Sinclair Gold Reports 1.8Moz Mt Henry Resource, 100% Growth Update
Key Takeaways
- Sinclair Gold (ASX: SGC) has delivered an interim MRE of 1.8Moz at 1.2g/t Au at Mt Henry, exactly doubling the 915koz resource established at acquisition in February 2026 — with grade held steady throughout.
- More than 70% of the 1.8Moz resource sits in the higher-confidence Measured and Indicated JORC categories, the threshold typically required to advance serious development studies.
- The resource was generated from only 20,426m of drilling — approximately 40% of the planned 50,000m CY26 programme — with 25 holes carrying pending assays outside the current MRE footprint.
- The resource pit-shell is priced at A$3,900/oz, roughly 40% below the spot gold price of A$6,110/oz as at 10 September 2026, providing substantial economic headroom for open-pit development.
- A fifth rig has been mobilised and the next MRE update is targeted before the end of FY27, with both the Mt Henry and Selene deposits remaining open at depth and along strike.
Sinclair Gold doubles Mt Henry resource to 1.8Moz in just six months
Sinclair Gold (ASX: SGC) has delivered an interim mineral resource estimate (MRE) of 1.8Moz at 1.2g/t Au at the Mt Henry Gold Project in Norseman, Western Australia, representing approximately 100% growth from the 915koz at 1.2g/t Au announced at the time of acquisition in February 2026. Crucially, grade has held steady at 1.2g/t Au throughout the doubling of contained gold. This update was generated from only 20,426m of drilling, approximately 40% of the planned 50,000m CY26 drill programme.
When big ASX news breaks, our subscribers know first
Q1 FY27 resource highlights at a glance
The headline figures are anchored by two large, shallow deposits, with the full resource breakdown by deposit and classification shown below.
Key metrics at a glance:
- Total MRE: 47.9Mt at 1.2g/t Au for 1,792koz (reported as approximately 1.8Moz)
- Measured + Indicated: 33.9Mt at 1.2g/t Au for 1,262koz (greater than 70% in JORC M&I categories)
- Mt Henry deposit: 22.0Mt at 1.3g/t Au for 885koz
- Selene deposit: 24.9Mt at 1.1g/t Au for 875koz
- Resource pit-shell: A$3,900/oz, approximately 40% below the spot price of A$6,110/oz as at 10 September 2026
- Only 40% of the planned 50,000m drill programme has been incorporated into this MRE
- 25 holes with assays pending outside the current MRE footprint
| Deposit | Classification | Tonnes (Mt) | Grade (g/t Au) | Contained Gold (koz) |
|---|---|---|---|---|
| Mt Henry | Indicated | 12.8 | 1.3 | 521 |
| Inferred | 9.2 | 1.2 | 364 | |
| Total Mt Henry | 22.0 | 1.3 | 885 | |
| Selene | Indicated | 20.1 | 1.1 | 710 |
| Inferred | 4.8 | 1.1 | 166 | |
| Total Selene | 24.9 | 1.1 | 875 | |
| North Scotia | Indicated | 0.1 | 2.6 | 12 |
| Inferred | 0.0 | 2.4 | 0 | |
| Total North Scotia | 0.1 | 2.6 | 12 | |
| Stockpiles | Measured | 0.9 | 0.7 | 20 |
| Total Stockpiles | 0.9 | 0.7 | 20 | |
| TOTAL | Measured | 0.9 | 0.7 | 20 |
| Indicated | 33.0 | 1.2 | 1,242 | |
| Measured + Indicated | 33.9 | 1.2 | 1,262 | |
| Inferred | 14.0 | 1.2 | 530 | |
| TOTAL MINERAL RESOURCE | 47.9 | 1.2 | 1,792 |
Mineral Resources effective as at 31 July 2026. Classified in accordance with the 2012 JORC Code. Numbers may not add due to rounding.
What makes the Mt Henry resource exceptional
A Mineral Resource Estimate, or MRE, is a JORC-compliant estimate of the quantity and grade of mineralisation that has reasonable prospects for eventual economic extraction. The classification system runs from Inferred (lowest confidence, based on limited drilling) through Indicated to Measured (highest confidence, with detailed drilling data supporting the estimate).
