Bison Resources advances Bald Peaks toward maiden drilling

Seven drill sites target Bald Peaks anomaly

Bison Resources Limited (ASX:BSR) has moved its Bald Peaks project from surface exploration towards a maiden drill test, lodging a Notice of Intent with the US Bureau of Land Management for seven planned drill pads. The proposed reverse-circulation holes will average about 300 metres and target the heart of a 1.5-kilometre arsenic-antimony geochemical and alteration anomaly at the intersection of major faults.

“Topographic map of the Bald Peaks Project showing received assay results4 of surface samples (coded by Sb ppm) in relation to mapped iron-silica alteration, lithologies and…”

“Bald Peaks Project – planned drillhole collars (cyan diamonds) targeting the >1.5 km alteration and geochemical anomaly.”

Caption and image © Bison Resources Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

The permit step does not mean drilling has started or received final approval. Bison says the holes are intended to test the thickness of the prospective host rocks, map the structure and help vector towards a possible mineralised core, with final collar positions subject to incoming assays and ongoing modelling.

Mapping adds scale but assays remain outstanding

Quarterly fieldwork extended jasperoidal alteration and gossanous breccia corridors along contacts between carbonate and chert units, as well as around intersecting thrusts and faults. Bison describes these features as consistent with recognised indicators of Carlin-type mineral systems, but the geological interpretation remains an exploration model rather than a discovery of economic mineralisation.

“Example of a gossanous vein breccia and surrounding weak silica alteration and decalcification at sample locality BPR02907.”

“Close-up example of pervasive iron-silica (jasperoidal) alteration and decalcification, with secondary calcite veining at sample locality BPR03386.”

Caption and image © Bison Resources Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

The company collected 310 additional rock chip samples and 590 soil samples across Bald Peaks, with all results still pending at 30 September. The soil program used a nominal 100-metre grid across the project, designed to define pathfinder trends and identify possible concealed targets. This builds on the earlier Bald Peaks sampling campaign which had already outlined additional jasperoid and breccia trends, according to the company's August coverage.

Nevada survey sharpens four-project targeting

Bison also completed more than 4,000 line kilometres of high-resolution airborne magnetic and radiometric surveying across its four Nevada projects: Bald Peaks, Ruby Lake, Cherry Springs and Medicine Range. Preliminary interpretation placed the Bald Peaks anomaly within a magnetic low near northeast-trending faults and north-northwest-trending thrusts, a setting the company says resembles regional Carlin-type deposits.

“Ruby Lake Project – Spectral anomalies in relation to the surface expression of the Ruby Stock (solid white outline) relative to the sub-surface igneous complex (white dash…”

“Spectral anomalies in relation to the surface expression of the Cherry Stock (solid white outline) relative to the discrete magnetic target anomalies (yellow dash outline) and…”

Caption and image © Bison Resources Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

The same dataset has expanded the exploration picture elsewhere in the portfolio. At Ruby Lake, magnetic imagery suggests the exposed Ruby Stock forms part of a larger subsurface igneous complex, while Cherry Springs contains discrete magnetic highs along the Cherry Stock margin and at structural intersections. Those targets support further work, but the immediate field test is Bald Peaks.

Claim expansion secures southern extensions

Bison added 144 unpatented lode claims at Bald Peaks during the quarter, taking the project from 40 claims covering about 3.3 square kilometres to 184 claims covering roughly 15.4 square kilometres. The expanded ground follows the company's identified geochemical and structural trends to the south and secures strike extensions of the Carlin-type anomaly and associated spectral features.

“Bald Peaks Project – newly staked claim area in relation to original Project area and surface geochemical anomalies (results previously released)11.”

“Bald Peaks Project – NNW-trending thrusts (thick red lines with teeth) and brittle faults (thin red lines) in relation to the surface geochemical anomaly, underlain by RTP tilt…”

Caption and image © Bison Resources Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

Across Nevada, Bison now holds 456 claims covering approximately 38.1 square kilometres. The increase gives the company more room to pursue the anomaly beyond the initial drill area, including a southern strike extension of about 4.7 kilometres that remains a target for future work.

Cash balance gives limited room for exploration

“Topographic map of the Bald Peaks Project showing received assay results of surface samples (coded by Sb ppm) and recently collected surface samples (blue circles) which are…”

Bison finished September with A$3.514 million in cash and spent A$1.147 million on exploration during the quarter. Its Appendix 5B reports A$1.513 million of net operating cash outflows for the period and estimates 2.32 quarters of funding based on the quarter-end balance and reported outgoings. That is a snapshot rather than a forecast: drilling, permitting and assay activity could alter the spending rate.

The next meaningful evidence will come from the 900 pending samples and the BLM process, followed by the maiden holes themselves. Until those results arrive, Bald Peaks offers an increasingly well-defined target and a larger land position, but not yet the mineralised core Bison is seeking.