Ballard drills high-grade gold beyond Baldock resource

• Baldock drilling returned 1.2m at 20.9g/t gold outside the current resource
• Survey identified a conductor extending 485m below the Baldock resource
• Geological modelling and follow-up drilling are underway at Mt Ida

Special Report: Ballard Mining has intersected high-grade gold beyond the Baldock resource, while geophysics points to a deeper target at the Mt Ida project in WA.

At the cornerstone deposit, drilling returned 1.2m at 20.9g/t gold from 775.8m and 1.5m at 13.4g/t from 425.6m.

The results were not included in the September mineral resource estimate of 20.4Mt at 2.8g/t gold for 1.84Moz, with Baldock accounting for 12.2Mt at 3.5g/t for 1.36Moz.

“These results provide further evidence that the Mt Ida mineralised systems continue beyond the drilling incorporated into our recent 1.84-million-ounce Mineral Resource update,” managing director Paul Brennan said.

“At Baldock, the latest drilling has returned additional high-grade intersections at depth, while geophysics suggests mineralisation could potentially extend 485 metres below the Baldock MRE to a vertical depth of 1,100 metres.”

“Broad, shallow results at regional prospects Ayla and Vortex also highlight the Resource growth opportunities emerging across Mt Ida.”

“The results strengthen our confidence in the potential for continued Mineral Resource growth at Mt Ida. Geological modelling and follow-up drilling are underway, with the new information to be assessed for incorporation into future Mineral Resource updates.”

A deeper target at Baldock

BM1’s downhole geophysical survey identified an interpreted conductive plate measuring 800m by 500m, aligned with several mineralised lodes at Baldock.

The interpreted conductor extends to a vertical depth of 1,100m, or 485m below the deepest intersected lode.

BM1 is extending drilling south and below the resource, with geological modelling to assess how the new intersections relate to existing lodes.

At Ayla, the southern extension of West Knell, drilling returned 7m at 2.5g/t gold from 99m.

Vortex drilling returned 4m at 2.5g/t from 36m, while shallow gold intersections were also reported at Astro-Quasar and Sandstone.

BM1 is evaluating Ayla, Neptune, West Knell and Europa as potential satellite sources for a proposed standalone operation at Mt Ida.

The September resource update increased the project’s inventory by 56%, while the latest growth drilling is testing for additional mineralisation beyond the existing resource.

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Gold demand and the regional picture

The World Gold Council reported total gold demand of 1,269 tonnes in the June 2026 quarter, flat year-on-year, while jewellery demand fell 17%. 

Mine production rose 2%, offsetting a 6% fall in recycling. 

The council expects investment to drive demand growth through the rest of 2026, with central banks remaining significant buyers, though purchases are expected to finish below 2025 levels.

Spot gold was US$4,020.60/oz on October 26, after falling to US$3,975/oz on October 23. 

A Reuters poll of 30 analysts and traders put the median full-year 2026 forecast at US$4,495/oz.

At Mt Ida, the company is progressing follow-up drilling and geological interpretation to test the scale of the mineralised system and assess new information for future resource updates. 

BM1 is targeting its feasibility study, ore reserve estimation and investment decision for mid-2027.

This article was developed in collaboration with Ballard Mining, a Stockhead advertiser at the time of publishing. 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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