Aurania Resources Ltd. has commenced a diamond drilling program at the Thormodsdalur gold project, also known as Thor's Valley, located approximately 20 kilometres east of Reykjavík in Iceland.

Finland-based contractor Arctic Drilling Company Oy Ltd has been engaged to complete six holes totaling roughly 770 metres at the low-sulphidation epithermal system. The program is expected to run for about one month, with drill core samples designated for assaying.

The campaign comprises five twin holes designed to re-test historical intercepts under modern drilling and QA/QC practices, alongside one hole targeting a new surface area where mapping has identified high-grade rock-chip boulder samples containing up to 102 ppm gold.

The current work forms part of a phased exploration initiative following an option agreement closed in May 2026 between Aurania, St-Georges Eco-Mining Corp, and its wholly owned Icelandic subsidiary Iceland Resources ehf, which holds the project. The joint program aims to advance Thor's Valley toward initial modern resource definition.

“The Thor's Valley project is supported by a history of documented high-grade gold mineralization. Many of the structural targets remain largely untested by modern exploration methods. Amazingly, the drill location is only a 30-minute drive from downtown Reykjavik, the capital of Iceland. We are optimistic that our project could potentially replicate what was done in the 1920's; namely, produce "direct-shipping" siliceous ore that could be taken to the port by truck and thence sent by freighter to Scandinavia or Canada to be used as smelter flux. This would obviate the need for tailings containments or a mill. The famous Hishikari Gold Mine in Japan has been supplying Sumitomo with copper smelter flux for years. Precious metals are retrieved in the copper refining process. Thor's Valley is a low-sulphidation epithermal gold-silver system, and of the same type as Hishikari.”

— Dr. Keith Barron, Chairman, President and CEO

The planned 770-metre program represents a more focused campaign than historical efforts at the site. Previous operators completed larger drill programs, including 32 holes totaling 2,431 metres between 2005 and 2006, followed by 11 holes totaling 1,780 metres in 2020.

Read the full announcement: Aurania Commences Drill Program at Thor's Valley Gold Project in Iceland