Minerals 260 delivers thick gold hits in first drilling campaign at Bullabulling project in WA

Minerals 260 (ASX: MI6) is off to a promising start with its newly implemented exploration strategy for the Bullabulling gold project in Western Australia.

The company has now received strong assay results from the first 19 holes completed as part of its maiden drilling program at Bullabulling, with highlights including 62m at 1.1 grams per tonne gold and 35m at 1.3g/t.

Minerals 260 revealed in mid-May that it planned to drill approximately 80,000m at Bullabulling, targeting multiple resource extension targets at depth and along strike throughout the mine sequence, including potential for further stacked mineralised lodes within the footwall.

Updated MRE

The drilling work will support the release of an updated mineral resource estimate (MRE) in December.

The project currently hosts a JORC 2012 MRE of 60 million tonnes at 1.2g/t for 2.3 million ounces of gold.

Initial drilling in the first month has focused on depth extensions to the Phoenix deposit—the largest of the deposits at Bullabulling, containing 930,000oz at 1.1g/t gold.

Extensive program

Bullabulling sits within granted mining leases 65 kilometres from Kalgoorlie-Boulder in WA.

Minerals 260 has so far completed 70 holes for 15,264m of drilling at the project—67 reverse circulation (RC) holes for 14,646m; 2 diamond drilling (DD) holes for 298m; and 1 RC/DD hole for 320m.

The company is in a strong financial position for its aggressive Bullabulling strategy after it successfully raised $220 million in April to acquire and advance the project.

All rigs now on site

Minerals 260 managing director Luke McFadyen said that, with all planned rigs now on site and heritage clearance obtained, holes are targeting all areas identified in the exploration strategy.

“This is a fantastic start to our maiden drilling campaign at the Bullabulling gold project and validates the upside potential we see at the project,” Mr McFadyen said.

“These are some of the thickest intercepts in the project’s 35-year history—and we are just getting started, with assays pending for a further 51 holes and six rigs on site.”

“In addition to the better intercepts, results have been very consistent for a large-scale resource like Bullabulling.”