Maritana kicks off 60,000m drilling to upgrade Black Swan resources

Ambitious drilling push to de-risk Black Swan mine plan

Maritana Minerals (ASX:MRT) has embarked on a major resource conversion drilling program spanning approximately 60,000 metres, aiming to elevate existing Mineral Resources from Inferred to the higher-confidence Indicated category. This upgrade is a critical step to underpin detailed mine planning and extend the Life of Mine (LOM) for the Black Swan Processing Hub (BSPH), a key asset in Maritana’s Western Australian portfolio.

The program targets four projects: Boorara, Coote, Gordons Dam, and Crake. Drilling has already commenced at Boorara with one Reverse Circulation (RC) rig, with plans to ramp up to four rigs by early August 2026. Notably, this will include the first drilling under Maritana’s ownership at Gordons Dam, signalling a broadening of exploration activity in the region.

Converting resources before chasing extensions

Maritana’s strategy prioritises resource conversion over riskier extensional drilling. The company is focusing on upgrading confidence in known deposits to support a robust mine plan for BSPH’s restart, targeted for the first half of FY2028. The drilling at Coote and Crake will employ a 40m by 40m infill spacing, while Boorara will run as a two-rig program. Progression to further stages of drilling will be contingent on demonstrable, value-accretive results, ensuring capital discipline.

The Boorara deposit is central to this plan, being the first ore source for the BSPH restart. It already hosts 460,000 tonnes of stockpiled material containing an estimated 14,600 ounces of gold, ready for processing. The current drilling focuses on defining down-dip resources and refining the open pit design, with future grade control drilling planned to improve understanding of gold distribution and vein orientation. This work aims to solidify the mining inventory and extend reserves at depth.

Greenfields exploration and staged growth

Alongside resource conversion, Maritana will commence a 4,000-metre Aircore (AC) first-pass drilling program at the Wilson’s Project in July 2026. Located adjacent to BSPH, Wilson’s has shown promising geochemical anomalies warranting further investigation. Success here could trigger additional follow-up drilling, expanding the company’s exploration footprint near its processing hub.

Maritana’s Managing Director Grant Haywood emphasised the disciplined approach: “The resource conversion drilling program is a disciplined, fully funded step that converts the strength of our existing resource base into mine-ready confidence.” He highlighted the staged nature of extensional drilling, which will only proceed where results justify further investment, ensuring a clear path to production and cash flow.

Supporting the Black Swan Processing Hub’s ramp-up

This drilling campaign complements recent developments at the Black Swan Processing Hub, where Maritana has increased processing capacity to 2.5 million tonnes per annum with construction slated to begin mid-2026. The resource conversion program feeds directly into this ramp-up, aiming to secure a reliable ore supply and extend the mine life beyond the current five-year horizon.

With the program fully funded from existing cash reserves, Maritana is positioning itself to de-risk its flagship project ahead of production, while maintaining flexibility to pursue growth opportunities that emerge from drilling success.