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The goal of this expansion – which will see the Phase Two program increased from 2000 metres to 4,000 metres of diamond drilling – will be to grow the current mineralised footprint along strike while also going after priority targets within a wider three-to-four kilometre anomalous corridor.

Phase Two drilling was originally designed to refine structural controls to enable better targeting of potential high-grade feeder zones.

Also behind the decision to expand is Raiden’s meeting of the investment criteria for a 75% ownership in the Vuzel Project, with the company having a pathway to obtain 90% ownership through the definition of a JORC resource.

Managing director Dusko Ljubojevic said the signs that had emerged from previous drilling made this expansion an obvious but important step. “Our decision to expand the Phase Two drilling program by a further 2,000m of diamond drilling is in direct response to the highly encouraging results reported to date,” he said.

“Every hole reported from the Vuzel project has returned gold mineralisation, including numerous high-grade intercepts.”

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“Based on the results and our geological understanding to date, the mineralised system appears extensive, near surface and horizontal to sub-horizontal. These characteristics present an opportunity to rapidly and cost-effectively advance exploration, in alignment with our corporate strategy.”

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The focus was on two holes – DD004D and DD006 – which ended in mineralisation and were seen to be open at depth; the former yielded the highest-grade intercept to date.

Drilled to a depth of 510 metres end-of-hole, DD004D included 293 metres at 3.67% total rare earth oxide equivalent from three metres comprising 2.1% TREO, 0.21% Nb₂O₅ (niobium pentoxide) and 448 parts per million molybdenum.

In DD006, Aldoro found two layers of mineralisation, through drilling to a total of 501 metres end-of-hole. The upper layer proved to be dominant for REE (rare earth elements) – with 256 metres at 3.13% TREO equivalent from two meters comprising 1.68% TREO, 0.20% Nb₂O₅ and 395ppm Mo.

By contrast, the lower layer had more niobium mineralisation, including 87 metres at 2.31% TREO equivalent comprising 0.71% TREO & 0.25% Nb₂O₅ and 232ppm Mo.

The company is awaiting assays from another six diamond holes, with an additional three yet to be drilled, to bring Phase I drilling to completion.

On the results, Aldoro chairperson Quinn Li said these results had indicated the value of Kameelburg: “It is pleasing to see that our second release of assays from the Kameelburg REE-Nb project has reported the highest grades to date and the successful drilling of the south-west step-out hole DD006 has effectively doubled the footprint of the Kameelburg discovery.”

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Mr Li added: “Once [the remaining assays] are received, we aim to publish our maiden Mineral Resource Estimate for Kameelburg to confirm our internal assessment of its ranking as a top three REE-Nb deposit globally.”

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The drilling revealed wide zones of high-grade mineralisation underneath the M1S underground current ore reserves.

Other intercepts included 44.5m at 17.1g/t, 38.5m at 17.4g/t, and 21.5m at 24g/t.

WAF intends to provide investors with total results from the program alongside an updated mineral resource estimate, due in the third quarter of 2025.

“Resource definition drilling below M1 South reserves has returned strong results, including 44m at 25.8 g/t gold and 44.5m at 17.1 g/t gold, confirming the underground operation will continue to be a high-margin long-life asset,” executive chairman Richard Hyde said, adding the drilling had underscored MIS’ value.

“Results from the recent drilling are expected to deliver an increase in both tonnes and contained gold in comparison to the 2024 resource model.”

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Mr Hyde continued: “Updated Mineral Resources and Ore Reserves and a new 10-year production outlook are planned for release in Q3 2025.”

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Final assays from the first diamond drill hole (AMD001) at the Happy Valley prospect have been received, showing multiple downhole zones, and results such as 0.9 metres at 19.0g/t Au from 157.8m; 2.15 metres at 4.0g/t Au from 177.8m; and 8.2 metres at 22.4g/t Au from 186.0m incl. 3.4m at 52.7g/t Au from 186m.

Within this was one individual assay of 93.2 grants per tonne of gold.

The AMD001 hole passes approximately 20 metres up-dip from another diamond hole that was drilled previously (HVD003: With dimensions of 11.5m at 160.4g/t Au). The latest assays indicate the presence of an ultra-high-grade zone with potential extensions down-plunge and along strike.

Assays from two other holes (AMD002 and AMD003) are pending; both previously reported containing visible gold in several down-hole zones, similar to AMD001.

“These initial assay results are exactly what we were hoping for, demonstrating the presence of exceptional gold mineralisation across significant widths at Myrtleford,” managing director Adam McKinnon said.

“In combination with previous drilling, results now define a coherent ultra-high grade zone at the Happy Valley Project with potential extensions down-plunge and along strike.”

Only 1% of strike at the Happy Valley trend – the focus of this drilling – have so far been tested, and these results underpin its enormous potential.

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Mr McKinnon continued: “With subsequent holes, AMD002 and AMD003, also showing similar zones with visible gold mineralisation, there is every indication this high-grade corridor is set to expand further.”

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