Accelerate Resources Drills Deeper at New Spencers Gold Discovery

Accelerate Resources (AX8.AX) has kicked off the first deeper test at its Spencers gold discovery, with RC drilling now underway at the Balagundi project near Kalgoorlie, Western Australia.

The program comprises roughly 15 holes for 1,200 metres, targeting the down-dip extension of a shallow mineralised trend first defined in aircore drilling earlier this year. Spencers was announced as a new discovery in early May, with Phase 2 aircore intercepts including 28 metres at 1.01 grams per tonne (g/t) from 36 metres and an 8-metre zone at 1.42 g/t from 28 metres.

Follow-up 1-metre resampling across selected intervals refined several higher-grade zones within the broader system. Results showed 9 metres at 1.75 g/t from 39 metres, 7 metres at 1.85 g/t from 27 metres, and 3 metres at 1.41 g/t from 12 metres. The mineralised structure remains open down-dip and along strike.

The RC program is designed to confirm orientation and grade continuity, test below the shallow aircore intercepts, and assess the potential for higher-grade shoots. AlphaScala's gold profile tracks similar exploration-stage catalysts in the sector.

CEO Luke Meter said the drilling marks the next stage of the company's systematic exploration strategy at Balagundi, where recent work has highlighted multiple shallow gold targets across an expanding project footprint.

The drilling program is expected to take roughly one week to complete.

AX8 shares last traded at 0.5¢, giving a market capitalisation of $6.26 million.