identified through geophysical modelling.

Why High-Resolution Data Matters

Turning Concepts into Defined Targets

One of the challenges in mineral exploration is the reliance on historical datasets that may lack resolution or coverage. Older geophysical surveys often provide only a broad overview of geology, leaving important structural features unresolved.

The recent airborne program at Christmas Well was designed specifically to address this challenge.

High-resolution data enables geologists to:

• Refine geological maps

• Identify subtle structural features

• Define mineralised corridors more precisely

• Prioritise drilling locations

By integrating the new dataset with existing geological information, exploration teams can generate stronger targeting models.

In this case, the improved magnetic modelling has confirmed some previously interpreted targets while also highlighting additional exploration opportunities that had not been fully recognised before.

This dual outcome strengthens confidence in the exploration pathway.

Western Australia’s Continuing Role in Gold Exploration

A Key Global Mining Region

Western Australia remains one of the most significant mining jurisdictions globally, known for its stable regulatory framework and extensive mineral endowment.

Gold exploration continues to play a major role in the region’s resource sector. Companies operating across the state frequently combine modern geophysical technologies with traditional geological mapping to locate new mineralised systems.

The broader Australian resource market is often reflected in major stock indices such as the ASX 200 and the ASX 100, where mining companies contribute significantly to overall market activity.

Exploration success stories from Western Australia regularly influence sentiment across these indices, particularly when new discoveries emerge within established mineral provinces.

Meanwhile, smaller exploration companies operating across emerging projects sometimes appear within broader benchmarks such as the ASX 300, highlighting the importance of early-stage exploration in the national resource ecosystem.

In addition to exploration-focused companies, many investors also monitor companies associated with income strategies, including various ASX dividend stocks, demonstrating the diversity of opportunities within Australia’s equity markets.

Geological Insights Driving Exploration Strategy

Interpreting the Structural Corridor

The litho-structural corridor identified at Christmas Well represents one of the most important findings of the airborne survey.

Such corridors typically develop where regional tectonic forces create structural pathways through rock formations. These structures allow mineralising fluids to move through the crust, sometimes depositing gold along favourable host rocks.

In many gold camps around the world, these corridors become the focus of extensive exploration because mineralisation often continues along strike across significant distances.

At Christmas Well, the newly defined corridor provides a framework for targeting exploration drilling across multiple prospects.

The improved geological model indicates that several structural intersections within this corridor may represent priority locations for testing.

Exploration teams will continue analysing the geophysical data alongside field observations to refine the targeting process further.

From Geophysics to Discovery

Exploration as a Multi-Stage Process

Mineral exploration rarely follows a single linear path. Instead, it involves a sequence of stages where geological knowledge evolves over time.

At Christmas Well, the journey has included:

• Regional geological analysis

• Historical data review

• High-resolution airborne surveying

• Geological modelling

• Target generation

• Planned drilling campaigns

Each stage builds on the previous one, gradually reducing geological uncertainty.

The recent survey results represent a critical step in this progression because they provide the detailed data needed to guide drilling decisions.

Drilling, in turn, provides physical samples that confirm whether geophysical anomalies correspond to mineralised rock.

Through this process, exploration programs move from conceptual targets toward defined mineral discoveries.

Expanding the Exploration Footprint

Future Work at Christmas Well

The airborne survey has not only strengthened existing targets but also expanded the exploration footprint of the Christmas Well Project.

Areas previously considered peripheral to the main exploration corridor have now emerged as zones of interest due to subtle geophysical signatures.

These areas will undergo further geological review before additional fieldwork begins.

As exploration continues, the project’s geological model is expected to evolve with each dataset added to the interpretation.

This iterative approach is a common feature of exploration programs across Western Australia’s gold belts, where new discoveries often emerge after multiple phases of investigation.

A Step Forward for the Project

The completion of the airborne magnetic and radiometric survey marks an important milestone for the Christmas Well Project.

By revealing previously unrecognised structural features and outlining several exploration targets, the survey has strengthened the geological understanding of the project area.

The upcoming drilling campaign will provide the next key test of these targets and may offer deeper insights into the mineral potential of the region.

As exploration progresses, the combination of geophysical interpretation, geological modelling, and field validation will continue shaping the future direction of the project.