Kalkine: Aureka Ramps Up Exploration Drive with $3 Million Capital Injection

June 13, 2025 04:10 PM AEST | By Team Kalkine Media

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Kalkine: Aureka Ramps Up Exploration Drive with $3 Million Capital Injection — Image source: Shutterstock

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Highlights

Aureka raising $3 million to intensify Victorian exploration

Focused drilling underway at Irvine and St Arnaud projects

Strong investor backing signals project confidence

Aureka (ASX:AKA) is boosting its exploration activities across key Victorian gold projects with a $3 million capital raise through a share placement. This funding initiative is set to accelerate drilling efforts at the Irvine and St Arnaud sites, both central to the company’s exploration portfolio in Victoria, Australia.

The placement will see the issue of approximately 23.07 million new shares at $0.13 per share, a notable 5% premium above the 15-day volume-weighted average price. Shares are expected to be allocated by 13 June 2025. The placement has been received positively, reflecting strong investor confidence in Aureka’s long-term strategy and project potential.

According to the company, the proceeds will facilitate intensified diamond drilling operations with two rigs currently active at both the Irvine and St Arnaud sites. Aureka (AKA) aims to expand its current resource inventory through these activities, focusing on areas already showing promising geological characteristics.

At the Irvine Project, located in the prolific Stawell Corridor, two of the three planned initial drillholes have been completed. This project currently hosts an inferred mineral resource of 304,000 ounces at an average grade of 2.43 grams per tonne (g/t) of gold. Recent land acquisitions surrounding the Irvine site—totaling 97 hectares—underscore Aureka’s commitment to advancing what it describes as one of Victoria’s largest undeveloped gold resource assets.

Meanwhile, at the St Arnaud Project, the first two of four initial holes have been drilled near the Comstock area. This site contains a declared resource of 1.45 million tonnes at 1.21g/t gold, translating to 56,500 ounces of contained gold.

The capital raise will also support general working capital needs and further de-risking initiatives. Aureka believes the strategic investment in land and ongoing drilling activity positions the company well to enhance resource estimates and exploration value over time.

As exploration intensifies and results are progressively incorporated into resource models, Aureka (AKA) continues to advance its standing as a key gold-focused explorer in Victoria. The combination of fresh funding, active drilling, and strategic land positioning supports the company’s ambitions to significantly grow its gold inventory in the near future.

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