Ore Resources Extends Forrest Gold System to 1km at Miriam Project

Forrest Gold System Expands to 1km Strike and 250m Depth at Ore Resources' Miriam Project

Ore Resources Ltd (ASX: OR3) has reported that initial Phase 4 diamond drilling at the Forrest prospect within its 100%-owned Miriam Gold Project has extended the known gold system to approximately 1km of north-south strike and 250m vertical depth, with mineralisation still open along strike and at depth. According to the ASX announcement, the seven-hole, 1,000m programme has also improved the company's understanding of the structures controlling gold at Forrest, which is emerging as a larger shear-hosted gold system in Western Australia's Eastern Goldfields.

For investors, the update matters for two reasons. First, the drilling appears to confirm scale is increasing beyond earlier reverse circulation drilling. Second, Ore Resources has indicated that the highest-grade parts of the system may not yet have been properly tested at depth, leaving a defined follow-up target for later in H2 2026.

Phase 4 Diamond Drilling Confirms Deeper and Longer Continuity

According to the announcement, the Phase 4 diamond drilling programme was designed to test down-dip continuity, resolve structural controls and collect geological data to support future resource work. The campaign included re-entry and extension of several earlier RC holes, plus one hole drilled fully in diamond from surface.

The most prominent intercept came from FGRC056D, which returned 33m @ 1.44 g/t Au from 135m. This hole extended previously reported RC drilling, which had intersected 27m @ 1.54 g/t Au from 135m and ended in mineralisation. In practical terms, the diamond extension suggests the lode continued beyond the end of the earlier hole.

Other reported intercepts also support continuity at depth and along strike:

The southern extensions are particularly relevant. Ore Resources stated that FGRC073D and FGRC074D were drilled to follow up earlier RC holes that had not reached their target depths because of groundwater limitations. The diamond tails are reported to have pushed the Forrest system about 100m further south, beyond earlier drilling and past the Forrest South prospect.

Depth continuity was also extended. Hole FGRC070D returned 11m @ 0.93 g/t Au from 290m, including 2m @ 2.7 g/t Au from 290m, which the company said indicates mineralisation continues to around 250m vertical depth.

What Does the Geology Say About Forrest?

The ASX update states that gold at Forrest is hosted in strongly sheared and altered mafic units linked to the regional Miriam Shear Zone. In simpler terms, the gold appears to sit within deformed volcanic rocks that have been fractured, altered by hot fluids and mineralised over time.

Ore Resources said a structural review by consultant Model Earth Pty Ltd confirmed that mineralisation is associated with near-vertical shears in tholeiitic basalts, with some original pillow basalt textures still preserved. Gold grades are reported to correlate with:

• Stronger shearing or rock deformation
• Biotite-amphibole-carbonate alteration
• Silicification, which means added silica within the rock
• Sulphide mineralisation

This type of geological setting is relevant because many gold deposits in the Eastern Goldfields are structurally controlled. Furthermore, if the main shear remains open and contains repeated mineralised zones, further drilling can test whether the footprint continues to build in size.

"Building on the strong foundation established by our previous RC drilling, our initial diamond drilling programme at Forrest has delivered highly encouraging results, confirming both significant down-dip continuity below RC drilling and a further 100m extension of the gold system to the south," said Nick Rathjen, Managing Director and CEO.

"Overall, we now see a coherent gold system extending over approximately 1km on a north-south strike length and to a vertical depth of at least 250m."

What Is a Shear-Hosted Gold System?

A key term in this announcement is shear-hosted gold mineralisation. For non-specialist investors, this is one of the more common deposit styles in established gold belts such as Western Australia's Eastern Goldfields.

A shear zone is a band of rock that has been deformed by strong tectonic pressure. These zones can act as pathways for hot fluids carrying dissolved minerals. When pressure, temperature and chemistry change, gold can be deposited in and around these structures.

Key Terms Worth Understanding

A few useful terms from the Forrest update are worth clarifying:

• Strike length: the horizontal distance a mineralised zone can be traced across the ground
• Down-dip extension: how far the mineralised zone continues downward along its geological angle
• Vertical depth: the depth below surface reached by the mineralisation
• g/t Au: grams of gold per tonne of rock
• Boudinage: a structural feature where rock layers are stretched into segmented shapes, which can influence where higher-grade mineralisation concentrates

In many shear-hosted systems, the highest gold grades are not spread evenly. They often occur in shoots, which are localised zones of better grade that can plunge in a specific direction. Understanding that geometry is often a major step in turning broad mineralisation into a more coherent exploration target.

