ASX-listed Cazaly Resources has secured an initial 25% interest in the Goongarrie gold project, near Kalgoorlie, after completing the first farm-in milestone under its joint venture with Brightstar Resources.

The junior has met the Phase 1 earn-in requirement within nine months of exercising its option in March 2025, through a combination of exploration drilling and surface sampling. The Goongarrie project is located about 90 km north of Kalgoorlie in Western Australia’s northeastern goldfields.

Under the terms of the earn-in agreement, Cazaly can increase its interest in the project to 80% through staged exploration expenditure. The company has now completed the initial A$1-million spend required to earn 25%, with the right to lift its holding to 51% by spending a further A$1-million by September 2027, and to 80% with an additional A$1-million by March 2029.

During the initial farm-in period, Cazaly completed 18 reverse-circulation (RC) holes for 1 914 m and 298 aircore holes for 10 315 m. The drilling delineated anomalous gold mineralisation of greater than 1 g/t over a strike length of about 1.3 km, extending from Goongarrie Lady to Jenny’s Reward along the Menzies shear.

Notable results included 19 m at 1.5 g/t gold, including 4 m at 4.7 g/t, at the Duchess prospect, as well as intersections of 6 m at 10.3 g/t gold and 10 m at 5.7 g/t at Duke of York. A costean sample at Mason’s Flat also returned 1 m at 10.8 g/t gold, which the company plans to follow up in future drilling.

MD Tara French said the initial results had confirmed the potential of the project and justified further work.

“We are very pleased to have met the initial farm-in expenditure to acquire our first 25% of the Goongarrie gold project,” she said.

“The initial drilling campaigns undertaken in 2025 successfully identified continuous gold mineralisation exceeding 1 g/t gold along the Menzies shear corridor over 1 300 m and highlighted several new high grade targets for follow-up drilling.”

Cazaly is planning a further RC drilling campaign in the March quarter of 2026 to test the mineralised trend at depth and assess the continuity and tenor of gold mineralisation along strike, particularly at the Duchess prospect.

“We now look forward to commencing the next RC drilling campaign later this quarter, targeting the gold mineralisation at depth,” French added.