Maritana Accelerates Burbanks Drilling to Extend High-Grade Gold Resource

Phase 2 Drilling Targets Deeper High-Grade Zones

Maritana Minerals (ASX:MRT) has kicked off the next chapter of its Burbanks Gold Project exploration with a Phase 2 drilling program designed to push the boundaries of its high-grade resource. Following a successful 15,000m Phase 1 campaign that delivered strong intercepts, the new program aims to test mineralisation from the current 250m depth down to 450m below surface. This effort is critical to enhancing geological confidence and underpinning future mining studies that will feed the Black Swan Processing Hub.

The mobilisation of a second drill rig signals Maritana's commitment to accelerating the pace of exploration and de-risking ore delivery timelines. The Phase 2 program is strategically focused on the Burbanks Main and Birthday Gift lodes, with access to adjacent tenements enabling optimal drill positioning around the steeply dipping orebody. This approach leverages the recent strategic WA Goldfields acquisition that expanded Maritana’s tenure and exploration footprint.

Historical Production and Resource Base Bolster Project Potential

Burbanks boasts a rich mining history, with underground operations historically producing 324,000 ounces at an impressive 22.7 grams per tonne gold. This legacy production sits alongside the current JORC (2012) Mineral Resource of 6.1 million tonnes grading 2.4g/t Au, equating to 466,000 ounces. The Phase 1 drilling campaign reinforced the high-grade nature of the deposit, with exceptional intercepts such as 4.20m at 42.43g/t Au and even narrower, higher-grade hits that underpin the upcoming resource update.

Maritana’s Managing Director Grant Haywood highlighted that the Phase 1 results have increased geological confidence, setting the stage for the Phase 2 campaign to refine and extend the resource. The updated Mineral Resource Estimate, expected mid-2026, will be a key milestone, followed by Ore Reserve studies to upgrade classifications and support mine planning. These efforts align with the broader Black Swan Processing Hub strategy, which targets producing 100,000 ounces of gold per annum over an initial five-year period, as outlined in the recent resource boost and capital raise announcement.

Exploration Expands to Southern Prospects

Beyond the main lodes, Maritana has initiated exploration in the Burbanks South area, targeting shallow, high-grade gold mineralisation. Preliminary drilling has revealed shearing and quartz veining consistent with structural controls seen in the northern zones, supported by historic workings that point to significant prospectivity. However, the limited shallow drilling to date means the extent and continuity of mineralisation remain untested, prompting plans for follow-up reverse circulation drilling and ongoing geological modelling to refine targets.

This southern exploration effort complements the core Phase 2 program and could add incremental value if successful, potentially extending the mine life and production profile beyond current scoping study assumptions.

Next Steps and Market Implications

Maritana will progressively release assay results from Phase 2 drilling, with all assay data from Burbanks North already received to support the upcoming resource update. The company’s methodical approach to upgrading resource confidence and extending mineralisation depth is a clear signal of its intent to unlock further value from Burbanks, which was notably excluded from the initial Black Swan Processing Hub Scoping Study, representing upside to the existing mine plan.

Investors should watch for the mid-year Mineral Resource Estimate update and subsequent Ore Reserve studies, which will provide clearer insights into the project’s economic potential and development timetable. The ongoing exploration success and strategic tenement acquisitions position Maritana to enhance its footprint in the Western Australian Goldfields and potentially increase feedstock for its processing infrastructure.