Ramelius Unveils High-Grade Gold Zones at Dalgaranga’s Gilbey’s Underground

Gilbey’s Underground Drilling Confirms High-Grade Continuity

Ramelius Resources Limited (ASX:RMS) has delivered a compelling exploration update from its Dalgaranga Gold Project, with underground drilling at Gilbey’s (West Winds and Four Pillars) returning standout results that reinforce the deposit’s high-grade credentials. Intercepts include 3.9m at 21.2g/t Au and 6.1m at 10.4g/t Au, aligning closely with existing Mineral Resource Estimates and underscoring the potential for a new underground mine at Gilbey’s.

The current Mineral Resource for Gilbey’s Underground stands at 6.9 million tonnes at 1.9g/t for 380,000 ounces, split between 3.9 million tonnes indicated and 2.2 million tonnes inferred. Ramelius has also outlined an Exploration Target ranging between 2.1 and 4.7 million tonnes at 1.5 to 2.0g/t, translating to an additional 100,000 to 300,000 ounces of gold. This target remains conceptual, pending further drilling and resource classification.

Strategic Aim to Replace Low-Grade Mill Feed with Higher-Grade Ore

The company’s exploration strategy is clearly focused on displacing the lower-grade mill feed scheduled for FY29 and FY30, currently forecast at 1.9 million tonnes at 0.8g/t and 1.8 million tonnes at 0.6g/t respectively, with higher-grade underground ore from Gilbey’s. This move could materially enhance the quality of mill feed and production profile, potentially pushing annual gold output beyond the mid-525,000-ounce target set for FY30.

Peter Ruzicka, Executive General Manager Exploration, emphasised the consistent presence of high-grade mineralisation and the promising outlook for Gilbey’s Underground as the next underground mine. He highlighted that the exploration programs are progressing well along the northern corridor, with further upside expected from new discoveries and resource upgrades.

Surface Targets Plymouth and Sly Fox Show Encouraging Results

Beyond Gilbey’s, surface diamond drilling at Plymouth and Sly Fox has yielded significant intersections such as 16.5m at 2.45g/t Au and 0.6m at 24.3g/t Au, suggesting potential for an open pit cutback and a third underground mining branch. These areas are currently outside the mine plan, representing additional upside to increase high-grade feed into the mill.

The southern Gilbey’s area, including Sly Fox and Plymouth, is structurally complex but remains a focus for converting inferred resources to indicated status, which would support upcoming technical studies and mine planning. Meanwhile, drilling beneath the Golden Wings pit aims to test down-dip extensions, with limited historical deep drilling indicating potential for resource growth.

Next Steps and Market Implications

Ramelius plans to extend the Juniper decline to facilitate further resource definition drilling at Gilbey’s Underground, targeting the Applewood zone and down-dip high-grade plunges. Approximately 2,000m of drilling is scheduled to commence in late April 2026, with an updated Mineral Resource Estimate anticipated once results are compiled.

This exploration update arrives shortly after Ramelius confirmed its March quarter production and FY26 guidance, maintaining a steady output trajectory while advancing key projects and share buybacks Ramelius Confirms FY26 Production Guidance. The company’s focus on upgrading resources and adding high-grade ounces supports its growth pathway to over 500,000 ounces per annum by FY30.

Pending assay results from Plymouth and Gilbey’s South drilling could further influence resource estimates and mine planning. Investors will be keenly awaiting the upcoming investor call on 29 April 2026, where management will discuss these exploration outcomes in detail.