Tim Goyder’s Minerals 260 tears into unlocking | Australian Markets

The woodlands hiding a huge gold useful resource south-west of Coolgardie are silent no more, with drill rigs now ripping into the earth so Minerals 260 can churn out the information to remodel the Bullabulling project into a money cow.

The Tim Goyder-chaired company snapped up the 127sqkm project in January from Norton Gold Fields in a deal value $156.5 million in money and $10m in scrip, and has wasted no time since — raising $220m and getting the one diamond and three reverse circulation rigs on web site on April 15.

Bullabulling was mined within the late Nineteen Nineties and early 2000s — when the gold price was a lot decrease than the present $5000/oz — however has been largely a scene of inactivity since 2014 when Chinese company Norton purchased the project.

Now Liontown spin-off Minerals 260 has began an 80,000m drilling marketing campaign centered on a number of useful resource extension targets at depth and alongside strike, and in addition infill drilling of the prevailing useful resource to improve classifications.

The company mentioned the two.3-million-ounce mineral useful resource estimate was primarily based on intensive historic drilling of 12,000 holes for 530,000m.

The total grade is 1.2g per tonne, with 60 per cent — 39Mt at 1.1g/t for 1.4Moz — being within the indicated class, and 40 per cent — 21Mt at 1.3g/t for 890,000t — inferred.

At an buyers and analysts web site go to on Monday, managing director Luke McFadyen mentioned the company was now endeavor its own research to broaden the useful resource, and believed there was one other “1.6Moz still in the ground”.

Bullabulling has a number of deposits which are the main focus of Mineral 260’s exploration — Dicksons, Phoenix, Bacchus, Kraken and Gibraltar, with Bacchus and Kraken rated the best precedence for grade and mineralisation.

The distance from Dicksons within the north to Kraken within the south is 8.5km.

The Phoenix MRE is generally indicated — 25Mt at 1.1g/t for 850,000t out of a whole 27Mt at 1.1g/t for 930,000t.

Bacchus has a whole MRE of 22Mt at 1.3g/t for 890,000t, with 8.5Mt at 1.2g/t for 330,000t being indicated.

Dicksons has 7.7Mt at 0.9g/t for 220,000t and Kraken 2.8Mt at 1.7g/t for 160,000t, all of which is inferred.

The company mentioned drilling at Phoenix and Dicksons would concentrate on depth extensions, and infill drilling would happen at Phoenix.

It mentioned the useful resource was open at depth in a number of areas, and Bacchus stays open alongside strike to the south.

Minerals 260 mentioned there was no MRE as but for Gibraltar — which is to the east of Kraken — however drilling would quickly happen to check depth and strike extensions.

The company is aiming to replace the project’s whole mineral useful resource estimate within the December quarter to a “reasonable prospects for economic extraction” pit shells commonplace.

It estimates its research of Bullabulling will take 15 months, with eyes on manufacturing in about three years.

The operation could be a standard carbon-in-leach course of.

Mr McFadyen mentioned Minerals 260 acquired Bullabulling as a result of the company noticed a vital alternative not solely within the current useful resource but in addition within the immense exploration potential.

“Our exploration strategy is designed to systematically test the targets we’ve identified both down-dip and along strike from known mineralisation,” he mentioned.

“Drilling commenced a few weeks ago and we are continuing to ramp-up activity.

“It’s an exciting phase for the company as we begin generating a steady flow of drilling results and have concurrently commenced the pre-feasibility study.”

And Minerals 260 has added one other 450sqkm to the project since selecting up Bullabulling, the latest being final week’s Belararox option settlement for 26 tenements throughout 50sqkm.

It mentioned the two-year settlement gave it the option of exploring the broader space in a phased strategy after the Bullabulling drilling program.