Bulletin Drills 11 Holes at Chifley Target, Detects Up to 71 ppb Gold Anomaly

Subtle Gold Anomalies Detected at Chifley Target

Bulletin Resources Limited (ASX:BNR) has completed 11 aircore drill holes totalling 797 metres at its Chifley gold target within the Lake Rebecca Gold Project, revealing weak but consistent gold enrichment in transported saprolite clays. While no significant mineralisation was intersected, assay results showed gold values up to 71 parts per billion (ppb) in lateritic material, potentially sourced from deeply weathered basement mineralisation concealed beneath lacustrine clays and sands.

The Chifley target is defined by a 1km by 1km soil gold anomaly located along the Claypan Fault, a structure interpreted as a southeastern extension of the Celia Fault that controls Ramelius Resources’ Lake Roe gold deposit. The anomaly coincides with a reduction in magnetic intensity, possibly indicating magnetite-destructive hydrothermal alteration linked to basement gold systems.

Of the 11 holes drilled, only two penetrated the transported cover to reach basement granite, with the remaining nine terminated due to drilling difficulties in thick transported sediments. The presence of complex landscape evolution, including a probable Permian sequence underlying Tertiary lacustrine sediments, complicates direct targeting but offers geochemical vectors for follow-up work.

The elevated gold values in the saprolite clays, although below economic thresholds, validate the soil geochemical anomaly and support the concept of concealed basement mineralisation. Bulletin plans a programme of step-out and infill drilling to test these targets more directly, aiming to refine the geological model and better define potential mineralisation zones.

Financial Position Supports Ongoing Exploration

Bulletin maintains a strong financial footing, with cash and investments totaling AUD 20.35 million at quarter-end, underpinning its exploration activities. Exploration expenditure was modest at AUD 79,000 for the quarter, reflecting focused drilling and target assessment. Corporate and administrative costs amounted to AUD 184,000, while payments to directors and related parties totalled AUD 65,000.

The company’s investments include holdings in Matsa Resources Limited and Auris Minerals Limited valued at AUD 12.5 million, providing liquidity and strategic optionality. The cash balance of AUD 7.8 million and the broader funding position position Bulletin well to advance its exploration programmes without immediate capital raising requirements.

Ravensthorpe Lithium Project Under Review

Alongside gold exploration, Bulletin continues to evaluate its Ravensthorpe Lithium Project, located 12 kilometres southwest of Rio Tinto’s Mt Cattlin lithium mine. The project hosts high-grade spodumene-bearing pegmatites at surface, but recent activity has focused on reviewing previous work and refining the company’s strategic direction in this highly prospective area.

Bulletin’s Lake Rebecca tenure remains intact with 100% ownership of key tenements, positioning it near significant gold deposits operated by Northern Star Resources and Ramelius Resources. The company’s approach reflects a measured strategy to identify a significant project through targeted exploration and asset assessment.

This quarter’s drilling results build on earlier efforts to prepare for a new campaign at Lake Rebecca, including the planned Induced Polarisation survey at the Goat Dam target and the sale of non-core tenements to Ramelius Resources for $500,000 in late 2025, which sharpened the company’s focus on its core gold targets. These moves indicate a sustained commitment to advancing the project’s most promising prospects while managing capital prudently.

Bulletin’s drilling campaign at Chifley, despite encountering challenges with transported cover, has delivered geochemical evidence that could guide the next phase of exploration. The company’s ability to leverage subtle gold anomalies in transported sediments to vector into concealed basement mineralisation will be critical to unlocking value at Lake Rebecca.