Maritana Minerals Posts 62% Surge at Burbanks to 755koz Gold Resource
Key Takeaways
- Maritana's Burbanks Gold Project MRE has grown 62% to 13.7Mt at 1.7g/t Au for 755koz, adding 290koz to the prior estimate of 466koz.
- Burbanks North is the sole engine of growth, expanding from 3.7Mt at 2.06g/t Au for 243koz to 11.1Mt at 1.47g/t Au for 523koz — a tonnage-driven expansion that more than doubled the project's material base.
- The group-wide Mineral Resource now stands at 41.8Mt for 2.1Moz, a portfolio milestone that positions Burbanks as the primary candidate for extending the Black Swan Processing Hub life-of-mine plan.
- Indicated resources now represent 29% of contained gold at Burbanks, up from the prior estimate, clearing the path for Ore Reserve studies which are confirmed as the next formal step.
- Mineralisation at Main Lode and Birthday Gift extends to approximately 450m below surface and remains open at depth and along strike, with Phase 2 assay results due in Q3 CY2026 and a further MRE update targeted for Q4 CY2026.
Burbanks deposit grows 62% to 755koz, lifting Maritana’s total gold resources above 2.1Moz
Maritana Minerals (ASX: MRT) has announced an updated Mineral Resource Estimate (MRE) for its Burbanks Gold Project of 13.7Mt at 1.7g/t Au for 755koz, a 62% increase (290koz) on the prior estimate of 6.1Mt at 2.4g/t Au for 466koz. The update pushes the company’s group-wide Mineral Resource to 41.8Mt for 2.1Moz, a meaningful portfolio milestone. Burbanks is 100%-owned by Maritana and located 9km south of Coolgardie in the Western Australian Goldfields.
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Q3 CY2026 resource update highlights at a glance
- Project-wide MRE: 13.7Mt at 1.7g/t Au for 755koz
- Open pit component: 10.6Mt at 1.45g/t Au for 496koz (up 67%, or +198koz)
- Underground component: 3.1Mt at 2.63g/t Au for 259koz (up 54%, or +91koz)
- Indicated category now represents 29% of contained gold (up from the prior estimate)
- Burbanks North is the engine of growth: increased to 11.1Mt at 1.47g/t Au for 523koz from 3.7Mt at 2.06g/t Au for 243koz
- Mineralisation defined to approximately 450m below surface at Main Lode and Birthday Gift, and remains open at depth and along strike
- Phase 2 drilling complete; remaining assay results expected in the September quarter 2026
- Further MRE update incorporating all Phase 2 results targeted for the December quarter 2026
- Ore Reserve studies to follow, based on improved resource classification confidence
The table below presents the project-wide breakdown of the increase in Mineral Resources at Burbanks, sourced from Table 1 of the announcement.
| Domain | Category | Tonnes (kt) | Grade (Au g/t) | Contained Gold (koz) |
|---|---|---|---|---|
| Open Pit (2026) | Indicated | 3,329 | 1.49 | 160 |
| Open Pit (2026) | Inferred | 7,306 | 1.43 | 336 |
| Open Pit (2026) | Total | 10,636 | 1.45 | 496 |
| Underground (2026) | Indicated | 357 | 3.04 | 35 |
| Underground (2026) | Inferred | 2,710 | 2.57 | 224 |
| Underground (2026) | Total | 3,067 | 2.63 | 259 |
| Combined (2026) | Indicated | 3,686 | 1.64 | 195 |
| Combined (2026) | Inferred | 10,016 | 1.74 | 560 |
| Combined (2026) | Total | 13,702 | 1.71 | 755 |
| Open Pit (2023) | Indicated | 1,430 | 2.02 | 93 |
| Open Pit (2023) | Inferred | 3,430 | 1.86 | 205 |
| Open Pit (2023) | Total | 4,860 | 1.91 | 298 |
| Underground (2023) | Indicated | 122 | 4.26 | 17 |
| Underground (2023) | Inferred | 1,070 | 4.39 | 151 |
| Underground (2023) | Total | 1,193 | 4.38 | 168 |
| Combined (2023) | Indicated | 1,552 | 2.19 | 110 |
| Combined (2023) | Inferred | 4,501 | 2.46 | 356 |
| Combined (2023) | Total | 6,053 | 2.39 | 466 |
| Increase — Open Pit | — | — | — | +198koz (67%) |
| Increase — Underground | — | — | — | +91koz (54%) |
| Increase — Combined | — | — | — | +290koz (62%) |
What’s driving the growth — and why Burbanks North is the standout
A tonnage-driven expansion
The resource growth is tonnage-driven, not grade-driven. Total tonnes increased 122% from 6.1Mt to 13.7Mt, reflecting Phase 1 extensional drilling at Burbanks North that defined broader mineralisation in the open pit domain above 180mRL. On a project-wide basis, open pit material accounts for 496koz (66% of contained gold) and underground material for 259koz (34%).
