Ballard Mining Drives Mt Ida Growth with High-Grade Drilling and $61.8M Cash

Deep Drilling Uncovers High-Grade Gold at Baldock

Ballard Mining (ASX:BM1) is pushing the boundaries of its Mt Ida Gold Project with a vigorous 220,000-metre drilling campaign that continues to reveal high-grade gold mineralisation. The June quarter saw three diamond rigs focused on deep extensional drilling beneath and along strike of the Baldock deposit, the project’s cornerstone resource which already hosts over 1 million ounces of gold.

Recent assays include standout intercepts such as 3 metres at 23.6 g/t gold from 689 metres and 8 metres at 7.7 g/t gold from 666 metres, both from drill hole BDG022. These results extend mineralisation 200 metres beyond the current resource boundary and hint at a potential 1,500-metre southern strike extension, suggesting substantial upside remains below the existing 350-metre average drilling depth. The company awaits further assay results from deeper holes, while electromagnetic surveys aim to identify additional targets along the Baldock trend.

Regional Prospects Bolster Satellite Feed Potential

Beyond Baldock, Ballard’s regional drilling program is unlocking new gold discoveries and expanding known deposits along the 13-kilometre Ballard Fault Zone. Notable results at the Pluto prospect include 5 metres at 10.2 g/t gold from 98 metres and 7 metres at 3.7 g/t gold from 19 metres, confirming a new mineralised system on the Baldock Thrust. Similarly, the Ayla prospect has been extended 200 metres south with multiple shallow, high-grade intercepts, such as 3 metres at 9.3 g/t gold from 60 metres.

Other regional highlights feature West Knell’s extended strike to 1.4 kilometres, with intercepts like 5 metres at 10.0 g/t gold, and Golden Vale’s expanded shallow mineralisation envelope by 650 metres, including 4 metres at 9.3 g/t gold from 55 metres. These satellite deposits, located within trucking distance of the proposed Baldock processing plant, could provide valuable open-pit feed to complement the underground-focused Baldock operation.

Advancing Towards Development Decision

Ballard is not only drilling but simultaneously progressing feasibility-level metallurgical and geotechnical studies critical to project advancement. Metallurgical testing continues to show Baldock’s amenability to conventional carbon-in-leach processing with recoveries exceeding 91%. Geotechnical investigations are well underway, informing mine design and infrastructure planning.

Infrastructure upgrades include the expansion of the exploration camp to 30 rooms and preparations for a public road diversion to facilitate future construction activities. Water supply is secured through a 3.7 GL/year abstraction license, supported by multiple production bores at Lake Raeside and Mt Ida.

Financial Position and Outlook

Ballard ended the quarter with a healthy cash balance of $61.8 million, down from $75.6 million in March, reflecting $13.5 million spent on exploration and evaluation. The company reports no substantive mining production or development activities during the quarter, with a clear focus on resource expansion and project de-risking. Ballard plans to announce a Maiden Ore Reserve for Baldock in the September quarter, aiming to underpin an initial 5-6 year mine life with a pathway to extend operations beyond a decade.

This resource and development momentum positions Ballard to make a Final Investment Decision in the first half of 2027, setting the stage for Mt Ida’s transition from exploration to production.