83% of Baldock Infill Drilling Done: Highlights Include 1.7m at 71 g/t Gold

• Phase 1 infill drilling 83% complete with over 71,000 metres drilled
• High-grade gold assays including 1.7m at 71 g/t and 3m at 64.2 g/t
• Resource upgrade from Inferred to Indicated category underway
• Geotechnical and metallurgical programs progressing for reserve estimation
• Regional exploration targeting extensions beyond Baldock

Strong Infill Drilling Progress at Baldock

Ballard Mining (ASX – BM1) has announced significant progress in its Phase 1 infill drilling program at the Baldock gold deposit, part of the Mt Ida Gold Project in Western Australia's Goldfields region. With 83% of the planned 80,000 metres completed, the company has drilled 407 holes totalling over 71,000 metres, confirming the presence of high-grade gold mineralisation consistent with previous estimates.

The drilling density has been increased to a 20m by 20m grid, a critical step to upgrade a substantial portion of the existing resource from the Inferred to the Indicated category. This upgrade is essential to underpin the maiden Ore Reserve, which Ballard aims to announce by mid-2026. Recent assay highlights include exceptional intercepts such as 1.7 metres at 71 g/t gold and 3 metres at 64.2 g/t gold, underscoring the deposit's high-grade nature.

Supporting Studies and Development Strategy

Alongside drilling, Ballard is advancing detailed geotechnical logging and metallurgical test work. These studies are designed to refine the mining and processing plans, providing the modifying factors necessary for Mineral Reserve estimation. The geotechnical work, conducted by consultants Peter O’Bryan and Associates, is developing a robust model for both open pit and underground mining scenarios at Baldock.

Metallurgical sampling has been extensive, with over 53 tonnes of mineralised material collected, including 605 kilograms dedicated to current test work. These efforts aim to optimise processing circuit design and ensure efficient recovery of gold from the ore.

Regional Exploration and Future Growth Potential

Beyond Baldock, Ballard is actively exploring along the Baldock shear and Ballard Fault zones, targeting prospects such as Pluto, Corvus, Milky Way, Galaxy, Sandstone, and Neptune. This regional exploration program seeks to extend the resource base and add new discoveries to the Mt Ida Project's inventory.

The Mt Ida Gold Project currently hosts a JORC-compliant Mineral Resource Estimate of 10.3 million tonnes at 3.3 g/t gold for 1.1 million ounces, with Baldock accounting for 930,000 ounces at 4.1 g/t. The project benefits from full mining approvals, including permits for both open pit and underground mining, water licenses, and environmental clearances, positioning Ballard well for development.

Outlook and Market Implications

Managing Director Paul Brennan emphasised that the drilling results have met expectations and that the increased drill density will provide the confidence needed for resource upgrading and reserve declaration. Completion of the infill program is expected in early December, with extensional drilling to follow, aiming to grow the resource further.

Ballard's methodical approach to resource conversion, combined with ongoing technical studies and regional exploration, signals a clear pathway towards production. Investors will be watching closely as the company moves towards its maiden Ore Reserve and continues to unlock value from the Mt Ida Gold Project.

Bottom Line?

As Ballard Mining wraps up its infill drilling, the next milestones in reserve declaration and regional exploration will be pivotal for the Mt Ida project's future.

Questions in the middle?

• How will metallurgical test results influence the final processing strategy and costs?
• What potential resource extensions could regional exploration deliver beyond Baldock?
• When exactly will the maiden Ore Reserve be announced, and what size is expected?