AIV: Mt Hogan Gold Project Resource Increase
Original announcement by asx on
- Company
- ActivEX Limited
- Ticker
- AIV
- Exchange
- ASX
- Region
- Queensland
- Primary commodity
- Gold
- Secondary commodities
- Silver, Copper, Bismuth
- Document categories
- Resource update
- Extracted
- 2026-10-19 01:02:42 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
ActivEX Limited announced a significant increase in the Inferred Mineral Resource Estimate for its Mt Hogan Gold Project, now totaling 9.8 Mt at 1.28 g/t Au for 403,000 ounces of contained gold. This updated estimate, which incorporates recent drilling and historical mining depletion, represents a 30% increase in contained gold compared to the previous estimate. While the resource remains entirely in the Inferred category, the company plans further work, including metallurgical and sampling testwork, to improve confidence and advance the project.
Reasoning: ActivEX Limited reported a substantial 30% increase in contained gold for its Mt Hogan Gold Project, driven by a 15% increase in tonnage and a 13% improvement in grade. This update, incorporating new drilling and historical depletion, significantly advances the project's scale. However, the resource remains entirely in the Inferred category, with several noted limitations regarding data quality, grade continuity, and the need for further metallurgical and sampling testwork.
Positive factors
- Significant increase in contained gold (30%)
- Increase in tonnage (15%) and grade (13%)
- JORC 2012 compliant
- QP/CP signed
- Historical mining corroborates high-grade, nuggety character
- Scoping study supports reasonable prospects for eventual economic extraction
- Mineralisation remains open along strike and down dip
- Potential for silver, copper, and bismuth as byproducts
Negative factors
- Entirely Inferred Mineral Resource
- Pure-nugget grade continuity implies high variability
- Unrecorded RC sample recovery
- Unquantified assay precision (no field duplicates, lab repeats, umpire assays)
- Assumed bulk density (single value, no weathered zone data)
- Local block estimates not suitable for mine planning
- No metallurgical testwork by current owners
- Historical workings depletion based on georeferenced plans with +/-15m confidence
- QAQC: one CRM biased +9% with undocumented failure actions
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 2
Classification and evidence
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document announces a revised estimate for an existing resource, superseding a prior one.
Evidence · text
“The present estimate supersedes the Inferred Mineral Resource reported for Mt Hogan by Auspin Exploration and Drilling Pty Ltd in June 2025”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource estimate is classified entirely as Inferred, indicating a speculative category with limited drilling and assumed geological continuity.
Evidence · text
“JORC Compliant Inferred Mineral Resource Estimate of 9.8 Mt @ 1.28g/t Au for 403,000 ounces contained gold”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: Tonnage has increased by approximately 15% compared to the prior estimate.
Evidence · text
“tonnage has increased by approximately 15%”
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: Average resource grade has improved by 13% compared to the prior estimate.
Evidence · text
“grade by 13%”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: Contained gold has increased by 30% compared to the prior estimate, reflecting true scale improvement.
Evidence · text
“contained gold by 30%”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The resource estimate is explicitly stated to be JORC Compliant.
Evidence · text
“JORC Compliant Inferred Mineral Resource Estimate”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Mr Andrew Dawes, a Competent Person, is named and has signed off on the estimate.
Evidence · text
“Mr Andrew Dawes, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The cut-off grade used for resource reporting (0.3 g/t Au) is clearly stated.
Evidence · text
“at a cutoff grade of 0.3g/t Au”
All Inferrednegative
100% of resource is Inferred category — very early stage, no engineering confidence.
Why it applies: The estimate is classified entirely as Inferred, indicating a very early stage with no engineering confidence.
Evidence · text
“The estimate is classified entirely as Inferred”
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: The resource estimate is supported by a Scoping Study, which is an early-stage economic assessment.
Evidence · text
“Reasonable prospects for eventual economic extraction are supported by the Mt Hogan Scoping Study (effective 15 July 2025)”
Extracted facts
Stored fact records: 2. Some facts used in scoring do not have a stored record.