Importantly, the growth is isolated to Burbanks North and the new Galaxias open pit area, which contributed an additional 10koz. Main Lode, Birthday Gift, and Burbanks South are unchanged from their 2022 and 2023 estimates, with no new drilling incorporated at those domains.
The underground upside case
Burbanks Underground is not currently included in the Black Swan Processing Hub life-of-mine (LOM) plan. That makes it a material optionality point. The Burbanks Open Pit currently contributes 128.8koz (recovered) to the current LOM plan, while the underground component sits outside that schedule entirely.
The highest-grade component of the estimate is the Main Lode underground at 0.12Mt at 6.90g/t Au for 26koz. That figure is small in tonnage terms, but it is geologically consistent with historical underground production of 324,000oz at 22.7g/t Au from the Burbanks lodes between 1885 and 1961. Mineralisation at Main Lode and Birthday Gift extends to approximately 450m below surface and remains open at depth and along strike, meaning the exploration runway is still live.
Grant Haywood, Managing Director and CEO
“This update lifts our Burbanks deposit to 755,000 ounces, a 62% increase in contained gold, and takes Maritana’s Mineral Resource above 2 million ounces. The growth has come almost entirely from the Burbanks North area, with many other key high-grade areas remaining open and offering further upside. With 29% of the Mineral Resource now in the Indicated category and the final Phase 2 drill results expected shortly, we will progress a further Mineral Resource update in Q1 CY2027 and Ore Reserve studies. This work will further grow the value of the project, with Burbanks Underground firming as a new potential source of feed for the Black Swan Processing Hub.”
Understanding mineral resources and why classification matters for investors
A Mineral Resource Estimate (MRE) is a technically validated estimate of the quantity and grade of gold in the ground, prepared to the JORC Code (2012) standard — the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. It tells you how much gold exists at a defined level of geological confidence, not how much will necessarily be mined.
There are three classification tiers. Inferred is the lowest confidence level, based on limited drilling where geological continuity is assumed rather than confirmed. Indicated carries moderate confidence, supported by closer drill spacing and stronger geological understanding. Measured represents the highest confidence, requiring dense drilling and robust data.
Why does the shift toward Indicated matter here? Indicated material of 4.0Mt at 1.67g/t Au for 216koz now represents 29% of contained gold at Burbanks, up from the prior estimate. That growing confidence is significant because Indicated resources can form the basis of Ore Reserve studies — the step that converts a geological estimate into a bankable mine schedule. No Ore Reserve has yet been declared at Burbanks, and the announcement confirms that Ore Reserve studies are the logical next step following the improved classification work.
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What comes next — the path to Ore Reserves and LOM extension
The near-term catalyst sequence from the announcement is as follows:
- Remaining Phase 2 assay results expected in the current September quarter 2026
- Further MRE update incorporating all Phase 2 results targeted for the December quarter 2026
- Ore Reserve studies to commence, based on improved resource classification confidence
- RC (Reverse Circulation) drilling programme planned at Burbanks South — next quarter
- Group Mineral Resource now stands at 41.8Mt for 2.1Moz — Burbanks remains the project with the highest current potential for LOM extension at the Black Swan Processing Hub
With mineralisation open at depth, Phase 2 results still incoming, and Ore Reserve studies anticipated to follow the next MRE update, Burbanks represents a continuing value-creation sequence rather than a completed chapter. The underground domain — currently outside the LOM plan and carrying the project’s highest grades — adds a further dimension that mine planners have not yet formally accounted for.
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