KO Gold Drills Historic Carrick Goldfield as Neighbor's Fast-Track Ruling Nears

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• KO Gold has begun the first modern drilling at the historic Carrick Goldfield, with five diamond core holes totaling about 800 meters designed to twin and validate historical intercepts.
• Historical small-scale mining produced over 24,000 ounces of gold at average grades of 30 grams per tonne (g/t) from shallow workings at Carrick between the 1860s and 1920s, and historical drilling needs to be verified to modern standards.
• KO Gold's 2026 Smylers program confirmed continuous gold mineralization along the southeast extension of the Hyde-Macraes Shear Zone, the same structure OceanaGold mines at Macraes, with a best result of 0.82 g/t gold over 8.0 meters.
• A draft decision on Santana Minerals' neighboring Bendigo-Ophir Gold Project is targeted for the week of November 30, with a final decision set for January 20, 2027, though the panel has said a third pause may be needed.
• Santana reported cash balances of AU$188 million at the end of June against estimated development capital of about AU$277 million.
• Approval would bring New Zealand its first major new gold mine in well over a decade and could put nearby explorers on the radar of larger companies.
• Gold remains near US$4,000 per ounce after a pullback from its January record.

KO Gold Inc. (KOG:CSE; KOGDF:OTCQB) has started the first modern drilling at the historic Carrick Goldfield in Central Otago, New Zealand. Small-scale mining pulled high-grade gold from shallow workings there more than a century ago, but no one has ever systematically tested the area with modern techniques or deeper drilling.

The timing puts KO Gold beside two near-term catalysts. Its first Carrick drilling assays are still pending. Nearby, Santana Minerals Ltd. (SMI:ASX; SMI:NZX) is waiting on a fast-track approval decision for its Bendigo-Ophir Gold Project, which would be New Zealand's first significant new gold mine in well over a decade.

More than 60 shallow workings along the Carrick-Potter Shear Zone produced over 24,000 ounces of gold between the 1860s and the 1920s, at average grades of 30 grams per tonne (g/t), according to KO Gold. Later explorers drilled 98 holes in the area beginning in 1980 and reported numerous intercepts grading above 1 g/t gold over downhole lengths of 3 to 17 meters along more than 1.5 kilometers of strike. KO Gold has said the mineralization remains open along strike and at depth.

The catch is that most of the original assay certificates from that historical drilling are missing or hard to obtain, so the old grades and widths have not yet been verified to modern standards. That is what KO Gold has set out to do, while also extending known gold mineralization at depth and along strike.

KO Gold said on September 24 that it had begun diamond drilling on private land at its 100%-owned Carrick Exploration Permit, with all landowner access agreements in place. The program calls for five diamond core holes totaling about 800 meters.

The goal is to validate key historical intersections and begin assessing the geometry and continuity of the mineralized shoots. The company said it will report Carrick drilling assay results once they are received.

Carrick also has a documented history of small-scale antimony mining alongside gold, and KO Gold has begun early-stage rock-chip sampling and mapping to assess the antimony potential. No drilling has yet tested antimony on the company's permits, and KO Gold has said the work remains secondary to its focus on gold.

The Carrick Goldfield lies southwest of Santana's Bendigo-Ophir Gold Project, where the company has outlined a 2.337-million-ounce Mineral Resource and a 1.242-million-ounce Probable Ore Reserve. In 2024, Santana declared its Rise and Shine deposit at Bendigo-Ophir the most significant large-scale gold discovery in New Zealand in four decades.

Bendigo-Ophir is going through New Zealand's Fast-track Approvals Act process, and the timeline has slipped. A decision was originally due October 29. After Santana volunteered two pauses to supply more information, the expert panel moved its target for a draft decision to the week of November 30 and set January 20, 2027, for a final decision, RNZ reported. Santana CEO Damian Spring told shareholders there would be no further delays. However, in early October, the panel said a third pause may be needed, Newsroom reported.

The project has drawn strong local opposition over its effects on the landscape and the region's tourism industry. Santana reported cash balances of AU$188.3 million at the end of June, providing funding for its ongoing project evaluation and permitting activities. The company has estimated development capital at about AU$277 million, with additional funding expected to be required for construction.

An approval would bring the first major new gold mine to New Zealand in well over a decade. Santana has projected about 350 jobs and more than NZ$500 million in investment. A new operating mine typically draws attention, skilled workers, contractors and infrastructure to a region, and it can put nearby explorers on the radar of larger companies looking to add ounces.

KO Gold has ground on both sides of that story. Carrick sits near Bendigo-Ophir, and its Smylers, Hyde and Glenpark permits sit next to OceanaGold Corp.'s (OGC:TSX; OGC:NYSE) Macraes Gold Mine, New Zealand's largest active gold operation. In all, KO Gold holds four 100%-owned exploration permits covering about 400 square kilometers in the Otago Gold District.

