Bubalus Resources Advances Victorian Gold Focus After Maiden Avon Plains Drilling

Avon Plains Drilling Confirms Gold Potential But Company Withdraws

Bubalus Resources (ASX:BUS) has wrapped up its maiden 15-hole reverse circulation drilling program at the Avon Plains Gold Project in Victoria, confirming gold mineralisation with intercepts up to 1.26 g/t over one metre. Four holes along the northwest trend returned notable gold grades, including 4 metres at 0.48 g/t from 32 metres and a peak of 1.26 g/t from 26 metres, validating historic assumptions about quartz reef orientations. Despite these encouraging results, the company has decided to withdraw from Avon Plains to focus on higher-priority Victorian assets such as Crosbie South, Crosbie North, Wilson’s Hill, Murrindindi, and Castleburn. This strategic pivot reflects a sharper portfolio focus following a recent portfolio cuts and cost slashes announcement.

Planning Intensifies for Wilson’s Hill and Amadeus Projects

Meanwhile, Bubalus is advancing exploration plans at the Wilson’s Hill Gold Project near Bendigo, where historical drilling has delivered high-grade hits including 8 metres at 23.83 g/t gold. A Low Impact Exploration Plan submission is imminent, with fieldwork slated to begin in the current quarter. Concurrently, the Amadeus Critical Minerals Project in the Northern Territory, notable for gallium anomalies up to 260 ppm, is being refocused on a single tenement after tenure rationalisation. The company plans systematic surface sampling, geological mapping, and geophysical data integration to refine drill targets, signalling a methodical approach to unlocking critical minerals potential.

Murrindindi Sampling Results Pending as Exploration Continues

Geochemical sampling at the Tin Creek Prospect within the Murrindindi Gold Project has been completed, with assay results currently under review. These results are expected to be released shortly, potentially adding to the company’s growing Victorian gold portfolio. Bubalus also plans follow-up drilling at its Crosbie South and North prospects, maintaining momentum across multiple fronts.

Financial Discipline and Cash Position Support Exploration Drive

On the financial front, Bubalus has implemented a 25% reduction in fees for its Managing Director, Chairman, and corporate advisers, underscoring a commitment to cost discipline amid ongoing exploration activities. The company ended the quarter with a robust cash position of $3 million, bolstered post-quarter by a $200,000 R&D tax incentive. Exploration expenditure for the quarter was $252,000, with no mining production or development activities reported. The cash runway, estimated at nearly eight quarters based on current spend, provides a comfortable buffer to advance its projects and assess new opportunities.

Nolan’s East Rare Earths Drilling Preparations Underway

Looking ahead, Bubalus is preparing for its maiden drilling program at the Nolan’s East Rare Earth Elements (REE) project, contingent on finalising land access agreements and rig availability. This project lies adjacent to Arafura Resources’ significant light rare earth deposit, highlighting its strategic potential within the Northern Territory’s REE sector.

Bubalus Resources’ March quarter update reveals a company actively refining its asset portfolio while progressing exploration across gold and critical minerals domains. The shift away from Avon Plains towards more promising Victorian and Northern Territory projects suggests a disciplined approach to capital allocation and project prioritisation. Investors will be watching closely as assay results from Tin Creek and Wilson’s Hill emerge and as drilling plans at Nolan’s East materialise, potentially reshaping the company’s growth trajectory.