Great Northern Minerals Reports Maiden Resource and New Drill Targets at Iron Butte

Maiden Resource Positions Iron Butte as Bulk-Tonnage Gold-Silver Project

Great Northern Minerals (ASX:GNM) has marked a significant milestone with its maiden Inferred Mineral Resource Estimate (MRE) for the Iron Butte Project in Nevada’s prolific Battle Mountain-Cortez Mining District. The JORC-compliant resource, compiled by ERM Australia Consultants, outlines 37.85 million tonnes grading 0.4 g/t gold and 6 g/t silver, equating to 480,000 ounces of gold and 6.7 million ounces of silver. An additional 19.25 million tonnes at 8 g/t silver adds 4.8 million ounces of silver to the tally.

This resource aligns Iron Butte with other bulk-tonnage heap-leach gold-silver deposits in northern Nevada, such as Marigold and Florida Canyon, highlighting its potential as a sizeable near-surface oxide system. The mineralised zone extends roughly 500m by 300m from surface to 200m depth and remains open in all directions, with only limited deeper drilling to date. Notably, one hole intersected 1.5m at 13.5 g/t gold and 11.5 g/t silver at 405m depth, hinting at Carlin-style mineralisation potential beneath the current resource.

Project Footprint Expanded and New Targets Emerging

During the quarter, GNM expanded Iron Butte by staking 46 additional lode claims, increasing the project to 70 claims covering about 1,446 acres. The new ground exhibits similar geology and geochemical signatures to the existing mineralised zones, with surface soil assays up to 179 ppb gold and 3.8 ppm silver across strike lengths up to 1km.

A comprehensive review of historical geochemical and geophysical data identified two significant gold-silver soil anomalies; Iron Butte North (400m by 250m) and Iron Butte East (200m by 200m); outside the current resource footprint. Rock chip samples from these areas showed assays up to 8.3 g/t gold and 160 g/t silver, supporting the likelihood of additional near-surface mineralisation.

Further reprocessing of dipole-dipole induced polarisation (DDIP) data revealed four new undrilled chargeability anomalies, considered compelling drill targets. These include a strong anomaly beneath the inferred silver resource (Iron Butte Central), anomalies coincident with soil geochemical highs at Iron Butte North and South, and a new target within the newly staked Caetano Rim area. These anomalies may indicate disseminated sulphide mineralisation, often associated with Carlin-style deposits.

Drilling Campaign and Geophysical Surveys Underway

GNM is advancing permitting and contractor engagement for its maiden drilling campaign at Iron Butte, targeting resource expansion along strike and at depth, with drilling expected to commence in the third quarter of 2026. A drone magnetic survey completed in June is providing high-resolution imagery to aid drill target prioritisation.

At the Catalyst Ridge Project in California’s Walker Lane Mineral Belt, detailed mapping extended the quartz-stibnite vein system to 1.25 km with surface silicification exceeding 40 metres. The geological setting mirrors that of the nearby Colosseum Gold deposit, suggesting promising potential for high-grade gold mineralisation at depth. GNM continues to work with local authorities on permitting, with plans for further DDIP surveys to refine drill targets.

Douglas Creek Exploration Progresses with DDIP Survey

GNM completed a DDIP survey at Douglas Creek, targeting magnetic anomalies and known mineralised zones. The geophysical data is under review alongside historical datasets to inform follow-up exploration. Previous sampling at Douglas Creek returned high-grade results, including up to 8.6 g/t gold, 598 g/t silver, and 11% copper, with 2023 drilling confirming widespread disseminated sulphide mineralisation near surface.

Financial Position Supports Exploration Push

The company ended the quarter with $3.75 million in cash, after spending $217,000 on exploration and evaluation. Payments to related parties, including directors’ fees, totaled $108,000. GNM’s cash position provides a runway of over eight quarters at current operating cash outflows, underpinning its aggressive exploration agenda.