CGN Resources Limited has intersected gold mineralisation across multiple targets in its maiden reverse circulation drilling program at the Christmas Well Project near Leonora in Western Australia.

The 15-hole program totalled 2,093 metres and tested four priority areas: Rocky Mountain Oyster, Sweetbread, Lambs Fry and Ox Tongue. Drilling successfully intersected gold at three of those targets, testing the company’s structural targeting model.

The standout result came from the Rocky Mountain Oyster prospect, where hole XRC0010 returned 5 metres at 2.67 g/t gold from 151 metres, including 1 metre at 10.94 g/t gold. The intercept extends known mineralisation 100 metres deeper and 80 metres along strike, confirming the system persists into fresh basement rock.

“To deliver positive results from our maiden drilling program at Christmas Well is an excellent outcome for CGN and a strong endorsement of the work undertaken by our technical team. This first drilling program has now intersected gold at three of the four principal target areas tested.”

— Stan Wholley, Managing Director

Additional mineralisation was identified at Sweetbread and Lambs Fry. At Lambs Fry, a greenfield structural target located 1.2 kilometres from the historic Jasper Flat open pit, drilling intersected 8 metres at 0.27 g/t gold from 19 metres and 1 metre at 1.17 g/t gold from 15 metres.

Ahead of the drilling, CGN Resources completed a high-resolution airborne magnetic survey over Christmas Well in late 2025, with project tenure granted in November 2025.

“That is an important result. This was a proof-of-concept program, and it has demonstrated that the structures we are targeting are fertile and capable of hosting meaningful gold mineralisation.”

— Stan Wholley, Managing Director

CGN plans to conduct first-pass drilling at the Pelican prospect within the Panhandle Project in 2026, alongside a planned drilling program at the Kandula and Elmar targets within the Webb Project following the completion of heritage clearance.

Read the full announcement: Maiden Drilling Intersects Gold at Christmas Well Targets