Thank you, Katharina. Thank you, Phil and team, for having us back. We feel like we've come back home in many ways. Three years ago, we were a little startup begging for a spot, begging for a booth, and now we're right next to the beers. We must be doing all right. I'm going to talk to you today about the Sunday Creek discovery, a very exciting discovery down in Victoria. Because we're a dual-listed company, I have three disclaimers here that don't seem to be coming up, which is okay, but I just zipped through them so quickly you didn't see them. We are dual-listed on the TSX and the ASX. Today, we're going to talk about the scarcity of high-grade gold. This has got a mind of its own at the moment. We're going to talk about the scarcity of high-grade gold in a tier one jurisdiction.
Multi-million ounce, 10 g deposits are very rare, and that's what we've got. They've got the opportunity to produce amazingly high cash flows, and they deserve the premiums that they obtain. There are a number of our peers as well who've done that. We do have a 20% byproduct, which is antimony. You've probably all heard of antimony now. The joke was, and over the last few years, I probably said it, that antimony is the most important critical metal you've never heard of, but now you've all heard of it. You don't have a defense industry or a munitions industry without it. This will be one of the larger Western deposits on Earth, even though it's only 20% of the mix. Gold will pay for it, and antimony will help permit it. We have significant optionality on exploration upside.
We've got a lot of fundamental work we're doing, but in terms of the market valuation, exploration is what drives it. It's what's driven the value of this company up until this point. We've got a very large exploration program to explore into the 95% of the area that we haven't really touched yet of old mines that we've drilled under some of them, but there's still a lot to go. We are very cashed up. We've got a big raise that we just completed, $170 million, and we've got that very clear plan on delineation with discovery added. Here is one, and I stand up in these conferences and say, you will not believe me when I say this, and many of you will laugh, but what is the best jurisdiction in Australia to permit a mine today based on the stats? Victoria. There we are again.
Four mines have been permitted in the last six months in Victoria. Not any other jurisdiction has done that. Some of the permitting around this project will demonstrate. I only hope that Victoria is really open for business because the stats are there and they are doing what they say they're doing. Victoria and Kalgoorlie are the supersonic orogenic deposits in Australia, and that's what you can see down through here. Victoria was really forgotten, but the unknown thing about Victoria is only 10 years ago, there was a new discovery there called Fosterville. It was the highest- grade gold mine on Earth for four of the last 10 years at least. The lowest AISC, all-in sustaining costs, and it was a top 10 producer. That really gave Victoria the rebirth. It's a very different geology.
That geological understanding is really only a few years old because Agnico, who now own that operation, have allowed that IP to come out of that deposit. Our discovery, Sunday Creek, is another one of those styles of deposit. With that knowledge coming out, it's been a huge breakthrough for us and our peers around us. Victoria's old and drove the expansion of the English Empire and the development of Australia in so many ways, but it's really only a few years since this new style of geology that's consistent and reconcilable and not nuggety like some of the older deposits or the different deposits that Victoria's better known for. When you bring it down from a global perspective to Australia, here are some of the best gold discoveries in Australia over the last decade. 12 key discoveries.
You can see the gold ones named there and where on the map down there with Fosterville. These are very rare deposits, as I mentioned at the start, and they're very hard to find. When you get onto one, you really make a very good go of it. That's what we're doing. Here are the metrics. There are Canadian numbers there, but it's $170 million cash in the bank from an Australian perspective. Some very good shareholders, some of the best shareholders globally, not only through here with the institutional support, but Pierre Lassonde, who's the best value investor in the gold space, founded Franco- Nevada, ran Newmont, the biggest gold company. It's a real masterclass having him and some of his peers, Darren Morcombe, etc., behind us, really advising us like I've never been advised before by some of the best minds in the business.
Grade, scale, and that strategic input is very much about this project. In terms of hit rate, this has gone from more beyond a drill discovery, but if you look at the number of 100 g/ m hits in this discovery divided by the amount of drilling, that hit rate is better than anything else I can see on Earth. There's a lot of gold. We've got a 200 km drill program that we're ongoing now with eight rigs, going to nine shortly and 10 in another few months. We're permitting a decline that will add another 12 rigs. Ideally, by this time next year, we'll have 22 rigs there, a 200 kl drill program, not only to delineate and drill out a very substantial resource, but also to continue that exploration. We'll have a number of drill rigs focused on exploration. Here's the plan, just quickly.
There's the numbers, CAD 53 million or AUD 60 million to drill it out. The limitation on any discovery is the drill out. There are three destructives of value of NAV, in net asset value in any project here. It's CapEx, OpEx, and time. The first two I can't control, but I can control time with this project. That's where the decline, the second thing, comes in because it brings drilling three times quicker. We can put double the number of rigs underground and they can drill 24/7. It also de-risks from an environmental point of view because we can progressively permit, for example, the water and the dewatering around the project. There's a large component there for the regional exploration that I've talked about, going to the first economic studies in Q1 2027 around that resource.
This project has the history that's not coming up at the moment, was a series of old mines for 50 years. We benefited from that greatly. You're just going to have to listen to me, I think. No, it's come up. There's some of the old timers working there away. That's given us a huge amount of information and informed us how this hangs together. You can see just an interesting little Christmas card there, greetings, season's greetings from A.Z. Clark, which is the cyanide facility next to the site. Cyanide was once a thing to send Christmas cards about. I don't think that obviously happens much these days. The best drill holes, I'm not going to read them out, but here's some of the most spectacular drill holes that you can see there in terms of length and grade of gold and antimony.
