Xpedra has fired a fast-moving gold double, snapping up the high-grade Neeld project in NSW while striking thick, shallow zones at its nearby Springfield gold project.
Whilst the Neeld deal delivers serious grade and a rich production past, Springfield is already shaping as a broad, near-surface system stretching across a 1.7-kilometre mineralised corridor with clear room to run.
The newly secured Neeld project sits within the fertile Lachlan Fold Belt near West Wyalong and boasts historical production of 439,000 ounces at an average grade of 41 grams per tonne (g/t) gold.
The old-timers chased rich quartz veins between 1894 and 1915, delivering peak annual output of 44,675 ounces at a whopping 101g/t gold, underscoring the presence of ultra-high-grade mineralisation. Workings largely stopped above 50 metres, despite development extending beyond 400 metres, leaving deeper high-grade extensions wide open for modern drilling.
Under the terms of the binding deal, Xpedra will take full ownership through a mix of $250,000 in cash and 44M in Xpedra shares, adding two exploration licences to its footprint.
Neeld sits along the Gilmore Suture, a major structural corridor known to host significant gold systems, including the historic Mt Boppy mine (500,000 ounces) and Wildcat Resources’ Mt Adrah project (770,000 ounces grading 1.1g/t gold).
Xpedra says mineralisation at site occurs in quartz veins within the Wyalong granodiorite alongside sulphides such as pyrite. Notably, historical tailings with residual gold offer a potential early reprocessing opportunity.
In sharp contrast to the more common intrusive systems of the area, Neeld is a classic narrow, vein-hosted, high-grade style system, reinforcing its pedigree as a high-margin exploration target.
Modern drilling across the historic mine has been sparse, with only a handful of deeper diamond holes drilled beyond 200 metres, all of which intersected gold mineralisation. Xpedra says numerous parallel lodes remain virtually untouched along strike, with the system open in multiple directions, making it a prime target for staged drilling programs supported by 3D modelling and geochemical work.
Xpedra Resources managing director Scott Funston said: “The acquisition of the Neeld gold project represents a significant opportunity to secure a high-grade gold system with exceptional historical production and minimal modern exploration, providing a strong foundation for future growth.”
The company’s existing Springfield gold project, picked up late last year, brings a different dimension to the story, offering scale to complement Neeld’s high-grade punch.
The maiden reverse circulation (RC) drilling program at Springfield has wasted no time proving the point, led by an impressive 36-metre intercept at 1.84g/t gold from just 19m depth. The wide intersection also included two higher grade zones of 13m grading 3.10g/t gold from 20m and 8m at 2.36g/t gold from 44m.
A second hole returned 10m at 1.28g/t gold from 13m, reinforcing continuity both up-dip and down-dip within the system.
The prospect sits 200km to the north-east of the newly acquired Neeld ground near Gulgong in New South Wales. Both assets are planted firmly within the richly endowed Lachlan Orogen, a belt renowned for hosting some of Australia’s most prolific gold systems, such as Newmont Corporation’s monster 15-million-ounce Cadia Mine.
Historical exploration across the Springfield deposit has been patchy and shallow, with 6568 metres drilled in 186 holes, and deeper drilling limited to only a small portion of the 1700-metre strike length, leaving most of the system largely untested.
Earlier drilling had already flagged the system’s size potential, delivering standout intercepts such as 27m grading 3.65g/t gold from surface and 86m running at 1.04 g/t gold from 104 metres, suggesting a broad mineralised footprint that could strengthen with depth and along strike.
The current campaign, totalling 27 holes for 2579 metres, marks the first meaningful drilling effort in more than 25 years and was designed to validate historical data, address uncertainties in previous drillhole locations and build a more robust geological model.
Assays for the remaining 25 holes are due in the next six weeks, providing a steady stream of news flow and guiding the next phase of drilling.
Gold at Springfield is interpreted as hosted within monzonitic to monzodioritic intrusives, closely associated with quartz veining and sulphide alteration, forming thick mineralised envelopes up to 43 metres thick. Notably, the system remains open at depth and along strike.
The timing of Xpedra’s decision to up the gold exploration ante could hardly be sharper. Gold has rocketed to record territory, surging to US$4828 per ounce (A$6725), with some forecasts eyeing US$6300 (A$8775) as global investors chase safe-haven shine. Australia’s gold exports are tipped to swell to almost $69 billion this financial year, while New South Wales alone is pulling in more than $4.2 billion from the precious metal, underlining the Lachlan Fold Belt’s status as a serious gold engine room.
With Neeld delivering a high-grade heritage and Springfield shaping as a bulk tonnage contender within a wider seven-kilometre structural corridor, the company appears to be assembling a compelling combination in one of Australia’s most gold-rich regions.
If the next batch of assays lands with the same punch, Xpedra could rapidly move from early-stage explorer to a genuine resource growth story, with its twin NSW projects offering the rare combination of strong grades and real scale potential.
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By Penny Taylor
