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Arrowhead published an Equity Research Report on Iceni Gold Limited
January 11, 2024


Iceni Gold (ASX: ICL) Research Update


  • Arrowhead is updating its coverage on Iceni Gold Limited (Iceni Gold, Iceni, or the company) with a fair value bracket of AUD 0.17 to AUD 0.24 per share (share price on January 11, 2024: AUD 0.065) based on the Relative Valuation method.
  • In November, Iceni commenced the initial phase of 10,000m Stage 3 drilling program over gold and lithium targets at 14 Mile Well project, with targeted drilling at Breakaway Well, Monument lithium anomaly, Monument North shear zone and Claypan.
  • In less than a month of the commencement of RC drilling, the company intersected a mineralised shear hosted in three adjacent holes in the same section at the northernmost AC line at Guyer North-West. The downhole intercepts had strong alteration, quartz veining and sulphides. The samples from the have been sent to the assay lab for analysis and the results expected in mid-January 2024.
  • In October 2023, Iceni completed the heritage survey of its exploration campaign at 14 Mile Well on various targets including Guyer North and Guyer North-West, Claypan, Monument North and sites within the Everleigh Well target area, with the final report still awaited. The company plans to undertake further heritage surveys at Hages Bore and Goose Well, subject to board approval.
  • Further, ICL recovered gold in quartz at surface at the fieldwork undertaken at North 1 target area in October 2023. The surface gold was located along the strike of the 2-km-long UFF anomaly 14UF015 Crossroads and pXRF analysis showed gold fineness values on 83.8%-94.9% Au.
  • In the last quarter, Iceni has undergone a significant board restructuring with resignation of Mr. George Karageorge as Managing Director (MD) and Ms. Hayley McNamara as director of the company. The company appointed Mr. James Pearse as non-executive director, who is a corporate lawyer with over 10 years of experience in national, international and boutique law firms.
  • More recently, Mr. David Glyn Nixon, who was serving as the company’s Technical Director, has been appointed as the General Manager, Exploration. He will continue to be a crucial member of Iceni’s senior management team.
  • In Q1 2024, the company spent AUD 418k on exploration and evaluation and AUD 275k on staff, primarily for mineral exploration and sampling within the 14 Mile Well project. The closing cash balance at the end of the quarter stood at AUD 1.9 mn.
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