Maritana Hits 25g/t Gold at Depth Firming Burbanks as Potential New Mine Feed
Key Takeaways
- Phase 2 drilling at Burbanks has returned a standout intercept of 0.48m @ 25.19 g/t Au from 224.63m, with multiple high-grade zones confirmed below the Main Lode extending the system past 300m depth.
- Burbanks Underground is not currently included in the Black Swan Processing Hub Life of Mine plan — successful reserve conversion would add it as a new feed source, representing genuine upside optionality rather than baked-in value.
- The current JORC Mineral Resource Estimate stands at 6.1Mt @ 2.4 g/t Au for 466,000oz total, with the underground component of ~167,900oz the direct target of Phase 2 resource growth and confidence uplift.
- A Burbanks MRE update incorporating Phase 1 results is due in the September Quarter 2026, with Phase 2 results feeding into a December Quarter 2026 MRE update — creating a sustained newsflow cadence through H2 2026.
- Ore Reserve studies are planned to follow the MRE updates, representing the critical step that would underpin LOM integration and economic mine planning for Burbanks Underground.
Maritana extends high-grade Burbanks gold at depth with fresh Phase 2 hits
Maritana Minerals has returned further high-grade gold intercepts from Phase 2 drilling at its 100%-owned Burbanks Gold Project, 9km south of Coolgardie in the Western Australian Goldfields. The results extend mineralisation below the Main Lode, with the standout result of 0.48m @ 25.19 g/t Au from 224.63m (26HBBD062). These are the first 11 assays from a 20-hole, ~6,400m resource-definition program designed to test the depth extensions of the Burbanks Underground mineralisation beneath the Main Lode.
The drilling confirms continuity of the Burbanks shear at depth. What makes this material is that Burbanks Underground is not currently included in the Black Swan Processing Hub (BSPH) Life of Mine plan — these results are firming it as a potential new feed source to enhance and extend the existing LOM. That is optionality, not existing value, but it matters to your exposure here.
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The standout Phase 2 intercepts
Phase 2 has delivered a mix of high-grade narrow intercepts and broader mineralised zones. The results below are downhole intervals — due to the vertical nature of the orebody and restricted collar locations, true widths vary but are commonly at a low angle to the mineralisation:
- 0.48m @ 25.19 g/t Au from 224.63m (26HBBD062)
- 0.76m @ 9.02 g/t Au from 231.42m, including 0.38m @ 16.41 g/t Au (26HBBD062)
- 2.1m @ 3.33 g/t Au from 215m (26HBBD054)
- 3.89m @ 2.25 g/t Au from 299.11m, including 2.0m @ 3.69 g/t Au from 301m and 1.0m @ 8.23 g/t Au from 307m (26HBBD056)
- 0.78m @ 4.30 g/t Au from 309.90m (26HBBD064)
The pattern you should notice: consistent high-grade intercepts extending the mineralised footprint at depth. That is the signal that the shear zone continues below the current resource definition.
| Hole ID | Best Intercept | Grade (g/t Au) | From (m) | Significance |
|---|---|---|---|---|
| 26HBBD062 | 0.48m | 25.19 | 224.63 | Narrow high-grade intercept, confirms high-grade continuity at depth |
| 26HBBD062 | 0.76m (incl. 0.38m) | 9.02 (16.41) | 231.42 | Multiple high-grade zones in single hole, proves continuity |
| 26HBBD054 | 2.1m | 3.33 | 215.00 | Broader mineralised zone, supports resource thickness at depth |
| 26HBBD056 | 3.89m (incl. 2.0m, 1.0m) | 2.25 (3.69, 8.23) | 299.11 | Deepest intercept reported, extends system below 300m depth |
| 26HBBD064 | 0.78m | 4.30 | 309.90 | Confirms mineralisation continuity at depth |
Why these results matter for the investment case
The Phase 2 drilling is not just confirming what Maritana already knows — it is expanding the high-grade footprint and de-risking the path to reserves. What this tells you:
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Extends the high-grade footprint at depth below the Main Lode — the mineralised system is growing, not just being defined. That matters because it increases the tonnage potential of Burbanks Underground.
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Supports conversion of Inferred Resources to Indicated — this is the step that underpins future Ore Reserves. Only Indicated and Measured Resources can support mine planning and reserve estimates. Phase 2 is designed to lift the confidence level of the current Inferred ounces.
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Burbanks Underground is not currently in the BSPH Life of Mine plan — this is critical context. The existing LOM (outlined in the 17 February 2026 Scoping Study) does not include Burbanks Underground as a feed source. If these results support a reserve, it becomes a new source of feed to enhance and extend the existing plan. That is upside optionality, not baked-in value.
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Ongoing drilling de-risks the project and enhances development potential — every metre drilled with consistent high-grade intercepts reduces geological uncertainty and improves the economic case for future mine planning.
Grant Haywood, Managing Director and CEO
“Phase 2 drilling has successfully extended the high-grade mineralised footprint at depth below the Main Lode, with consistent intercepts confirming continuity of the Burbanks shear. The ongoing success of the drilling program continues to de-risk the project and enhance development potential. Burbanks Underground is firming as a new potential source of feed for Maritana’s 100% owned Black Swan Processing Hub to enhance and extend our existing LOM plan.”
Understanding the resource picture
The way JORC resources work matters here. Resources are classified by confidence level: Inferred (lowest confidence), Indicated, and Measured (highest). Only Indicated and Measured Resources can support Ore Reserves — the economically minable portion that mine planners use to build life-of-mine schedules. Extension and infill drilling is how companies move ounces from Inferred to Indicated. That conversion is what unlocks value, because it turns “potential ounces” into reserve-ready ounces.
Phase 2 is designed to do exactly that: firm up the geological continuity and grade confidence below the Main Lode, converting a portion of Inferred Resources to Indicated. That step is what supports Ore Reserve studies, which in turn underpin the economic case for adding Burbanks Underground to the BSPH LOM plan.
The current JORC (2012) Mineral Resource Estimate for Burbanks sits at 6.1Mt @ 2.4 g/t Au for 466,000oz (total open pit and underground). The breakdown: Burbanks Open Pit accounts for ~297,700oz and Burbanks Underground for ~167,900oz. The underground component is where Phase 2 is targeting resource growth and confidence uplift.
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What happens next
Maritana has laid out a clear catalyst timeline through the second half of 2026. What you should be watching:
- Remaining Phase 2 assay results (9 of 20 holes) expected in the September Quarter 2026.
- Burbanks MRE update from Phase 1 due in the September Quarter 2026.
- Phase 2 results incorporated into the December Quarter 2026 MRE update — this is when the drilling translates into resource growth or confidence uplift.
- Ore Reserve studies to follow, based on improved Inferred-to-Indicated confidence.
- Burbanks South drilling program planned for the next quarter.
Phase 1 delivered 53 holes for 15,798m and Phase 2 is 20 holes for ~6,400m, part of a total ~25,000m drilling program that commenced in late June 2025. The cadence you are getting is a steady flow of assay and resource newsflow through H2 2026. That rhythm keeps the project in front of the market while the company builds the data set required for reserve studies. What this means for your portfolio is sustained near-term newsflow tied to a clear value-conversion pathway: drilling → resource update → reserve study → LOM integration.
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