Ballard Mining Extends Baldock Gold Mineralisation 300 Metres Deeper

Baldock Deposit Shows Significant Depth Extensions

Ballard Mining (ASX:BM1) has revealed fresh high-grade gold intercepts from extensional drilling at its Baldock deposit, part of the Mt Ida Gold Project in Western Australia. The new results push mineralisation some 300 metres below the existing +1 million ounce resource, with assays including standout hits such as 3 metres at 23.6 g/t gold from 689 metres and 2 metres at 24.1 g/t gold from 484 metres. These findings suggest the potential for a meaningful increase to Baldock’s Mineral Resource Estimate (MRE), which currently stands at 1 million ounces at 3.5 g/t gold.

Strike Extensions and Geological Reinterpretation

Beyond depth, drilling has also extended mineralisation 200 metres along strike, with the company’s updated geological model highlighting a possible 1,500-metre strike extension to the south of Baldock. This southern corridor remains largely untested, with electromagnetic surveys underway to identify further targets. Ballard is deploying three diamond drill rigs at Baldock to chase these deep extensions, while three reverse circulation rigs are active on regional satellite prospects, underpinning its dual strategy of resource growth and project development.

Mt Ida Project’s Growing Gold Inventory

The Mt Ida Gold Project, located 540 kilometres northeast of Perth, hosts a JORC-compliant Mineral Resource of 12.2 million tonnes at 3.0 g/t gold for 1.2 million ounces. The Baldock deposit forms the cornerstone of this resource, with 93% of the gold situated on granted mining leases. Ballard has secured full mining approvals for both open pit and underground operations at Baldock, including a Works Approval for processing up to 2 million tonnes per annum and water abstraction licences. The company’s exploration program in 2026 is deliberately focused on near-term development, aiming to identify the next million-ounce resource at Mt Ida.

Management’s Perspective and Next Steps

Managing Director Paul Brennan described the extensional drilling results as "a very exciting development" with the potential to materially uplift the existing Baldock resource base. He emphasised that the current program is optimised for near-term development rather than exhaustive system testing, reinforcing the view that Mt Ida could be a camp-scale project historically under-explored. Assay results from deeper drill holes are pending, and the company is expected to update its resource models as new data arrives.

Ballard’s recent drilling momentum builds on its broader 2026 campaign, which includes regional satellite prospects aimed at supporting a standalone operation. This approach aligns with the company’s strategy to rapidly advance Mt Ida towards production while expanding its resource inventory.