NMR Uncovers High-Grade Gold at Blackjack, Eyes Q3 2025 Production

Resource Definition Drilling Validates High-Grade Gold Potential

Native Mineral Resources Holdings Limited (ASX: NMR) has released initial assay results from its ongoing resource definition drilling at the Blackjack Gold Project in northern Queensland. The first three reverse circulation (RC) holes have returned encouraging shallow, high-grade gold mineralisation, with standout intercepts including a 13-metre section averaging 3.06 grams per tonne (g/t) gold and a peak assay of 18.62g/t Au from a single metre.

This drilling program aims to delineate the mineralisation at the northern end of the historic Blackjack South pit, where previous mining in the 1980s focused on shallow oxide ore. The new results not only confirm the presence of high-grade gold but also indicate that mineralisation extends to greater depths than previously understood, potentially expanding the resource base.

Extending the Depth and Scope of Mineralisation

Hole BJRC_244 delivered a significant 13m intercept averaging 3.06g/t Au from 62m depth, including multiple higher-grade intervals culminating in 1m at 18.62g/t Au. The subsequent hole, BJRC_245, returned 4m at 1.20g/t Au from 79m and terminated in mineralisation, prompting plans to deepen this hole to fully test the vertical extent of the deposit.

These findings suggest a steeper dip of the mineralised zone than previously modelled, which has important implications for resource estimation and mine design. NMR is actively adjusting its drilling strategy to capture this geometry, with 46 RC holes planned in parallel lines to provide a robust dataset for resource definition and grade control.

Advancing Towards Production Restart

Alongside drilling, NMR is progressing refurbishment of the Blackjack processing plant, located just 600 metres from the drilling site. The company reports that refurbishment work is on track both in terms of schedule and budget, underpinning its confidence in achieving first gold production in the third quarter of 2025.

Managing Director Blake Cannavo highlighted that the drilling results have already exceeded expectations, reinforcing the potential for a meaningful resource upgrade. He emphasized the importance of ongoing drilling to refine the mineral resource estimate, which will directly inform mining plans and operational execution.

Context and Next Steps

The Blackjack Project sits within granted mining leases in Queensland and benefits from a rich exploration history, including prior mining and recent diamond drilling that identified shallow gold mineralisation. The current RC program is designed to build on this foundation, with results expected to feed into pit optimisation and mine design studies.

With 25 holes completed for 1,679 metres so far, further assay results are anticipated by the end of April, continuing through May. These will be critical in confirming the extent and grade continuity of the deposit, shaping the feasibility of the project’s restart and its contribution to NMR’s growth strategy.