Two things stand out in this update. First, grade has not been diluted as the resource grew. Doubling contained gold while holding grade steady at 1.2g/t Au tells you the new drilling is hitting the same quality of mineralisation, not lower-grade peripheral material. Second, more than 70% of the resource now sits in the Measured and Indicated categories, which is the level of confidence typically required to begin serious development studies.
Shallow, dense, and open — the geometry that matters
The geometry of the Mt Henry and Selene deposits is what gives the open-pit development case its strength. Approximately 90% of the gold sits within 200m of surface, and at the project’s peak depth of around 130m, the resource reaches approximately 12,500 ounces per vertical metre (oz/vm). That metric measures how densely gold is concentrated as you mine downward — higher numbers mean more gold recovered per metre of mining depth, which is directly relevant to open-pit economics.
Mineralisation at both deposits extends up to 50m thick, and Mt Henry itself is a proven open-pit producer. Historical open-pit mining operations between 2016 and 2019 recovered approximately 129koz at an average recovered grade of around 1.7g/t Au, with mining halted at approximately 90m depth. Current drilling has extended mineralisation to 480m depth, and the resource remains open in multiple directions.
A 16km corridor with significant upside
Beyond the two primary deposits, the Mt Henry Gold Project sits within a 16km mineralised corridor hosting Mt Henry, Selene, North Scotia, and a series of regional targets including Artemis, Birthday Gift, Plutus, and Apollo. It is important to note that the regional targets do not currently support JORC Mineral Resources and do not form part of the current MRE.
The source explicitly frames the broader corridor view as conceptual in nature. That said, early-stage intercepts from the regional targets are notable: Artemis has returned 12m at 6.1g/t Au and 2m at 15.8g/t Au, while Birthday Gift has returned 10m at 88.2g/t Au and 2m at 46.3g/t Au. These results indicate the broader land package warrants further exploration, though significant additional work is required before any resource can be defined at these targets.
From transaction to 1.8Moz — a six-month execution timeline
The resource growth story is also a management execution story. The company explicitly framed this update around a “what we said we would do / what we delivered” commitment.
- December 2025: Acquisition of Mt Henry announced
- February 2026: Transaction completed; maiden MRE of 915koz at 1.2g/t Au established; first rig mobilised
- Early March 2026: Second rig commenced mobilisation
- March–September 2026: Four rigs on site; mineralisation extended; workforce expanded; balance sheet strengthened
- September 2026: Interim MRE of 1.8Moz at 1.2g/t Au from only 20,426m drilled — approximately 40% of the planned 50,000m CY26 programme
- Now: Fifth rig mobilised; 25 holes with assays pending outside the updated MRE; next MRE update targeted before the end of FY27
The commitment made at the outset was to deliver meaningful resource growth before the end of CY26. The delivered outcome is approximately 100% growth in six months, with grade maintained throughout.
The next major ASX story will hit our subscribers first
What comes next for Sinclair Gold
Drilling continues to grow the resource
Both deposits remain open at depth and along strike, and drilling is continuing beyond the current MRE footprint. Specifically:
- 5 rigs are now active, focused on extensions at Mt Henry and Selene
- Selene: 10 holes drilled outside the MRE with assays pending; the Southern Thickness Trend is currently being drilled
- Mt Henry: 15 holes drilled outside the MRE with assays pending; deepest intersection to date at 480m
- The next MRE update is targeted before the end of FY27
Company fundamentals
- Cash on hand: $38.2m (at 30 June 2026)
- Share price: $1.34 (at market close 11 September 2026)
- Shares outstanding: 185.6M
- Market capitalisation: approximately $249M
- Institutional ownership: approximately 30% globally; Westgold Resources (ASX: WGX) holds 17.4%
- Analyst coverage: Canaccord Genuity, Argonaut, Euroz Hartleys
Don’t Miss the Next ASX Gold Breakthrough
Get FREE breaking ASX gold news delivered to your inbox within minutes of release, complete with in-depth analysis already done for you. Join 30,000+ subscribers who stay ahead of the market the moment announcements hit. Click the “Free Alerts” button at Discovery Alert to start receiving real-time alerts on the gold stocks that matter.