Aurania Resources has completed its 2026 drilling campaign at the Thormodsdalur epithermal gold-silver project, located approximately 20km east of Reykjavík, Iceland.
The drilling programme comprised eight completed diamond drill-holes totalling 780.70m.
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Aurania reported that in most cases, core recovery was near or at 100%, compared with roughly 50% or less achieved in earlier programmes.
The drill-holes primarily targeted previously explored areas, with most twinning historical drill-holes where earlier work had been affected by core loss.
According to Aurania, every hole intersected geological textures associated with epithermal gold-silver mineralisation, such as quartz veins and hydrothermal breccias.
Typical features included crustiform-colloform chalcedonic quartz with plumose and moss textures, as well as cockade-breccia textures.
Aurania’s interpretation suggests that the mineralised features may represent the upper boiling zone of a fossilised geyser system.
The company cited earlier drilling that demonstrated the gold-bearing nature of the veins and said it considers fluid boiling and mixing to be the likely mechanisms for precious-metal deposition in the area.
Observed mineralisation is also characterised by banded quartz, adularia, clays and silica.
Core samples have been sent to ALS Laboratories. Aurania said assay results are expected in November 2026, subject to laboratory processing schedules.
The company also noted evidence of post-mineralisation fault movement, which has sheared and granulated quartz veins into small fragments but preserved distinctive epithermal textures in the core.
Aurania president and CEO Keith Barron said: “Iceland has a successful history of drilling for geothermal hot water and steam for the generation of electric power, and there are many contractors on the island nation.
“However, the objective in geothermal drilling is to drill an open hole into the ground for maybe hundreds of metres, not to secure a complete sample of the rock the drill has passed through.”
Thormodsdalur is held by Iceland Resources, a fully owned subsidiary of St-Georges Eco-Mining.
In April 2026, Aurania signed an option agreement with St-Georges and Iceland Resources to jointly develop and execute a phased exploration plan for the project, aiming to advance it towards a modern resource definition.
