Maritana uncovers 755koz Burbanks resource after major drilling campaign
Maritana Minerals has increased the Burbanks Gold Project’s Mineral Resource by 62% to 755,000 ounces, pushing group resources above 2 million ounces. The growth is concentrated at Burbanks North, but the inventory remains predominantly Inferred and has yet to support an Ore Reserve.
- Burbanks Mineral Resource rises to 755koz
- Burbanks North drives almost all growth
- Group Mineral Resources reach 2.151Moz
- 29% of Burbanks ounces now Indicated
- Phase 2 assays and Ore Reserve studies ahead
Burbanks Resource Jumps to 755,000 Ounces
Maritana Minerals Limited (ASX:MRT) has added 290,000 ounces to the Burbanks Gold Project’s Mineral Resource, lifting it to 13.7 million tonnes at 1.71 grams per tonne gold for 755,000 ounces. That is a 62% increase in contained gold from the previous 466,000-ounce estimate and takes Maritana’s total Mineral Resources to 41.8Mt for 2.151Moz.
The headline growth is overwhelmingly a Burbanks North story. Its open pit and underground inventory has risen to 11.1Mt at 1.47g/t gold for 523koz, from 3.7Mt at 2.06g/t for 243koz. A further 10koz comes from the newly included Galaxias open pit area, while Main Lode, Birthday Gift and Burbanks South were unchanged.
Tonnage Drives the Increase
The upgrade is more about scale than grade. Total Burbanks tonnes have more than doubled from 6.1Mt to 13.7Mt, while the average grade has declined from 2.39g/t to 1.71g/t. Open pit material now accounts for 496koz, or 66% of the project-wide estimate, with the underground component contributing 259koz.
Maritana said Phase 1 drilling, comprising 53 diamond holes for 15,798 metres, outlined broader, lower-grade mineralisation in the Burbanks North open pit domain while also confirming continuity in higher-grade lodes below the open pit boundary. The deepest mineralisation at Main Lode and Birthday Gift is defined to roughly 450 metres below surface and remains open at depth and along strike, according to the announcement.
More Drilling Before Mining Studies
The confidence profile has improved, but it is not yet a mine plan. Indicated material represents 29% of contained Burbanks gold, or 216koz, while 540koz remains Inferred and no Measured Resource has been estimated. Maritana has declared no Ore Reserve for Burbanks, and the estimate does not include mining dilution, ore loss or metallurgical recovery factors.
Phase 2 drilling is complete, with results available for 11 of 20 holes. The remaining assays are expected in the September quarter, with the company planning a further Mineral Resource update in the December quarter 2026. Ore Reserve studies are then due to follow, while reverse-circulation drilling at Burbanks South is planned for the next quarter.
Burbanks Open Pit already contributes 128.8koz of recovered gold to the Black Swan Processing Hub’s current life-of-mine plan. The underground resource is not included in that plan and is described by Maritana as having the strongest current potential to extend the hub’s operating life. The question now is how much of the enlarged, largely Inferred inventory can survive the more demanding tests of mine design, recovery, capital and economics.
Bottom Line?
The resource milestone is substantial, but Burbanks still needs conversion drilling and Ore Reserve work before its additional ounces can be treated as mineable inventory.
Questions in the middle?
- How much of the 540koz Inferred resource can be converted into Indicated or higher-confidence material?
- Will the remaining Phase 2 assays materially expand or reshape the December quarter resource update?
- Can Burbanks Underground support a meaningful extension to the Black Swan Processing Hub life-of-mine plan after mining and metallurgical studies?
