Ballard finding deeper gold success

Written by Michael Quinn.

Future project developer Ballard Mining has drilled gold as deep as circa 300m below the current one-million-ounce resource grading 3.5 grams per tonne at its Baldock deposit in Western Australia. 

New drilling results reported on Monday included 3.4m grading 23.6 grams per tonne gold from 689m, with the true width of the mineralisation still to be confirmed. 

The current resource estimate has been made to about 350m depth. 

Further, Ballard said a geological reinterpretation pointed to a possible 1.5km extension to the south. 

According to capital markets firm Canaccord, this reinforces Ballard's evolving view that Baldock, part of the Mt Ida gold project, sits within a much larger, camp-scale mineralised system. 

Canaccord is also very positive on the project. 

"We think the latest results materially strengthen confidence in Baldock's growth profile, particularly at depth, where drilling density remains low," Canaccord said. 

"The combination of high-grade intercepts outside the current resource, emerging strike extensions, and untested depth potential supports our view that Mt Ida could evolve into a multi-million-ounce system." 

Ballard currently has three diamond core rigs targeting extensions at Baldock, and three RC rigs on regional campaigns. 

A maiden ore reserve and completed feasibility study are expected to be completed over the next 6–12 months, ahead of a final investment decision in the first half of CY27. 

The Paul Brennan-led Ballard had A$75.6 million at the end of the March quarter. 

Shares in Ballard were trading at 71c Monday, capitalising the company at $325 million. 

Canaccord has a price target on the stock of $2.

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