Bubalus Reports $3.4M Cash, Completes Maiden Drilling Across Victorian Gold Projects

Exploration Milestones at Avon Plains and Victorian Goldfields

Bubalus Resources Limited (ASX, BUS) has marked a significant step forward with the completion of its maiden drilling program at the Avon Plains Gold Project, located in Victoria’s historically rich goldfields. This project, situated near operating mines at Stawell and Kingston, targets high-grade gold reefs that have seen limited modern exploration. The 1,234-metre reverse circulation drilling campaign focused on historically mined gold-bearing reefs and silver/antimony soil anomalies, with assay results anticipated in February 2026. The project’s location beneath shallow cover and sparse outcrop suggests potential for new discoveries in an underexplored area.

Meanwhile, at the Wilson’s Hill Gold Project near Bendigo, Bubalus is preparing to commence exploration drilling in the first quarter of 2026. Historical drilling in this region has revealed high-grade gold intercepts, including an 8-metre intersection grading 23.83 grams per tonne gold, highlighting the potential for significant discoveries in one of Australia’s most productive gold belts. The project benefits from geological similarities to nearby prolific goldfields and is poised for a low-impact exploration program.

Confirming Mineralisation at Crosbie North and Rare Earth Prospects

At the Crosbie North Prospect, maiden diamond drilling has confirmed a mineralised system analogous to the world-class Fosterville Gold Mine. The program, comprising three diamond holes, intersected gold mineralisation associated with quartz veining and sulphides, with notable intercepts such as 0.3 metres at 1.32 g/t gold. These encouraging results have prompted plans for further drilling and geochemical surveys to refine targets and better understand the mineralised system.

In the Northern Territory, field visits to the Amadeus Project and Nolan’s East Rare Earth Project have identified significant anomalies, including gallium grades up to 260 parts per million and high manganese content. These findings enhance the prospectivity of these projects for critical minerals, which are increasingly important in global supply chains. Bubalus plans systematic surface sampling, detailed geological mapping, and geophysical data integration to prioritise drilling targets in the coming quarters.

Lithium and Other Strategic Minerals Exploration

The Yinnietharra Lithium Project in Western Australia, adjacent to Delta Lithium Limited’s Malinda Prospect, remains a focus for future drilling. Soil sampling has identified lithium-caesium anomalies, and Bubalus is working with local custodians to secure heritage clearances for exploration activities. Although no drilling occurred this quarter, preparations are underway for maiden drilling and potential strategic partnerships.

Other projects such as Coomarie and Pargee in the Northern Territory, prospective for rare earth elements and heavy minerals, saw no substantive exploration during the quarter but remain part of Bubalus’s broader portfolio strategy.

Financial Position and Outlook

Bubalus Resources ended the quarter with a strong cash position of approximately $3.4 million, supporting ongoing and planned exploration activities. The company reported exploration and evaluation expenditure of $593,000 for the quarter and maintains a disciplined approach to capital management. With multiple projects advancing towards drilling and follow-up programs, Bubalus is well-positioned to deliver further news flow in 2026 as assay results and exploration outcomes emerge.