Mulwarrie Resource Hits 350koz at 3.6g/t; Comet Vale Drilling Uncovers New High-Grade Zones

Mulwarrie Resource Expansion – A Game-Changer

Gorilla Gold Mines Ltd (ASX – GG8) has delivered a standout quarter with a 340% increase in the Mineral Resource Estimate (MRE) at its Mulwarrie Gold Project in Western Australia. After just four months of drilling, the resource has grown to 3.0 million tonnes at an impressive grade of 3.6 grams per tonne (g/t) gold, equating to 350,000 ounces of contained gold. This represents not only a substantial increase in ounces but also a near 30% uplift in grade, achieved at a discovery cost of approximately $15 per ounce; an attractive metric in today’s gold market.

The updated MRE includes 2.1 million tonnes at 3.3 g/t Au for 220,000 ounces in an open pit shell and 0.9 million tonnes at 4.3 g/t Au for 130,000 ounces in underground mineable shapes. These figures underscore the project’s potential for both surface and underground mining operations, positioning Mulwarrie as a core asset in Gorilla Gold’s portfolio.

Comet Vale – High-Grade Discoveries Fuel Momentum

Meanwhile, at the Comet Vale Project, located about 90 kilometres north of Kalgoorlie, exploration drilling continues to reveal thick, high-grade gold mineralisation, particularly at the Lakeview Prospect. The mineralised system now extends over 700 metres along strike and 600 metres down-dip, remaining open for further expansion. Notable drill intercepts include 6 metres at 10.3 g/t Au and 1.6 metres at 19.0 g/t Au, highlighting the prospect’s robust grade and continuity.

Additional high-grade extensions have been identified at other Comet Vale prospects such as Sovereign, Sovereign North, Cheer, and Happy Jack. For example, Happy Jack yielded 21 metres at 11.6 g/t Au in a previously unrecognised parallel structure, while Sovereign delivered spectacular hits including 5 metres at 66.3 g/t Au. These results not only enhance the existing resource base but also point to multiple parallel mineralised structures, suggesting a camp-scale gold system with significant upside potential.

Strategic Leadership and Financial Strength

To support this rapid growth, Gorilla Gold has bolstered its leadership team with seasoned industry professionals. Craig Jones, with experience at Spartan and Bellevue, joins as a Non-Executive Director to provide senior technical guidance. Daniel Kendall has been appointed Chief Financial Officer, while Jarrod Ramadan and Chris Goti bring expertise in project development and environmental permitting, respectively. These appointments signal the company’s commitment to advancing its Western Australian projects efficiently and responsibly.

Financially, Gorilla Gold completed a well-supported placement raising A$31.7 million from institutional and sophisticated investors. This capital injection strengthens the company’s balance sheet, with cash on hand at quarter-end standing at $15.9 million. The funds are earmarked to accelerate exploration and resource growth, underpinning the company’s aggressive high-grade gold growth strategy.

Looking Ahead – Development and Resource Upgrades

With four drill rigs actively operating at Comet Vale and plans to recommence drilling at Mulwarrie in the December quarter, Gorilla Gold is poised for further resource upgrades. The company aims to deliver a maiden Mineral Resource Estimate at Lakeview by year-end, which could significantly enhance the project’s valuation and development prospects. Meanwhile, exploration at the Vivien and Canadian projects continues to be assessed, adding optionality to the company’s growth pipeline.

Gorilla Gold’s strategy of focusing on granted mining leases near existing infrastructure in Western Australia is proving effective, as evidenced by the rapid resource growth and high-grade intercepts. The company’s disciplined approach to exploration and development, combined with strong financial backing and experienced leadership, positions it well to build a substantial high-grade gold inventory in one of the world’s most prolific gold regions.