Ballard Mining Expands Mt Ida Gold Resource to 1.84 Moz; Feasibility Study 2027
Key Takeaways
- Ballard Mining's Mt Ida Gold Resource now stands at 20.4 Mt @ 2.8 g/t Au for 1.84 Moz — a 56% increase from February 2026 and a 63% increase since the company's ASX listing in July 2025.
- The 658,000 additional ounces were added at a discovery cost of A$36/oz, based on A$24.1 million in exploration expenditure across the first half of 2026.
- Baldock, the project's cornerstone deposit, grew 35% to 1.36 Moz at 3.5 g/t and remains open at depth and along strike for a further 1,500 metres to the south.
- Three maiden resources — Neptune (27 koz), Pluto (27 koz), and Astro-Quasar (21 koz) — were added alongside significant growth at West Knell (up 258%) and Golden Vale (up 359%).
- The Mt Ida Feasibility Study and Reserve Estimation remains on track for mid-CY2027, supported by an existing approvals package including seven granted Mining Leases and a Works Approval for up to 2.0 Mtpa processing.
Mt Ida resource jumps 56% to 1.84 Moz, Feasibility Study on track for mid-2027
Ballard Mining (ASX: BM1) has delivered an updated JORC 2012 Mineral Resource Estimate (MRE) for its Mt Ida Gold Project in Western Australia, with the global resource now standing at 20.4 Mt @ 2.8 g/t Au for 1.84 Moz of contained gold. That represents a 658 koz (56%) increase from the February 2026 MRE, and a 740 koz (63%) increase since Ballard’s ASX listing in July 2025.
The additional ounces were delivered at a discovery cost of just A$36/oz, based on A$24.1 million in exploration expenditure between 1 January and 30 June 2026. The Mt Ida Feasibility Study and Reserve Estimation remains on target for mid-CY2027.
Managing Director Paul Brennan
“The increase in the Mt Ida Gold Mineral Resource to 1.84 Moz represents a significant milestone for Ballard and highlights the quality and scale of the project… the expanded Mineral Resource strengthens the technical foundation for the planned Feasibility Study.”
When big ASX news breaks, our subscribers know first
Resource update by the numbers
The September 2026 MRE incorporates 124,626m of reverse circulation and diamond drilling completed since the February 2026 update. Growth was broad-based across the deposit portfolio, with maiden resources added at Neptune, Pluto, and Astro-Quasar.
| Deposit | Feb 2026 MRE (koz) | Sep 2026 MRE (koz) | Increase (koz) | Increase (%) |
|---|---|---|---|---|
| Baldock | 1,006 | 1,363 | 357 | 35% |
| West Knell | 40 | 147 | 107 | 258% |
| Golden Vale | 27 | 124 | 97 | 359% |
| Jupiter | 11 | 29 | 18 | 164% |
| Neptune | — | 27 (maiden) | 27 | n/a |
| Pluto | — | 27 (maiden) | 27 | n/a |
| Astro-Quasar | — | 21 (maiden) | 21 | n/a |
| Other | 94 | 94 | — | n/a |
| Total MRE | 1,178 | 1,836 | 658 | 56% |
Key metrics from the update include:
- Open pit MRE increased 81% to 970 koz (12.4 Mt @ 2.4 g/t)
- Underground MRE increased 33% to 866 koz (7.9 Mt @ 3.4 g/t)
- Drilling database: 3,810 holes for 629,370m total; 124,626m completed since the February 2026 MRE cut-off
- MRE completed by independent consultants Snowden Optiro (Michael Andrew and Susan Havlin)
What is a Mineral Resource Estimate, and why does scale matter?
A JORC 2012 Mineral Resource Estimate (MRE) is a formal, independently verified calculation of the volume and grade of mineralisation with reasonable prospects for eventual economic extraction. Resources are classified into two confidence tiers: Indicated (higher confidence, supported by closer drill spacing and demonstrated grade continuity) and Inferred (lower confidence, requiring additional drilling to upgrade). The distinction matters because Indicated Resources can support Feasibility Studies and conversion to Ore Reserves, while Inferred material cannot.
At Mt Ida, the Baldock open pit already contains 437 koz in the Indicated category at 3.9 g/t — the highest-confidence portion of the resource and a meaningful input for the upcoming Feasibility Study.
Discovery cost is a useful efficiency metric for investors. At A$36/oz, Ballard’s cost to add each new ounce signals disciplined capital allocation across the drilling programme. A Feasibility Study is the formal technical and economic assessment that determines whether a project is viable to develop, and is typically the final gate before a company makes a production decision.
Baldock leads growth; regional deposits add scale and upside
Baldock — the 1.36 Moz cornerstone
Baldock remains the high-grade anchor of the Mt Ida project, now standing at 12.2 Mt @ 3.5 g/t for 1.36 Moz, up 35% (357 koz) from the February 2026 MRE. The deposit is 3.3 km long, within a 500m-wide corridor, with mineralisation extending to at least 600m depth. It remains open at depth and along strike.
Baldock accounts for 53% (516 koz) of the total open pit MRE. Drilling completed after the 30 June 2026 MRE cut-off has identified further extensions to the south, where the deposit remains open along strike for another 1,500m (assays pending, not yet classified as resources). The CY2026 extensional programme is targeting 350–750m depth, with a CY2027 planned programme targeting 750–1,000m depth.
Regional deposits building the satellite portfolio
Ballard’s strategy is to supplement baseload feed from Baldock with multiple satellite deposits over the life of mine. The September 2026 MRE update materially strengthens that position across three key regional areas:
- West Knell grew 258% to 147 koz, comprising five lodes across a 490m mineralised corridor, open along strike and at depth.
- Golden Vale grew 359% to 124 koz across three prospects (Golden Vale, Pegasus, and Aurelia). Historical production of approximately 13 koz at this location supports geological credibility.
- Neptune, Pluto, and Astro-Quasar received maiden MREs of 27 koz, 27 koz, and 21 koz respectively, adding early-stage satellite inventory to complement the Baldock baseload.
The next major ASX story will hit our subscribers first
Feasibility Study pathway and what comes next
The Mt Ida Feasibility Study and Reserve Estimation is on target for mid-CY2027. Near-term drilling priorities include:
- Infill drilling at Baldock, Golden Vale, and West Knell to convert Inferred Resources to Indicated Resources
- Ongoing exploration targeting extensions to known mineralised systems and new regional targets
- Air core rig mobilisation planned for regional targets and infrastructure sterilisation drilling
Drilling completed after the 30 June 2026 cut-off continues to intersect extensions (assays pending), providing a pipeline for future MRE updates.
The project carries a meaningful approvals package already in place: seven granted Mining Leases, an approved Mining Proposal, Mine Closure Plan, and Native Vegetation Clearing Permit, along with a Works Approval for up to 2.0 Mtpa processing and a Tailings Storage Facility, and granted 3.7 GL/yr water abstraction licences. That existing approvals framework reduces a common category of development risk for a project at this stage.
Mt Ida sits in Western Australia’s Goldfields region, 540km northeast of Perth, in a corridor that also hosts operations by Northern Star Resources and Vault Minerals — a well-regarded address for large-scale gold development.
Don’t Miss the Next ASX Gold Breakout
Get FREE breaking ASX gold news delivered to your inbox within minutes of release, complete with in-depth analysis. Over 30,000 investors already rely on Big News Blast to stay ahead of market-moving announcements. Click the “Free Alerts” button to ensure the next major gold resource update lands in your inbox the moment it hits the ASX.