Minerals 260 Limited reports strong drilling results at its 4.5Moz Bullabulling Gold Project, confirming resource continuity and extensions at key deposits. These findings underpin an upcoming Mineral Resource Estimate update and support the Prefeasibility Study due next month.
- 60 new drill holes total 14,935m at Bullabulling
- High-grade intercepts extend mineralisation at Phoenix, Bacchus, Dicksons
- Infill drilling supports upgrade from Inferred to Indicated Resources
- Mineral Resource Estimate update scheduled for August 2026
- Prefeasibility Study and Maiden Ore Reserve remain on track for July
Drilling Confirms Resource Growth Potential
Minerals 260 Limited (ASX:MI6) has delivered another solid tranche of drilling results from its Bullabulling Gold Project, located just 25km west of Coolgardie in Western Australia. The company reported assays from 60 drill holes totalling nearly 15,000 metres, reinforcing the continuity of gold mineralisation within the existing 4.5 million ounce Mineral Resource Estimate (MRE) and uncovering extensions beyond current resource boundaries.
These results come from the Phoenix, Bacchus, and Dicksons deposits, three of the project's key zones. Notably, the drilling intersected thick, high-grade gold mineralisation within footwall lodes at Phoenix and Bacchus, areas that had previously shown promising but less defined grades at depth. For example, at Phoenix, a standout intercept of 20 metres at 3.4 grams per tonne (g/t) gold from 93 metres downhole was recorded, while Bacchus returned 5.5 metres at 4.3 g/t from nearly 350 metres. Dicksons also yielded significant extensional results, including an 18-metre intercept grading 2.9 g/t from 332 metres, with a remarkable 1 metre at 38.4 g/t within that interval.
Infill Drilling Boosts Resource Classification
The drilling program is strategically designed to both confirm extensional mineralisation and upgrade the resource classification. Approximately 40% of the recent drilling focused on infill to support the conversion of Inferred Resources to the higher-confidence Indicated category, which is crucial for advancing the project towards reserve declaration and eventual mining. The remaining 60% targeted extensional zones to test mineralisation continuity at depth and along strike.
Managing Director Luke McFadyen highlighted the significance of the program, stating that the extensive 78,000 metres drilled since the last MRE in December 2025 has increased geological confidence and identified new opportunities to test for higher-grade trends. He emphasised that the results underpin the scale and quality of Bullabulling’s mineralisation, setting the stage for resource growth and reserve upgrades.
Upcoming Milestones and Project Development
The company remains on track to release its Prefeasibility Study (PFS) and Maiden Ore Reserve in July 2026, based on the current 4.5Moz resource. The updated Mineral Resource Estimate, incorporating this latest drilling data, is expected in August and will feed into the Definitive Feasibility Study and subsequent reserve update targeted for early 2027.
Drilling continues robustly on site with ten rigs operating, including reverse circulation, diamond, aircore, and water bore drilling methods. This aggressive approach reflects Minerals 260’s commitment to de-risking the project and enhancing resource metrics ahead of construction and production phases. The Bullabulling Project itself spans a substantial 1,160 square kilometres of tenements and hosts multiple deposits with combined resources totaling 130 million tonnes at an average grade of 1.0 g/t gold.
Structural Insights and Resource Confidence
Beyond the raw numbers, the drilling has improved the company’s understanding of the structural controls on mineralisation. The identification of high-grade trends within footwall shear zones at Phoenix and Bacchus suggests potential for further resource growth both within and outside the current MRE pit shells. These geological insights are vital for refining mine planning and optimising reserve conversion.
While assay results for some holes remain pending, the volume and quality of data to date support a positive outlook for resource expansion. The company has drilled a total of 785 holes for over 172,000 metres since acquiring Bullabulling in April 2025, demonstrating a rapid ramp-up in exploration activity and a clear pathway towards development.
Bottom Line?
Minerals 260’s latest drilling strengthens Bullabulling’s resource base and sets a solid foundation for upcoming feasibility milestones, but investors should watch for the August resource update to gauge the full impact.
Questions in the middle?
- How will the August MRE update quantify the recent extensional drilling’s impact on total resource ounces?
- What are the potential risks to the July Prefeasibility Study timeline given pending assay results?
- Could the structural insights into footwall shear zones unlock higher-grade zones that materially shift project economics?