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West Australian
14-05-2025
- Business
- West Australian
Tim Goyder's Minerals 260 tears into unlocking huge gold potential hidden under woodlands of Bullabulling
The woodlands hiding a big gold resource south-west of Coolgardie are silent no more, with drill rigs now ripping into the earth so Minerals 260 can churn out the data to transform the Bullabulling project into a cash cow. The Tim Goyder-chaired company snapped up the 127sqkm project in January from Norton Gold Fields in a deal worth $156.5 million in cash and $10m in scrip, and has wasted no time since — raising $220m and getting the one diamond and three reverse circulation rigs on site on April 15. Bullabulling was mined in the late 1990s and early 2000s — when the gold price was much lower than the current $5000/oz — but has been largely a scene of inactivity since 2014 when Chinese company Norton bought the project. Now Liontown spin-off Minerals 260 has started an 80,000m drilling campaign focused on multiple resource extension targets at depth and along strike, and also infill drilling of the existing resource to upgrade classifications. The company said the 2.3-million-ounce mineral resource estimate was based on extensive historical drilling of 12,000 holes for 530,000m. The overall grade is 1.2g per tonne, with 60 per cent — 39Mt at 1.1g/t for 1.4Moz — being in the indicated category, and 40 per cent — 21Mt at 1.3g/t for 890,000t — inferred. At an investors and analysts site visit on Monday, managing director Luke McFadyen said the company was now undertaking its own studies to expand the resource, and believed there was another '1.6Moz still in the ground'. Bullabulling has several deposits that are the focus of Mineral 260's exploration — Dicksons, Phoenix, Bacchus, Kraken and Gibraltar, with Bacchus and Kraken rated the highest priority for grade and mineralisation. The distance from Dicksons in the north to Kraken in the south is 8.5km. The Phoenix MRE is mostly indicated — 25Mt at 1.1g/t for 850,000t out of a total 27Mt at 1.1g/t for 930,000t. Bacchas has a total 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 said drilling at Phoenix and Dicksons would focus on depth extensions, and infill drilling would take place at Phoenix. It said the resource was open at depth in multiple locations, and Bacchus remains open along strike to the south. Minerals 260 said there was no MRE as yet for Gibraltar — which is to the east of Kraken — but drilling would soon take place to test depth and strike extensions. The company is aiming to update the project's total mineral resource estimate in the December quarter to a 'reasonable prospects for economic extraction' pit shells standard. It estimates its studies of Bullabulling will take 15 months, with eyes on production in about three years. The operation would be a conventional carbon-in-leach process. Mr McFadyen said Minerals 260 acquired Bullabulling because the company saw a significant opportunity not only in the existing resource but also in 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 said. '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 another 450sqkm to the project since picking up Bullabulling, the latest being last week's Belararox option agreement for 26 tenements across 50sqkm. It said the two-year agreement gave it the option of exploring the wider area in a phased approach after the Bullabulling drilling program.
Yahoo
04-04-2025
- Business
- Yahoo
Minerals 260 completes $220m capital raise for Bullabulling gold development in Australia
Minerals 260 has raised capital before costs of $220m for the acquisition and development of the Bullabulling Gold Project in Western Australia (WA). The Bullabulling Gold Project is situated 25km south-west of Coolgardie in WA's Eastern Goldfields region. The capital was raised by offering 1.83 billion new shares at $0.12 each, marking the maximum subscription amount allowed under the public offer. The offering drew strong interest from institutional funds across Asia, North America and Europe, as well as support from domestic institutions and existing shareholders. The capital raise was backed by new and existing investors. Directors and key management participated, contributing $12.7m, with chairman Tim Goyder and his nominees investing $12m. The funds will cover the $156.4m cash component of acquiring the Bullabulling Gold Project from Norton Gold Fields, a Zijin Mining subsidiary. The deal related to the acquisition was signed in January 2025. Minerals 260 chairman Tim Goyder said: 'The successful completion of this capital raising is a significant achievement for the company. The raising was strongly supported by both global and domestic institutions and our existing shareholders. 'Minerals 260 is now in a position to complete the acquisition of the Bullabulling Gold Project, re-commence trading on the ASX [Australian Securities Exchange] and begin our aggressive drilling campaign. We look forward to updating the market regularly about our progress at the project, including the commencement of drilling, soon.' The Bullabulling Gold Project has a JORC 2012 mineral resource estimate of 60 million tonnes (mt) at 1.2 grams per tonne of gold, translating to 2.3 million ounces of gold across granted mining leases within a 293km² tenement package. The project presents considerable exploration potential, with several highly prospective targets identified at depth and along strike. Minerals 260 plans to focus on exploration drilling to expand the mineral resource further. "Minerals 260 completes $220m capital raise for Bullabulling gold development in Australia" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
