Sinclair Gold Doubles Mt Henry Resource to 1.8Moz in Just Six Months
Key Takeaways
- SinclairGold (ASX: SGC) has doubled the Mt Henry Gold Project resource to 48Mt at 1.2g/t Au for 1.8Moz in just six months since acquiring the project with a 0.9Moz resource in February 2026.
- More than 70% of the total resource — 1.3Moz — sits in the higher-confidence JORC Measured and Indicated categories, up from 0.8Moz at acquisition, strengthening the basis for future feasibility work.
- The resource pit shells were constrained using A$3,900/oz gold — approximately 40% below the current spot price of A$6,110/oz — suggesting material headroom under commercially realistic pricing assumptions.
- This MRE captures only 41% of the planned CY26 drill programme, with five rigs still active and assays pending from 25 step-out holes drilled outside the current resource footprint.
- The company held $38.2m in cash as at 30 June 2026 to fund continued drilling, with a further resource update targeted before the end of FY27.
Mt Henry resource doubles to 1.8Moz at 1.2g/t gold in just six months
SinclairGold (ASX: SGC) has announced a JORC (2012) Mineral Resource Estimate (MRE) of 48Mt at 1.2g/t Au for 1.8Moz at its Mt Henry Gold Project in Western Australia, exactly doubling the 0.9Moz resource the company acquired in February 2026. The updated MRE is effective 31 July 2026, meaning the entire 0.9Moz of growth was delivered in just six months.
The resource is constrained within optimised pit shells using an A$3,900/oz gold price, approximately 40% below the current spot price of approximately A$6,110/oz as at 10 September 2026. Of the total resource, 1.3Moz (more than 70%) sits in the higher-confidence JORC Measured and Indicated categories, and the company held $38.2m in cash as at 30 June 2026 to continue drilling.
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Key highlights at a glance
- 1.8Moz total resource (up from 0.9Moz at acquisition)
- 0.9Moz added in six months
- 1.3Moz in JORC Measured + Indicated categories
- Approximately 90% of ounces within 200m of surface
- 20,426m of drilling incorporated (41% of planned 50,000m programme)
- Five drill rigs currently on site
- 25 step-out holes with assays pending
- $38.2m cash as at 30 June 2026
Deposit-level breakdown: where the growth came from
All 0.9Moz of resource growth came from the Mt Henry and Selene deposits. No exploration or resource definition work was undertaken at North Scotia during the period, and the Stockpiles Mineral Resource remains unchanged.
Mt Henry and Selene lead the charge
The table below presents the deposit-by-deposit resource growth since acquisition.
| Deposit | Updated MRE | Acquired MRE | Change in Contained Gold |
|---|---|---|---|
| Mt Henry | 22Mt @ 1.2g/t Au for 0.9Moz | 5Mt @ 1.5g/t Au for 0.2Moz | +0.7Moz |
| Selene | 25Mt @ 1.1g/t Au for 0.9Moz | 19Mt @ 1.1g/t Au for 0.7Moz | +0.2Moz |
| North Scotia | 0.1Mt @ 2.6g/t Au for 12koz | 0.1Mt @ 2.6g/t Au for 12koz | No change |
| Stockpiles | 0.9Mt @ 0.7g/t Au for 20koz | 0.9Mt @ 0.7g/t Au for 20koz | No change |
| Total | 48Mt @ 1.2g/t Au for 1.8Moz | 25Mt @ 1.2g/t Au for 0.9Moz | +0.9Moz |
Shallow resource supports open-pit potential
One of the most commercially significant features of the updated MRE is its shallow depth profile. At Selene, 94% of contained gold sits within 200m of surface; at Mt Henry, the figure is 81%. Combined, nearly 90% of the gold across both deposits lies within that 200m vertical depth.
Mt Henry mineralisation now extends to approximately 250m below surface, with intersections recorded beyond 480m, indicating significant depth potential remains to be tested. Selene is currently defined to only approximately 200m vertically and remains open at depth and along strike. This shallow geometry is supportive of large-scale open-pit development optionality at both deposits.
What is a JORC Mineral Resource Estimate, and why does it matter?
A JORC (2012) Mineral Resource Estimate is an independently compiled, standardised measure of in-ground mineralisation that underpins project valuation and future development decisions. Under the JORC Code, resources are classified into three confidence categories: Measured (highest confidence), Indicated, and Inferred, based on the quantity and quality of supporting data.
The proportion of a resource in the Measured and Indicated categories matters because greater certainty provides a stronger basis for feasibility studies and project financing. At acquisition, the Mt Henry Gold Project carried 0.8Moz in the Measured and Indicated categories. That figure has now grown to 1.3Moz, meaning the higher-confidence portion of the resource has expanded materially alongside the overall tonnage increase.
The conservative pit-shell constraint using an A$3,900/oz gold price (approximately 40% below current spot) reflects a cautious reporting methodology, suggesting the resource has headroom under more commercially realistic pricing assumptions.
Growth pipeline: the drilling story is far from over
The current MRE captures only 41% of the planned CY26 drill programme, meaning the majority of planned drilling has yet to flow through into a resource update. That positions the next resource estimate as a significant near-term catalyst.
Three sources of near-term resource growth
The announcement identifies three distinct sources of expected future resource growth:
- Assays pending from 25 holes drilled outside the current MRE footprint, with results from many expected imminently.
- Five rigs actively drilling at Mt Henry and Selene, with both deposits still open along strike and at depth.
- The broader approximately 16km mineralised corridor, including Birthday Gift, Artemis and Plutus, which remains largely untested.
High-grade regional targets on the horizon
Beyond the existing resource boundaries, historic shallow drilling across the broader corridor has returned compelling results at several regional prospects. At Artemis, located approximately 50m north of Mt Henry, historic drilling returned 12m @ 6.1g/t gold from 17m. At Birthday Gift, situated between Mt Henry and Selene, a historic result of 10m @ 88.2g/t gold from 5m was recorded. At Plutus, approximately 200m south of Selene, results of 20m @ 2.6g/t gold were intersected.
These are historic results at targets that have received little systematic follow-up and should not be interpreted as confirmed resources. A further resource update is targeted before the end of FY27.
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CEO’s view: “The potential to become a multi-million-ounce project”
Jeff Sansom, Chief Executive Officer
“We acquired Mt Henry because we saw a lot of opportunity to grow the Resource. Six months later, we have doubled it to 1.8Moz at 1.2g/t Au. That’s an outstanding result and validates what we saw in the Project when we acquired it.”
He added: “…we believe Mt Henry has the potential to become a substantially larger, multi-million-ounce gold project.”
With $38.2m in cash as at 30 June 2026, an active five-rig drilling campaign underway, and only 41% of the planned programme incorporated into this interim update, the conditions for continued resource growth are in place. A further resource update is expected before the end of FY27, with assays from 25 step-out holes anticipated imminently.
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