Bulletin Resources Holds $20.57M as Drilling Prepares at Chifley Gold Target

Lake Rebecca Project Drilling Plans

Bulletin Resources Limited (ASX – BNR) has made significant strides in advancing exploration at its Lake Rebecca Gold Project in Western Australia. The company completed preparatory work for a drilling campaign at the Chifley gold target, including refurbishing access tracks. This target is strategically located along the Celia Fault system, a structural corridor known to host substantial gold deposits such as Ramelius Resources’ 1 million ounce Lake Roe deposit, situated 40 kilometres northwest.

Following detailed soil sampling and reprocessing of historic aeromagnetic data, Bulletin identified a 1.5-kilometre zone of magnetite depletion at Chifley, potentially indicating hydrothermal alteration linked to gold mineralisation. Drilling commenced in early 2026 aims to test beneath transported soil cover where previous drilling has not occurred.

Geophysical Survey and Targeting at Goat Dam

In addition to Chifley, Bulletin is planning an Induced Polarisation (IP) survey at its Goat Dam gold target. This geophysical technique is designed to detect sulphide minerals associated with gold, helping to prioritise drilling targets. The survey will serve as a trial to assess the method’s effectiveness in the area’s complex geological setting, which includes transported sandy cover and potentially saline groundwater.

Asset Sales and Financial Position

During the quarter, Bulletin sold three non-core tenements within the Lake Rebecca project to Ramelius Resources Limited for $500,000. This divestment aligns with the company’s strategy to focus on high-potential targets while maintaining a strong balance sheet. At quarter-end, Bulletin held cash and liquid investments totaling $20.57 million, comfortably exceeding its market capitalisation of $18.2 million. Exploration expenditure for the quarter was modest at $153,000, reflecting a disciplined approach to capital deployment.

Ravensthorpe Lithium Project and Corporate Outlook

Bulletin’s Ravensthorpe Lithium Project, located near Rio Tinto’s Mt Cattlin mine, remains under review following the dismissal of its appeal against a denied native vegetation clearing permit. The company has relinquished two of three licences in the area, retaining only the most prospective tenement. Meanwhile, Bulletin has engaged an experienced consulting geologist to assist in advancing current projects and exploring potential acquisitions that could significantly enhance its portfolio.

Overall, Bulletin Resources is positioning itself for a pivotal year, balancing exploration progress with financial prudence and strategic asset management.