Minerals 260’s latest drilling at Bullabulling delivers strong high-grade gold results, bolstering confidence in resource continuity and underpinning upcoming reserve and feasibility studies.
- High-grade infill drilling supports resource confidence
- Extensional drilling confirms mineralisation beyond current resource
- New geochemical anomalies highlight strike potential
- Pre-Feasibility Study and Maiden Ore Reserve on track for July
- Updated Mineral Resource Estimate planned for August 2026
Robust Drilling Results Reinforce Bullabulling’s Resource Base
Minerals 260 Limited (ASX:MI6) continues to demonstrate the strength of its 4.5 million ounce Bullabulling Gold Project with the release of assays from 51 drill holes totaling nearly 12,000 metres. The latest results deliver thick, high-grade gold intersections, such as 6 metres at 14.7 g/t Au and 22 metres at 3.0 g/t Au, reinforcing the continuity and quality of mineralisation at key deposits including Bacchus and Phoenix.
Drilling has primarily targeted infill areas to convert Inferred Resources to Indicated classification, critical for advancing the project’s development. Notably, several intercepts have met or exceeded the current Mineral Resource Estimate (MRE) model, supporting confidence in the geological and grade continuity. This aligns with Minerals 260’s focus on areas earmarked for early mining, positioning the project well for near-term production planning.
Extensional drilling beneath and along the strike of the existing resource footprint has intersected mineralisation outside the current MRE pit shells, including a standout 19 metres at 1.4 g/t Au beyond Bacchus’s defined limits. Such results underline the potential for resource growth at depth and along strike, a theme further emphasised by recent auger geochemical surveys that have identified coherent gold anomalies extending several hundred metres beyond known deposits like Dicksons, Kraken, and Gibraltar.
Strategic Advancement Toward Reserve and Feasibility Milestones
These drilling outcomes feed directly into the project’s development timeline, with a Pre-Feasibility Study (PFS) and Maiden Ore Reserve declaration scheduled for July 2026. The PFS will be based on the current 4.5Moz MRE, with an updated resource estimate planned for August to incorporate the latest drilling data. This updated MRE will then underpin the Definitive Feasibility Study (DFS), targeted for early 2027.
Minerals 260 Managing Director Luke McFadyen highlighted the significance of the results, noting that the combination of infill and extensional drilling is enhancing resource confidence and revealing additional upside potential. He pointed to the growing understanding of structural controls on mineralisation as a key factor in guiding ongoing exploration and resource conversion efforts.
Project Scale and Operational Readiness
Bullabulling’s 130 million tonne resource at 1.0 g/t Au for 4.5 million ounces is spread across multiple deposits within a granted tenement package covering approximately 807 square kilometres. The project’s scale and grade profile place it as a significant gold development opportunity in Western Australia’s Eastern Goldfields.
Currently, nine drill rigs are active onsite, including reverse circulation, diamond, and aircore rigs, reflecting an aggressive drilling campaign to both upgrade resource classifications and test new targets. This drilling momentum complements recent operational progress, such as the awarding of a $59.1 million contract to ATCO for a 400-person accommodation village, which supports the project’s construction readiness. The village contract and strong cash position are underpinned by a $220 million funding package secured from Franco-Nevada, which also supports accelerated drilling and feasibility work.
The combination of strong drilling results, robust funding, and advancing infrastructure contracts signals Minerals 260’s commitment to de-risking Bullabulling and progressing toward production, with first gold targeted by the end of 2028. These developments build on the company’s earlier high-grade gold intercepts at Bacchus and Phoenix and the recent $220 million Franco-Nevada funding package that has accelerated project timelines.
Bottom Line?
Bullabulling’s ongoing drilling success and project funding set the stage for a pivotal resource update and reserve declaration, but the extent of resource growth beyond current boundaries remains to be proven.
Questions in the middle?
- How will the updated Mineral Resource Estimate in August impact project valuation?
- What are the key risks to converting additional inferred resources to reserves?
- Will follow-up drilling confirm the strike extensions suggested by new geochemical anomalies?