The key points are that those pink highlights have been drilled in the last six months. It's getting better. It's getting better at depth than these systems do. It's also our understanding that is being able to target those very high grades. A large proportion of those best hits in the deposit have come in the last six months. This is a very technical chart, but it shows width versus grade. Everyone thinks high grade is very thin. It's not the case. Here's all our intersections, every intersection plotted on this graph. You can see that the average width is actually around 2.5- 4 m in that zone there. We have everything from 1- 10 m on average, but that 2.5- 4 m of these multiple structures. You can see the super high grades that we can achieve.
This is a slice, like a loaf of bread through the deposit as it's growing. This is where we first came to Noosa, somewhere around here. This was pre-Noosa when we purchased the property. There's 1 km x 1.2 km in the old mines down to 180 m. The hits here, I want you to focus on the pink and the red, which is 50 or 50 g > 100 g. You can see when we came to it, first up, we had a few intersections and there was a few pink things down here. This was December 2022 when we hit the first hole at depth. We had 100 m , something like 300 m at 5 g, but made up of 13 very high-grade structures. That was the first thing that said, oh, this could be something very important, very interesting.
We continued and drilled this out and got to this point about a year and a bit ago. Now just a few months ago, we're here. We put exploration targets around this as it's growing. Not enough data to put into a resource completely. We run resources monthly on this with SRK , who are the same team that operate at Fosterville and another surrounding mine, Costerfield. We can put out exploration targets that are drill constrained, but not dense enough to put into a resource. This is 2.2- 3.2 million oz at 8.6- 10.6 or something like that, g per ton gold equivalent. That's where it was a few months ago. Obviously, a lot of room to grow and pink dots outside that red, that area which contains that exploration target. So i t's growing.
It's going to grow out through here and it's going to grow out through here. This is only 10% of the trend. If we look at it like that, that 10% of the trend that I just showed you is that circle. We'll get go deeper. This is Fosterville at an equivalent scale. They're now down at 2 km. We're putting deep holes into this system. Here's all the old mines along the strike that really haven't seen only a couple of hundred, a couple of 1,000 m of drilling, I should say. There's the old mines that we drilled under. We have gold along 10 km, so there's a lot of room to move. We're going to go into the ground now. If this presentation catches up, it's a little laggy today. Must have had a late night. We're about 60 km from, whoa, okay, family shot.
This is verify. Here we go again. We're about 60 km from Melbourne, which is here. We've got 2,600 acres of freehold land. We've got 200 acres of blackberries, so we're in the blackberry business as well, cleaning up that land. Here's Fosterville, which is about 100 km away. If we zoom in, here's all those mine sites that we could see, the main drill areas here, but we've got all this ground to explore. We've done a lot of work along that whole exploration area in this hatched area through here, geophysics. We've got one rig moving to two, focusing on those areas there. We look at some of the infrastructure that we're planning. Here's some of the drilling underground. You can see that gray area is the decline that is being permitted as we speak.
That has an associated infrastructure, waste rock piles, etc., some offices out through there. That's going to bring drilling three times faster. If we just go back onto the surface, the mineralization is a band of rocks like this, trending like this. That's 1.5 km strike length, and it's got all these veins that cross it in this direction. There's 70 of those that we've defined. If we go underground, we can see that's what it looks like. All the yellow holes that we're looking at there are in the laboratory, so lots of news flow. That exploration target of 2.2- 3.2 million oz is the blue with some of those areas in red there that are not even in that exploration target. In terms of the lay of the land, this is a real secret. Here's the project. You can see the project names there.
You can see some of the drill rigs here. There's about 12 properties to the north, and we try and avoid that northern aspect. There is a hill between us and those properties. To limit our impact, this is really the secret sauce: we own all this land to the south that goes for kilometers through here. All that farmland and valley is the 2,600 acres, which makes this very developable. From the metallurgical side of things, no red flags. This was mined for 50 years and treated down the road at Costerfield. We've copied that flowsheet. Essentially, it's gravity and flotation with very good recoveries of both gold and antimony. We're just about to produce some second round results shortly on further work there. Here's the Victorian thing that you didn't believe me. I urge you to go and have a look. Victoria has permitted four mines.
Here they are. They've been in the system for a while, but they're coming out very quickly over the last six months. A tailings dam at one of the mines was permitted from start to finish in five months, a new tailings dam on top of these other four mines. There are many things happening in the state. Critical metals has given mining its mojo again, especially in a place like Victoria where the milk from the cow comes to the breakfast table and everyone understands the link like a mind to whatever you need from a critical metal. It's very, very much a place that is open for business. I know it's in my best interest to tell you that, but go and have a look at the data.
As I've got 30 s left, a very rare multi-million ounce discovery that's only getting bigger in a tier one jurisdiction, a lot of exploration upside, fully funded to go to that plan over the next 18 months with a big drill out. Also planned the decline, the progressive permitting. We're in a jurisdiction that now wants mining. We're a team that's done it before with an amazing shareholder base who's really, really, really focused on value creation per share. That drives every strategic decision we make in this company. Thank you.