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Clara Resources Australia Limited (ASX:C7A)

ALERT: Price-sensitive ASX Announcement for C7A
Current share price for C7A : $0.002 -0.002 (-50%)+
Announcement
Release
4 Sep 2026 10:29AM
Price at Release
$0.004
Full Release
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Summary
Clara Resources Australia Limited (ASX:C7A) announced on 4 September 2026 that it has finalised planning for a maiden multi-stage reverse circulation drilling program at its Mareeba Gold Project in Far North Queensland, with an initial 25-hole, 3,750m campaign across the NEBF (Kingsborough Fault corridor), Lady Burdett Coutts and Rebo/Caledonia North targets on previously cleared ground as the first stage of a broader 86-hole, 12,900m program within EPM 13944; the program aims to infill and validate shallow historic WMC and Freeport drilling at roughly half the previous spacing to support a maiden JORC-compliant Mineral Resource, while also testing below the undrilled historic Victory and B.B. mines, which historically produced very high recovered gold grades of 35.4 g/t and 31.6 g/t respectively and were abandoned due to water rather than confirmed depletion, with additional interest at Rebo/Caledonia North where historic Freeport drilling returned 2m at 45.05 g/t Au from 6m; the company said permitting through native title and landholder compensation processes is progressing, drilling at Victory and B.B. will follow once new pads and access are established, and the work is fully funded by firm commitments for a A$1.165 million two-tranche placement at A$0.003 per share, with proceeds allocated to the drilling program, tenure consolidation, LiDAR and field work, legacy obligations and working capital.
Key Points
  • Clara Resources Australia Limited announced a maiden drilling program at the Mareeba Gold Project on 4 September 2026.
  • The initial program comprises 25 reverse circulation holes for about 3,750m across NEBF, Lady Burdett Coutts and Rebo/Caledonia North.
  • The broader drilling plan totals up to 86 reverse circulation holes for 12,900m across five target areas within EPM 13944.
  • The resource delineation strategy is designed to infill historic WMC drilling along the Kingsborough Fault corridor at approximately 25m spacing, about half the historic spacing.
  • The program is intended to confirm historic drilling with modern sampling and assay procedures and support a maiden JORC Mineral Resource.
  • Rebo/Caledonia North will test around historic Freeport drilling, including a reported intercept of 2m at 45.05 g/t Au from 6m.
  • High-impact drilling is planned beneath the historic Victory and B.B. mines, which have never been drill tested.
  • Historic production records cited for Victory were 1,809 tonnes treated for 2,058 oz gold at a recovered grade of 35.4 g/t Au.
  • Historic production records cited for B.B. were 1,833 tonnes treated for 846 oz gold at a recovered grade of 31.6 g/t Au.
  • The company believes mineralisation may continue below the old workings because the mines were reportedly abandoned due to water issues rather than geology.
  • Permitting is progressing through native title protection conditions and landholder conduct and compensation agreements.
  • The drilling program is fully funded by a two-tranche placement raising A$1.165 million before costs.
  • Placement proceeds will fund drilling, project tenure consolidation, LiDAR completion, geology and field services, settlement of legacy obligations and working capital.
  • This will be the first drilling at the Mareeba Gold Project since WMC's Hodgkinson Joint Venture work ended in the late 1980s.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.