The Company Announcements Office, ASX Limited 17 September, 2025
Drilling commences at Croydon gold project
Known shallow high-grade mineralisation and underlying anomalies highlight strong
potential for repeats of the nearby +11Moz Hemi deposit
With $69m in the bank, CZR is assessing its capital management options
• CZR has commenced an aircore drilling program at its Croydon gold project, located along strike
from Northern Star Resources’ 11.2Moz Hemi deposit
• The initial drill program will include ~180 aircore holes to test a 6km-long gravity anomaly
• Following receipt of assay results from the aircore drilling and final heritage clearance, CZR will
commence an expanded ~8,000m RC drilling program at Croydon’s Top Camp, Bottom Camp and
Eastern Block, targeting extensions to near-surface gold mineralisation and buried Hemi-style intrusions
• CZR confirmed the Croydon gold discovery with limited drilling in 2019-2020 intersecting shallow
high-grade gold at the Top Camp and Bottom Camp prospects. Results included:
• 27m at 3.2g/t Au from 135m in CRC007
• 8m at 1.7g/t Au from 66m in CRC018
• 2m at 22g/t Au from 7m in CRC021; and
• 5m at 3.2g/t Au from 132m in CRC032
• Following the completion of the Robe Mesa iron ore sale on 9 September 2025, CZR has cleared
all outstanding loans, is debt-free and currently holds cash of ~$69m1
• The strong cash balance means CZR has ample funding for its accelerated exploration programs
at the Croydon Gold, Edamurta Copper and Yarraloola Iron Ore Projects
• CZR is also actively assessing capital management strategies, and is working with its tax consultants to assess the most effective structure and timing for this to occur CZR Resources Ltd (ASX: CZR) is pleased to announce that drilling has commenced at its Croydon gold project in WA’s Pilbara.
CZR Managing Director Stefan Murphy said
“This is the great opportunity we have been waiting for.
Our initial drilling program showed that Croydon is a large mineralised system in the same geological
corridor as the huge Hemi gold deposit nearby, but for the past few years we have not had the funds
to properly pursue it.
With the Robe Mesa transaction complete and money in the bank, we are not wasting any time.
The fact that we have drill rigs on site just one week after closing that deal shows how excited we are about the possibilities at Croydon.
Croydon is only 50km from the exceptional 11.2 Moz Hemi gold discovery, and with existing high-
grade, shallow gold mineralisation already established, there is scope for further repetitions of Hemi-
style intrusive systems.
Aircore drilling the Eastern Block marks a new stage in exploration at Croydon, testing a highly
prospective area with similar geological setting to Hemi where no drilling has been undertaken
previously.
Once we collate the results from this program, we intend to commence RC drilling on the Eastern Block. We will also return to the Top Camp and Bottom Camp prospects to test for extensions to the current mineralisation and then test deeper targets for Hemi-style intrusions in the coming quarter”.