Mt Ida Drilling Yields 5m at 9.4 g/t Gold at Pluto Prospect, Expands Mineralised Zones

Exploration Success at Mt Ida

Ballard Mining Limited (ASX, BM1) has delivered a compelling update on its regional exploration program at the Mt Ida Gold Project in Western Australia’s prolific Goldfields region. The company reported high-grade gold mineralisation at several key prospects, notably Pluto, Astro-Quasar, and Neptune, which lie along major structural zones known as the Baldock Thrust and Ballard Fault.

The Phase 1 drilling campaign, comprising 92 holes and over 10,700 metres, has identified significant gold intercepts including 5 metres at 9.4 grams per tonne (g/t) gold at Pluto and 2 metres at 7.0 g/t gold at Neptune. These results confirm the presence of multiple parallel mineralised zones, echoing the geological setting of the nearby Baldock deposit, which has grown from an initial 141,000 ounces to a robust 930,000-ounce resource.

Strategic Regional Targets and Geological Insights

The Pluto prospect, situated 6 kilometres north of Baldock, shows a mineralised strike exceeding 1,000 metres along a contact between mafic amphibolite and gabbro rock types. Meanwhile, the Astro-Quasar trend extends over 900 metres with continuous mineralisation confirmed by recent assays. Neptune, located on the Ballard Fault roughly 7 kilometres from Baldock, continues to reveal extensions of mineralisation both along strike and at depth.

Ballard’s Managing Director, Paul Brennan, highlighted the fertile nature of the Mt Ida system, noting the multiple parallel zones of mineralisation along structural shear zones. The company’s exploration approach leverages historical underground workings as proof of concept, supplemented by contemporary geophysics, geochemistry, and structural geology expertise, including insights from Dr Sarah Jones.

Resource Base and Development Outlook

The Mt Ida Gold Project currently hosts a JORC-compliant Mineral Resource Estimate of 10.3 million tonnes at 3.3 g/t gold, equating to approximately 1.1 million ounces of contained gold. The Baldock deposit remains the cornerstone for initial development, with full mining approvals in place for both open pit and underground operations, alongside a processing plant and tailings storage facility approved for 2 million tonnes per annum throughput.

Looking ahead, Ballard plans to complete infill drilling at Baldock imminently and shift its focus in 2026 towards resource growth. This will involve extensional drilling at Baldock and advancing regional prospects through Phase 2 drilling, aiming to underpin an 8-10 year mine life. The company’s dual stream growth and development strategy is designed to build on early exploration success and deliver a sustainable mining operation.

Balancing Optimism with Caution

While the early results are encouraging and comparable to initial Baldock exploration phases, the true widths of mineralisation remain to be fully defined, and Phase 2 drilling results are awaited. Ballard’s forward-looking statements acknowledge the inherent risks and uncertainties typical of exploration projects, but the company’s methodical approach and strong approvals position it well to capitalize on Mt Ida’s potential.