How Minerals 260 Doubled Bullabulling’s Gold Resource to 4.5Moz in 2025
Minerals 260 Limited has doubled the Mineral Resource Estimate for its Bullabulling Gold Project to 4.5 million ounces, positioning it among Australia’s top gold assets. The update follows extensive 2025 drilling and sets the stage for a Pre-Feasibility Study targeting production by late 2028.
- Mineral Resource Estimate grows to 130Mt at 1.0g/t Au for 4.5Moz gold
- 67% of resource classified as Indicated, up 1.6Moz from prior estimate
- Maiden resource declared for Gibraltar deposit, 180koz gold
- Updated economic assumptions include A$4,500/oz gold price and 92% metallurgical recovery
- Pre-Feasibility Study underway with first production targeted for late 2028
Resource Expansion and Project Significance
Minerals 260 Limited (ASX, MI6) has announced a substantial update to the Mineral Resource Estimate (MRE) for its Bullabulling Gold Project in Western Australia, effectively doubling the resource to 4.5 million ounces of gold. This leap from the previous 2.3 million ounces underscores Bullabulling’s emergence as one of Australia’s leading gold projects.
The updated MRE encompasses 130 million tonnes at an average grade of 1.0 grams per tonne gold, with a significant 67% of the resource now classified in the higher-confidence Indicated category. This upgrade reflects the company’s aggressive 2025 drilling campaign, which added 2.2 million ounces and validated earlier estimates.
New Discoveries and Technical Advances
Notably, Minerals 260 declared a maiden resource for the Gibraltar deposit, contributing 180,000 ounces from 5.4 million tonnes at 1.0 g/t gold. This deposit lies approximately 3 kilometers east of the Kraken deposit, expanding the project’s footprint and potential.
The resource update integrates over 90,000 meters of drilling completed in 2025, alongside refined economic assumptions including a gold price of A$4,500 per ounce and metallurgical recoveries of 92%. These parameters underpin the resource’s classification within an optimized pit shell, reflecting reasonable prospects for open pit mining.
Path to Production and Management Outlook
Minerals 260’s Managing Director, Luke McFadyen, highlighted the rapid progress since acquiring Bullabulling earlier in 2025. He emphasized the company’s confidence in the geology and the success of the drilling program in expanding and validating the resource. With a Pre-Feasibility Study (PFS) underway and expected by mid-2026, the company is advancing toward its goal of first production in late 2028.
Recent executive appointments, including Chief Operating and Development Officers, and the imminent engagement of engineering contractors, signal Minerals 260’s commitment to transitioning Bullabulling from exploration to development. Ongoing drilling will continue to target extensions at depth and along strike, with further resource updates planned.
Geological and Technical Context
The Bullabulling project is situated in the prolific Goldfields-Esperance region, approximately 25 kilometers west of Coolgardie. The mineralisation is hosted within structurally controlled shear zones in greenstone sequences, with gold grades averaging around 1 g/t but locally reaching higher values. The geology and mineralisation continuity have been robustly modelled using advanced geostatistical methods, including localised conditional simulation, to capture grade variability and support mine planning.
Extensive metallurgical test work confirms the ore’s amenability to conventional carbon-in-leach processing, with recoveries averaging 92%. This metallurgical profile enhances the project’s economic viability and supports the planned development pathway.
Looking Ahead
Minerals 260 is actively progressing environmental assessments, stakeholder engagement, and regulatory approvals alongside technical studies. The company’s forward work plan includes continued drilling, infrastructure planning, and metallurgical testing to refine the project’s development strategy.
Bottom Line?
With a doubled resource and a clear development roadmap, Minerals 260 is poised to transform Bullabulling into a major gold producer by 2028, but execution risks remain ahead.
Questions in the middle?
- How will ongoing drilling at depth and along strike impact the resource size and grade?
- What are the key risks and timelines associated with regulatory approvals and financing for development?
- How might metallurgical test work influence the final processing plant design and project economics?
