Native Mineral Resources (NMR) has validated historic high-grade gold mineralisation at the Podosky deposit in Queensland, advancing its Ravenswood JV mining ambitions. Early drilling results reveal significant shallow intercepts, supporting fast-tracked resource estimation and mine planning.
- First 11 holes of 21-hole drill program completed at Podosky
- High-grade gold intercepts up to 51.71g/t Au confirmed
- Shallow drilling supports potential open pit mining
- Ore to be hauled to Blackjack processing plant under JV with Haoma Mining
- Resource estimation and mine planning underway, drilling to complete by March 2026
Drilling Success at Podosky
Native Mineral Resources Holdings Limited (ASX: NMR) has announced encouraging results from the initial phase of its 21-hole drilling campaign at the Podosky deposit, part of the Ravenswood Gold Project joint venture with Haoma Mining in northern Queensland. The first 11 holes have confirmed historic drilling data, returning multiple high-grade gold intersections close to surface, including a standout 14 metres at 8.21 grams per tonne (g/t) gold starting from just 15 metres depth.
These results include exceptional grades such as 1 metre at 51.71g/t Au and other significant intercepts like 11 metres at 7.80g/t Au and 11 metres at 5.07g/t Au, underscoring the deposit’s potential. The relatively shallow nature of the mineralisation suggests that open pit mining methods could be viable, which would facilitate a more cost-effective extraction process.
Strategic Integration with Blackjack Operations
The Podosky deposit is located approximately 75 kilometres east of NMR’s Blackjack mine and processing plant. Under the terms of the joint venture, NMR plans to haul ore from Podosky to Blackjack for processing, leveraging existing infrastructure and operational expertise. This approach is designed to optimise capital expenditure and accelerate the pathway to production.
Managing Director Blake Cannavo expressed confidence in the drilling outcomes, noting that the results reinforce NMR’s expectations and provide a solid foundation for advancing mine planning. The company aims to complete the drilling program by March 2026, followed by resource estimation, pit design, and preparatory works such as haulage track upgrades and site readiness for mining activities.
Joint Venture Dynamics and Next Steps
Under the Ravenswood JV, NMR is responsible for all drilling and mining studies on the tenements and will cover operational costs, which are reimbursed from revenue. Profits from the venture will be split evenly with Haoma Mining. Meanwhile, NMR will continue processing ore from its Blackjack and Far Fanning deposits, maintaining steady production streams alongside the development of Podosky.
The company’s geological team, led by Competent Person Scott Franko, is focused on refining the mineral resource model and confirming the true widths of mineralisation, which remain to be fully defined. The ongoing drilling and subsequent modelling will be critical in delineating the resource and informing the final mine design.
Outlook and Market Implications
The confirmation of high-grade, shallow gold mineralisation at Podosky represents a significant step forward for NMR’s Ravenswood JV. By utilising existing processing infrastructure at Blackjack, the company is positioned to fast-track development and potentially enhance its production profile in the near term. However, timing remains contingent on factors such as weather, access, and contractor availability, which could influence the pace of progress.
Investors will be watching closely for the completion of the drill program and the release of final assay results, which will provide greater clarity on the deposit’s scale and economic potential. The success at Podosky could also bolster NMR’s standing in the Queensland gold sector and underpin future growth initiatives.
Bottom Line?
NMR’s Podosky drilling success sets the stage for accelerated mine development, but key details await final assays and resource modelling.
Questions in the middle?
- What will the final resource estimate reveal about Podosky’s scale and grade continuity?
- How soon can NMR realistically commence mining and haulage to Blackjack?
- What capital investments will be required to upgrade infrastructure and support production?