Ballard Mines 220,000m Drilling Program Reveals High-Grade Gold at Baldock

Strong Start to 2026 at Mt Ida

Ballard Mining Limited (ASX – BM1) has kicked off 2026 with promising extensional and infill drilling results from its Baldock deposit, part of the broader Mt Ida Gold Project in Western Australia's Goldfields region. The initial assays reveal multiple high-grade gold intercepts below the existing resource, reinforcing the potential for rapid resource growth this year.

The Baldock deposit, which currently hosts a 930,000-ounce gold resource at 4.1 grams per tonne, is the cornerstone of Ballard's development plans. Recent drilling has extended mineralisation both at depth and along strike, with notable intercepts including 10 metres at 3.2 g/t gold from 416 metres and 2 metres at 12.3 g/t gold from 187 metres. These results suggest significant upside beyond the current resource boundaries.

Aggressive Drilling and Resource Growth Strategy

Ballard is executing an ambitious 220,000-metre drilling program in 2026, aiming to substantially increase the Baldock resource by targeting depths between 350 and 750 metres along a 3-kilometre strike length. The company is mobilising a second diamond drill rig to accelerate this extensional program, with a total of five rigs planned, including reverse circulation and diamond drills.

Alongside Baldock, Ballard is actively exploring 53 regional targets across its extensive landholding, with early results from West Knell delivering encouraging grades such as 10 metres at 6.4 g/t gold. This dual focus on resource growth and regional exploration underpins Ballard’s strategy to build scale and confidence in its resource base.

Pathway to Production and Ore Reserve

The company is targeting the announcement of a maiden Ore Reserve at Baldock by mid-2026. This milestone will provide a foundation for an initial 5-6 year mine life, supported by full mining approvals for both open pit and underground operations. Feasibility-level geotechnical and metallurgical studies are underway to advance project development in parallel with resource expansion.

Ballard’s Managing Director, Paul Brennan, highlighted the significance of the early drilling results, noting that the extensional drilling outside the existing resource confirms the deposit’s potential to grow. The company’s fully permitted status and robust exploration pipeline position it well to transition Mt Ida from exploration to production.

Outlook and Market Implications

With a strong balance sheet bolstered by a recent $61 million placement, Ballard is well-funded to pursue its aggressive drilling and development agenda. The upcoming Mineral Resource update, expected in the March quarter, will be a key event for investors, potentially reshaping the valuation and outlook for the Mt Ida project.

As Ballard advances its dual-stream strategy of resource growth and project development, the market will be watching closely for how these drilling results translate into reserve upgrades and ultimately, production milestones.