Dundas Finds More Depth at Rockland as Kalgoorlie Campaign Accelerates

Rockland drilling extends interpreted gold shoots

Dundas Minerals Limited (ASX:DUN) has pushed its Kalgoorlie exploration programme into its next phase, with 32 reverse-circulation holes totalling 5,180 metres completed by mid-October across Capricorn, Baden-Powell and Rockland. The work is aimed at resource extension, infill drilling and testing deeper or along-strike mineralisation on granted tenure north of Kalgoorlie.

“Interpretive cross section of the southern Rockland drill line (6638759mN, looking north). Shaded mineralised zones are interpretations (ASX: 22 September 2026).”

Rockland delivered the quarter’s most notable result. Hole 26RKRC011 returned 12 metres at 1.25 g/t gold from 168 metres, including 4 metres at 2.18 g/t, followed by 4 metres at 4.87 g/t from 200 metres. Dundas said the intercepts extend its interpreted shoots to approximately 170 metres vertically below surface, with mineralisation remaining open down dip and along strike. The results came from 4-metre composite samples, however, and individual 1-metre assays are still pending. The reported widths are down-hole lengths rather than confirmed true widths.

The result builds on the Rockland depth extensions reported in September, while the broader trend now covers about 1 kilometre of strike according to the company. Three holes reported in the latest batch were mineralised, but Dundas has not established continuity between the new intercepts and a historical 5-metre result grading 5.52 g/t gold. Remaining Rockland assays and 1-metre re-assays are due during the December quarter.

Three-project campaign targets resource growth

At Capricorn, drilling is targeting extensions and infill within the 659,300-tonne Inferred Mineral Resource grading 1.2 g/t gold. Baden-Powell’s 595,000-tonne Inferred Mineral Resource also grades 1.2 g/t, with most of the resource within 100 metres of surface and the lodes open along strike and at depth. Drilling at Baden-Powell and across the broader programme has been completed, with results expected progressively through the December quarter.

Those resources remain geological estimates rather than economic studies. The company says its preliminary conceptual pit-shell sensitivity work at Capricorn was used only to guide drilling and does not establish economic viability, a production target or forecast financial information. An updated Mineral Resource Estimate for the Kalgoorlie projects is targeted for the fourth quarter of 2026.

Nine licences consolidate the Kalgoorlie position

“Tenement plan showing the consolidated position and the interpreted mineralised corridor from Rockland through Capricorn and Aquarius to Gemini (ASX: 3 September 2026).”

Dundas has also turned a collection of nearby projects into a more continuous landholding, following the nine-licence Gemini acquisition. The licences extend along the interpreted Gemini-Capricorn-Aquarius-Rockland corridor, with historical Gemini drilling including 2 metres at 26.68 g/t gold from 35 metres. That historical work has not been independently verified, and drilling has not yet shown that mineralisation is continuous between the prospects.

Placement replenishes exploration funding

The funding picture improved after quarter end. Dundas secured firm commitments for a $2.879 million placement at 4.5 cents per share, including a $750,000 investment from Forrestania Resources executive chairman David Geraghty, who is expected to hold about 5.57% of the company on completion. Directors committed a further $235,000, subject to shareholder approval. The $2.88 million exploration placement is earmarked for Rockland, Capricorn, the corridor drilling programme and early work at the Romano project.

That capital was important against a September cash balance of $1.087 million. Dundas reported quarterly operating and investing outflows of $770,000 and estimated 1.75 quarters of funding based on its cash at 30 September, before taking the placement proceeds into account. The funding therefore supports the planned work, but the director tranche still requires approval and exploration remains dependent on future drilling results.

Romano approvals precede first Bloodwood drilling

“Romano Project tenure showing the Bloodwood and Brahman prospects (ASX: 7 September 2026).”

Outside Kalgoorlie, Dundas secured the Bloodwood exploration licence at Romano, covering about 270 square kilometres in the Yamarna region. Historical Gold Road drilling outlined a roughly 5-kilometre gold anomaly, including 12 metres at 3.31 g/t gold from 20 metres, but the drilling is wide-spaced and preliminary. Dundas has not yet drilled or sampled Bloodwood and is still progressing native title, heritage and access approvals before designing its first RC and diamond programme.

The immediate test for Dundas is whether the new money can convert a busy exploration pipeline into a stronger resource base. Rockland’s pending 1-metre assays and the Capricorn and Baden-Powell results should provide the first evidence; the more ambitious corridor thesis will require continuity that has not yet been demonstrated.