Ballard Mining Confirms Pluto Gold Discovery and Extends Mt Ida Deposits

Pluto Emerges as Third Regional Gold Discovery

Ballard Mining (ASX:BM1) has confirmed a new high-grade gold discovery at its Pluto prospect, situated just 6km north of the +1 million ounce Baldock resource at Mt Ida in Western Australia. Recent drilling returned standout intercepts including 5 metres at 10.2 g/t Au from 98 metres and 7 metres at 3.7 g/t Au from 19 metres, marking Pluto as a significant addition to Ballard's regional portfolio.

The discovery follows proof-of-concept drilling around historical underground workings in late 2025, which yielded promising results such as 5 metres at 9.4 g/t Au from 46 metres. Pluto’s mineralisation is associated with quartz and sulphides within a silica-biotite-chlorite alteration zone, hosted in mafic amphibolite and anorthosite intrusive units. The deposit remains open along strike and at depth, with further drilling underway to expand the footprint.

Ayla and Neptune Deposits Extend Along Ballard Fault Zone

Along the 13-kilometre Ballard Fault Zone, Ballard has also extended the Ayla discovery by 200 metres to the south, with new shallow high-grade hits including 7 metres at 2.8 g/t Au and 2 metres at 5.5 g/t Au. Ayla’s mineralisation occurs in east-dipping shear zones within an anorthosite host rock, and the deposit potentially links to the nearby Pulsar prospect 500 metres further south.

At Neptune, located further south along the fault, drilling has revealed additional gold mineralisation at the southern end with intercepts such as 3 metres at 5.5 g/t Au from 89 metres and 2 metres at 3.5 g/t Au from 77 metres. The Neptune prospect sits within a mineralised corridor stretching approximately 3,700 metres from West Knell in the north, highlighting the potential for a continuous mineralised system.

Golden Vale Deposit Expands with Multiple Shallow Intercepts

Further south, the Golden Vale deposit, which holds an inferred resource of 27,000 ounces and has previously produced around 13,000 ounces, continues to grow. Recent drilling phases have extended mineralisation 650 metres southwest and west, with notable results including 17 metres at 1.0 g/t Au from 77 metres and 2 metres at 6.9 g/t Au from 23 metres. The deposit’s shallow, southeast-dipping quartz lodes adjacent to the Ballard Fault Zone remain open for expansion, with phase four drilling results awaited shortly.

Mt Ida Project Resource Base and Development Status

Ballard’s Mt Ida Gold Project now boasts a JORC 2012-compliant Mineral Resource Estimate of 12.2 million tonnes at 3.0 g/t Au, containing approximately 1.2 million ounces of gold. The Baldock deposit underpins the project with over 1 million ounces at 3.5 g/t Au. The project is well-advanced with six granted mining leases and full approvals for open pit and underground mining, including a processing plant Works Approval for up to 2 million tonnes per annum.

Ballard is executing a dual strategy focused on resource growth and project development, aiming to supplement the Baldock baseload with satellite open pit sources like Pluto, Ayla, Neptune, and Golden Vale. The company anticipates resource estimate updates for several regional deposits in the September quarter, which will be critical in assessing the impact of these recent discoveries and extensions.

Drilling Campaign and Next Steps

The latest drilling campaign comprised 131 holes totalling over 11,000 metres, targeting near-surface mineralisation to rapidly grow Mineral Resources. Ballard currently operates two Reverse Circulation rigs focused on extensional drilling along the Ballard Fault Zone. Further drilling is planned to test potential linkages between deposits and to extend mineralisation along strike and at depth.

Managing Director Paul Brennan emphasised the significance of Pluto as the third regional discovery complementing Neptune and Ayla, highlighting the potential for multiple high-grade open pit ore sources to support a standalone operation at Mt Ida.