Aureka acquires land for improved gold project access

Aureka Ltd has purchased 97 hectares near its Irvine gold project in Victoria for $2.2 million. This land acquisition will provide the company with better access and future options for infrastructure development. Aureka's Irvine project has an estimated 304,000 ounces of gold and is located in the Stawell gold corridor. The company aims to ease challenges related to accessing land for exploration. In Victoria, negotiation with local farmers for site access can be time-consuming and costly. By securing this land, Aureka can now conduct drilling projects more efficiently. With the recent land purchase, Aureka is now planning to move its core shed closer to the project site. This would reduce transportation costs and time. According to managing director James Gurry, the acquisition is a crucial step towards production at the Irvine project. Aureka is actively exploring three gold projects in Victoria, including the Tandarra and St Arnaud projects. The company is currently targeting an exploration goal of 3.4 million to 5.2 million tonnes of ore at its Irvine project. Recent drilling at Irvine has shown promising results, with high-grade gold hits recorded. Additionally, Aureka's Tandarra project is in a joint venture with Catalyst Metals. The area is known for its rich mineral resources. The company plans to conduct further drilling at Tandarra to increase the project's mineral footprint. As Aureka awaits the results from its latest drilling at both projects, management is hopeful for positive findings that could enhance the firm’s prospects in the gold market. With gold prices currently high, Aureka is poised to take advantage of its exploration efforts if results prove favorable.