Maiden Drilling Program Delivers Immediate Success
Bubalus Resources (ASX: BUS) has announced impressive results from its maiden drilling program at the Crosbie South gold prospect, with assays revealing up to 50 g/t gold in quartz veins, highlighting the potential of this previously untested site in Victoria's legendary goldfields.
The 700-meter diamond drilling campaign across 5 holes has confirmed the presence of a significant gold system at Crosbie South. Every hole drilled intersected gold mineralisation, with standout results including:
- 1.1m @ 9.43 g/t gold and 11.1 g/t silver, including 0.2m @ 50 g/t gold
- 6.6m @ 0.4 g/t gold and 1839 ppm antimony
- 0.3m @ 6.25 g/t gold, 40.1 g/t silver, and 1.9% molybdenum
The mineralisation remains open at depth and along strike, suggesting substantial exploration upside at the prospect.
"These results demonstrate the presence of a high-grade mineralised system at Crosbie South," commented Brendan Borg, Director of Bubalus Resources. "The consistent presence of gold in all five holes of our maiden drilling program is particularly encouraging and validates our targeting approach."
Intrusion-Related Gold System Confirmed
This drilling program has validated Bubalus Resources' geological model of an intrusion-related gold system (IRGS) at Crosbie South. The mineralisation is hosted in quartz vein sets within an altered granite host and exhibits a distinctive multi-element signature.
The Bubalus Resources gold discovery shows variable enrichment in several elements, including:
- Antimony (up to 3,320 ppm)
- Molybdenum (up to 1.9%)
- Bismuth (up to 1.04%)
- Silver (up to 55.1 g/t)
- Tungsten (up to 3,080 ppm)
This elemental association is characteristic of intrusion-related gold systems, which can host large-scale economic deposits globally. In fact, similar high-grade antimony at the Ricciardo gold deposit has been uncovered by other explorers, highlighting the importance of these multi-element signatures in gold systems.
Understanding Intrusion-Related Gold Systems
Intrusion-related gold systems represent a distinct class of gold deposits formed through magmatic-hydrothermal processes. Unlike many Victorian gold deposits that are typically orogenic in nature, IRGS deposits are directly associated with intrusive bodies like granites.
Key characteristics of these systems include:
| Feature | Description |
|---|---|
| Host Rocks | Gold mineralisation occurs in or near granitic intrusions |
| Element Signature | Multi-element association including Bi, W, Mo, Te, and Sb |
| Metal Zonation | Systematic distribution of metals from core to periphery |
| Mineralisation Styles | Various forms including veins, breccias, and disseminations |
Famous examples of IRGS deposits include Fort Knox in Alaska (8+ million ounces) and Kidston in Queensland (5 million ounces), demonstrating the potential scale of these systems when fully developed.
Strategic Location in Victoria's Gold Heartland
The Crosbie South prospect is strategically positioned in the heart of Victoria's goldfields, a region historically known for high-grade gold discoveries. The project's location offers excellent access to infrastructure and proximity to major gold operations.
The Bubalus Resources gold discovery is situated within an exploration licence that forms part of the company's broader Victorian gold portfolio, which includes 8 granted licences across this highly prospective region. This portfolio approach mirrors successful strategies employed by companies like Metal Bank, which recently achieved a 73% gold resource increase at their Livingstone project through systematic exploration.
Next Steps: Expanding the Discovery
Bubalus Resources is moving quickly to build on these encouraging results with a comprehensive follow-up program:
- Additional analysis of currently unassayed core from sections adjacent to mineralised zones
- Review and potential remodelling of IP geophysical survey data in light of drilling results
- Specialist geochemical modelling to vector toward potentially thicker and higher-grade mineralisation
- Planning for additional drilling, potentially integrated with the upcoming program at Crosbie North in Q3 2025
These activities aim to define the full extent of the gold system and identify the most prospective zones for further drilling. Furthermore, the company may consider advanced geophysical surveys to identify sulphide deposits associated with gold mineralisation, a technique that has proven effective for other explorers in similar geological settings.
Investment Thesis: Early-Stage Opportunity in a Proven Gold Province
The recent Bubalus Resources gold discovery presents an attractive investment case for several key reasons:
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Proven Gold System: The maiden drilling has established the presence of high-grade gold mineralisation at Crosbie South.
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Strategic Portfolio: Beyond Crosbie South, Bubalus holds a diverse portfolio of projects spanning gold, lithium, rare earths, and manganese across Victoria, Western Australia, and the Northern Territory.
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Victorian Gold Focus: The company holds 8 granted licenses in Victoria's goldfields, with Crosbie being the flagship project featuring drill-ready targets and now confirmed high-grade gold.
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Technical Expertise: The Bubalus team has demonstrated their geological targeting ability with this successful maiden drilling program.
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Multiple Growth Catalysts: With results pending from further analysis and additional drilling planned for Q3 2025, investors can expect regular news flow.
Why Investors Should Follow Bubalus Resources
For investors seeking exposure to early-stage gold exploration with significant upside potential, Bubalus Resources offers a compelling opportunity:
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Proven Discovery Potential: The initial drilling success demonstrates the company's ability to identify and test prospective targets effectively.
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Strategic Asset Portfolio: Beyond gold, Bubalus provides diversified exposure to critical minerals including lithium and rare earths.
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Location Advantage: Operating in Victoria's goldfields provides access to world-class infrastructure and proximity to major producers.
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Clear Path Forward: The company has outlined a structured approach to expanding the discovery at Crosbie South with near-term catalysts.
With gold prices near historic highs and a renewed focus on Australian gold exploration, Bubalus Resources is well-positioned to capitalise on its early exploration success at Crosbie South while advancing its broader portfolio of mineral assets. In addition, the company could potentially explore early gold production opportunities from stockpiles if high-grade zones are delineated, similar to strategies employed by other junior explorers to generate early cash flow.
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