Observers in New Zealand see the Bendigo-Ophir decision as a test of how the country handles new gold mines, not just a ruling on one project. In a September 25 commentary, B2B News said the answer "matters far beyond Central Otago." The publication noted that Santana's bid has triggered nearly 100 new mining-related applications and permits nationwide this year, and that every one of those investors is watching to see what bar the consenting system will set. A clear path to approval could draw capital, it argued, while a rejection could send exploration money back across the Tasman to Australia.

How the panel handles specific issues may also set the pattern for other miners in the region. Santana recently offered another NZ$10 million to protect Central Otago's native lizards, and NewsWire NZ reported that how the panel weighs that offer is likely to shape how other miners approach the same problem.

The project remains divisive. It faces strong opposition over its environmental effects but has also been gaining local support, partly through Santana's sponsorship of community events and hiring of local residents, Newsroom reported. For explorers like KO Gold, the result could shape how investors view the whole district.

KO Gold moved to Carrick after wrapping up its 2026 program at Smylers, where it drilled 23 reverse-circulation holes and two diamond holes totaling 2,070.7 meters between May and August. The diamond holes returned the strongest results: 0.82 g/t gold over 8.0 meters, including 4.09 g/t over 0.6 meters, in SD0046, and 0.75 g/t over 5.9 meters, including 2.60 g/t over 1.3 meters, in SD0047.

The company said the results confirm continuous gold mineralization along the Hyde-Macraes Shear Zone, the same structure OceanaGold mines at Macraes. Streetwise Reports covered those results in September.

Investors should watch out for KO Gold's Carrick assays, the first modern drill data from a goldfield first mined more than 150 years ago.

Both stories play out against a gold price that remains historically high, though it has cooled from its peak. Gold climbed back above US$4,000 an ounce on November 4, reaching about US$4,029 during Asian trading, as the U.S. dollar and Treasury yields fell after the U.S. midterm elections, TradingKey reported. 

Rising interest rates have been the main drag. Gold fell more than 8% in September, as higher interest rates and rising Treasury yields weighed on bullion, NAGA reported. Higher yields make interest-bearing assets more attractive than bullion, which pays nothing. 

The longer-term support is still in place. Central banks bought a record 289 tonnes of gold in the second quarter, according to the World Gold Council, even though first-quarter buying was revised sharply lower, GoldSilver.com reported. Goldman Sachs trimmed its end-2026 gold forecast to US$4,650 per ounce but kept its US$5,400 target for 2027. HSBC, at the cautious end, cut its 2026 average forecast on October 1 to US$4,490 while noting gold may be nearing a bottom, Newsquawk reported.

Gold prices matter a great deal to projects like Bendigo-Ophir. Santana has said the project's net present value is just under AU$800 million at a gold price of AU$3,500 an ounce and rises to AU$2.1 billion at AU$6,000, according to its September conference presentation. Even after the pullback, prices remain well above the study's AU$3,500 base case assumptions. That keeps the economics of new mines in Otago, and the appeal of nearby exploration ground, firmly in focus.

What is KO Gold drilling at Carrick?

Five diamond core holes totaling about 800 meters on private land at its 100%-owned Carrick Exploration Permit. The goal is to validate key historical intersections, assess the geometry and continuity of the mineralized shoots, and extend mineralization along strike and at depth. Drilling began in September, and assays are still pending.

Why does the historical Carrick data need to be checked?

Explorers drilled 98 holes at Carrick beginning in 1980, but most of the original assay certificates are missing or hard to obtain, so the reported grades and widths have not been verified to modern standards.

When will Santana get a decision on Bendigo-Ophir?

The expert panel is targeting a draft decision the week of November 30 and a final decision on January 20, 2027. The timeline has already slipped from an original October 29 date, and the panel has said a third pause may be needed.

How is KO Gold connected to Bendigo-Ophir?

The two are separate, independently owned projects. Carrick lies southwest of Bendigo-Ophir, so a Santana approval could draw attention, workers and investment to the area around KO Gold's ground.

What other ground does KO Gold hold?

KO Gold holds four 100%-owned exploration permits covering about 400 square kilometers in the Otago Gold District. Its Smylers, Hyde and Glenpark permits sit next to OceanaGold's Macraes Gold Mine, New Zealand's largest active gold operation.

Is KO Gold exploring for antimony?

Carrick has a history of small-scale antimony mining, and KO Gold has begun early-stage rock-chip sampling and mapping there. No drilling has tested antimony yet, and the company says the work is secondary to gold.

What comes next for KO Gold?

The first Carrick assay results, along with the Bendigo-Ophir draft decision next door.