Geophysics Points to More Targets Beyond Current Drilling

The drilling update was accompanied by results from Sub Audio Magnetic (SAM) and ground gravity surveys completed across the Forrest area. According to Ore Resources, these datasets have identified structures coincident with drilled mineralisation and suggest the footprint may continue beyond the current drill area.

The SAM survey collected higher-resolution data over Forrest at 25m line spacing, expanding to 50m further north toward Burbanks Monarch. The company's interpretation identified a linear conductive low, next to a conductive high, that aligns with known mineralisation.

Key takeaways from the geophysical work include:

• A conductive feature interpreted as the mineralised shear zone
• Extension of that feature about 250m south beyond the most recent drilling
• A total interpreted strike length of about 650m for the main SAM feature
• Four additional structural targets with limited or no drill testing

These targets are described as cross-cutting structures associated with conductive lows similar to the known Forrest setting. For investors, this provides more than one pathway for follow-up drilling and suggests the Forrest trend is not limited to the currently drilled envelope.

"Results from SAM and ground gravity geophysical surveying, conducted in parallel with the diamond drilling programme, have identified mineralised structures extending beyond the current drilling footprint, further highlighting the growth potential at Forrest," Rathjen said.

"These datasets will be integrated into ongoing structural interpretations of the Forrest system to support target generation and guide the next phase of drilling."

High-Grade Shoots Remain the Main Follow-Up Target

One of the more important parts of the announcement is what the diamond drilling did not fully resolve. Ore Resources stated that several diamond holes deviated from their planned pierce points because the host rocks were highly foliated, meaning the rock fabric influenced drill direction.

As a result, the company believes the deeper diamond holes may have intersected the same mineralised shears but not the central parts of the higher-grade shoots. This is relevant because earlier RC drilling delivered stronger grades than most of the latest diamond intercepts.

Previously Reported High-Grade RC Results

According to the company, these higher-grade zones may follow a subtle plunge direction or be influenced by internal structural segmentation such as boudinage. That interpretation is still being refined, however it gives a clear technical reason for additional drilling.

For investors, this creates a specific near-term objective. The current programme appears to have confirmed the broader system, while the next round of work is expected to target the geometry of the best-grade shoots more directly.

Other Exploration Work and Expected Catalysts

Ore Resources said exploration is continuing across the wider Coolgardie Gold Projects, with regional aircore drilling active at several Miriam prospects including Forrest South, Burbanks Monarch, Goroke, Jungle and follow-up work at Canyon.

The company also noted that a 3,000m RC drilling programme at the Kangaroo Hills Lithium Project has been completed, with results expected in coming weeks. The current schedule outlined in the announcement is as follows:

This sequence is relevant because it indicates news flow is likely to continue across both gold and lithium assets over the next several months.

Funding Position and Investor Takeaways

Ore Resources reported a cash balance of $9.6 million and zero debt as at 31 March 2026. For a junior explorer running multiple drill programmes, that is a material point. It suggests the company is positioned to continue exploration through 2026 without an immediate financing requirement stated in this release.

From an investor perspective, the Forrest update adds weight to several parts of the exploration case:

1. The mineralised system is getting larger — the company has now traced mineralisation over about 1km of strike and to 250m vertical depth, with open directions still to test
2. The geological model is improving — diamond drilling and structural review appear to have clarified that gold is hosted within near-vertical shears connected to the Miriam Shear Zone
3. Higher-grade targets remain unresolved — earlier RC drilling returned stronger grades, and the company has indicated the latest diamond drilling may not have fully hit the core of those shoots
4. Geophysics adds new targets — SAM and gravity results have outlined structural targets beyond the currently drilled footprint, including four areas with limited drilling
5. Multiple catalysts are pending — July aircore results, lithium RC assays and later Forrest follow-up drilling provide a steady pipeline of potential updates

Why Forrest Remains a Project to Watch

According to the Phase 4 drilling update, Forrest is shifting from a series of encouraging intercepts into a broader, more coherent gold system with demonstrated strike and depth continuity. In addition, the latest drilling does not appear to have resolved every part of the story, particularly around the orientation of the higher-grade shoots, but it has added scale and improved geological confidence.

That combination is often important at this stage of exploration. A growing mineralised footprint, a clearer structural model, multiple undrilled geophysical targets and a funded programme through 2026 leave Ore Resources with several identifiable catalysts.

For ASX gold investors watching emerging discoveries in the Eastern Goldfields, Forrest is likely to remain one of the company's key value drivers through the second half of the year.

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