86,000m Baldock Drilling Program Complete with Multiple High-Grade Gold Intercepts

Robust Drilling Results Reinforce Baldock’s Potential

Ballard Mining (ASX – BM1) has announced the completion of its Phase 1 infill drilling program at the Baldock gold deposit, part of the Mt Ida Gold Project in Western Australia’s prolific Goldfields region. The program, comprising over 86,000 metres of drilling, has delivered a series of high-grade gold intersections that confirm the continuity and tenor of mineralisation within the deposit.

Recent assay highlights include impressive intercepts such as 8 metres at 11.0 grams per tonne (g/t) gold from 251 metres depth and 2.5 metres at 24.3 g/t gold from 390 metres. These results underpin the company’s confidence in upgrading a significant portion of the current Inferred Mineral Resources to the higher-confidence Indicated category.

Strategic Milestones and Resource Upgrade

Managing Director Paul Brennan emphasised the importance of these results, noting that the consistent high grades and widths across multiple lodes provide a solid foundation for the planned resource upgrade. Ballard is targeting a maiden Ore Reserve of between 400,000 and 500,000 ounces by mid-2026, which would support an initial 5 to 6-year mine life at Baldock.

Alongside the drilling, the company is progressing metallurgical test work and geotechnical modelling, both critical to defining the Ore Reserve and mine design. These studies are on track for completion in the first quarter of 2026, setting the stage for a comprehensive resource update and reserve declaration.

Looking Beyond Baldock – Regional Exploration and Growth

While the infill drilling has focused on increasing confidence in the Baldock deposit, Ballard is also advancing a regional exploration program across the 26-kilometre strike of the Mt Ida Greenstone Belt. This broader exploration effort aims to identify additional resources and extend the project’s mine life beyond the initial reserve base.

Extensional drilling at Baldock is planned for 2026, targeting deeper zones between 350 and 750 metres where the company anticipates significant resource growth. This aligns with Ballard’s strategy to build visibility towards an 8 to 10-year mine life at Mt Ida.

Permitting and Infrastructure in Place

The Mt Ida Gold Project benefits from a strong regulatory position, with all necessary mining leases granted and approvals secured for both open pit and underground mining at Baldock. The project also holds a Works Approval for a 2.0 million tonnes per annum processing plant and tailings storage facility, alongside a substantial water abstraction license.

This regulatory readiness, combined with the robust drilling results and resource growth plans, positions Ballard Mining well as it advances towards production.