Resource Estimates (2)
inferredMt Hogan Gold Project · goldTonnes: 9800000Grade: 1.28Grade Unit: g/tContained Metal: 403000Contained Unit: ozView all detailsHide details
Identity
- Project
- Mt Hogan Gold Project
- Commodity
- gold
- Region
- australia_qld
- Reported Region
- Queensland
- Ticker
- AIV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Andrew Dawes
- Resource group id
- resource:28541c2f023d15e80101
- Deposit or zone
- Mt Hogan
- Mining method
- combined
- Material type
- mixed
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 9800000
- Grade
- 1.28
- Grade Unit
- g/t
- Contained Metal
- 403000
- Contained Unit
- oz
- Cutoff Grade
- 0.3
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-08-25
Metal Equivalent
- Assumptions Disclosed
- No
Lab
- Laboratory
- ALS Townsville
Location
- Easting
- 793472
- Northing
- 7876508
- CRS
- MGA94 Zone 54
- EPSG
- 28354
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-19T00:00:00.000Z
Reasoning: The updated Inferred Mineral Resource shows a substantial increase in contained gold, tonnage, and grade, indicating positive project evolution. However, the resource remains entirely Inferred with several data quality and continuity limitations noted.
Positive factors
- Significant increase in contained gold (30%)
- Increase in tonnage (15%) and grade (13%)
- JORC 2012 compliant
- QP/CP signed
- Historical mining corroborates high-grade, nuggety character
- Scoping study supports reasonable prospects for eventual economic extraction
- Mineralisation remains open along strike and down dip
- Potential for silver, copper, and bismuth as byproducts
Negative factors
- Entirely Inferred Mineral Resource
- Pure-nugget grade continuity implies high variability
- Unrecorded RC sample recovery
- Unquantified assay precision (no field duplicates, lab repeats, umpire assays)
- Assumed bulk density (single value, no weathered zone data)
- Local block estimates not suitable for mine planning
- No metallurgical testwork by current owners
- Historical workings depletion based on georeferenced plans with +/-15m confidence
- QAQC: one CRM biased +9% with undocumented failure actions
Evidence · text
“JORC Compliant Inferred Mineral Resource Estimate of 9.8 Mt @ 1.28g/t Au for 403,000 ounces contained gold at a cutoff grade of 0.3g/t Au completed by AHD Resources effective 25 August 2026”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredMt Hogan Gold Project · goldTonnes: 8500000Grade: 1.13Grade Unit: g/tContained Metal: 310000Contained Unit: ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Mt Hogan Gold Project
- Commodity
- gold
- Region
- australia_qld
- Reported Region
- Queensland
- Ticker
- AIV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Lidbury, B.
- Resource group id
- resource:c2da0ac87a80c213980f
- Deposit or zone
- Mt Hogan
Resource Data
- Category
- inferred
- Tonnes
- 8500000
- Grade
- 1.13
- Grade Unit
- g/t
- Contained Metal
- 310000
- Contained Unit
- oz
- Cutoff Grade
- 0.3
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-06-01
Metal Equivalent
- Assumptions Disclosed
- No
Location
- Easting
- 793472
- Northing
- 7876508
- CRS
- MGA94 Zone 54
- EPSG
- 28354
- Loc. Confidence
- medium
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-07-21T00:00:00.000Z
Dates
- Event date
- 2026-10-19T00:00:00.000Z
Reasoning: This is a historical maiden resource estimate that has been superseded by the current, larger estimate. It provides a baseline for comparison but is no longer the most current information.
Positive factors
- Maiden resource estimate established a baseline for the project
Negative factors
- Entirely Inferred Mineral Resource
- Superseded by a more recent estimate
- Not depleted for historical mining
Evidence · text
“The Maiden Resource Estimate of 8.5 MT @ 1.13g/t for 301,000 ounces contained gold had previously been reported to the market (ASX Announcement 21st July 2025).”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.