Valiant Gold Kicks Off 8,000m Drill Campaign to Upgrade Boomerang’s 367koz Resource
Key Takeaways
- Valiant Gold has commenced Phase A resource definition drilling at Boomerang, targeting approximately 8,000m of diamond drilling across an 8–10 week programme with two rigs now on site.
- Boomerang hosts the largest single resource within the Reedy Project at 5.26Mt @ 2.17g/t Au for 367koz of gold, sitting on a granted Mining Lease with a processing pathway already secured via an Ore Purchase Agreement with Westgold Resources.
- The programme targets conversion of Inferred resources to the Indicated category, which would underpin feasibility studies and support evaluation of a potential accelerated open-pit mining opportunity.
- Phase B planning is already underway to test extensions below the historic Kurara pits, where over 600m of strike remains poorly tested below 150m depth — representing meaningful resource growth potential beyond the current MRE footprint.
- Initial assay results from Phase A are expected from Q2 FY27, with a Comet mine market update also anticipated in early September, providing two near-term investor catalysts.
Valiant Gold kicks off 8,000m drilling at Boomerang, the largest resource in its Reedy Gold Project
Valiant Gold has commenced resource definition drilling at the Boomerang gold deposit within its 100%-owned Reedy Gold Project, targeting approximately 8,000m in the initial Phase A programme. The programme aims to improve confidence in the existing Mineral Resource Estimate (MRE) and support evaluation of a potential accelerated open-pit opportunity and future underground mining scenarios. Boomerang hosts the largest single resource within the Reedy Project — 5.26Mt @ 2.17g/t Au for 367koz of gold — and sits on a granted Mining Lease approximately 45km by road from processing infrastructure accessible under the Ore Purchase Agreement with Westgold Resources Limited. The Comet mine remains the company’s lead mine restart workstream, whilst Boomerang provides a complementary development pathway. No development decision has been made at Boomerang. Assay results are expected from Q2 FY27 onwards.
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What the Phase A drilling programme is designed to achieve
The Phase A programme is development-focused, not exploration-grade curiosity. The objective: enhance geological confidence in the Inferred MRE below the existing open pit and underground infrastructure, with the aim of supporting potential conversion to the Indicated category — subject to drilling results, geological interpretation, and completion of an updated MRE.
Two diamond drill rigs are now on site: one mobilised from the South Emu–Triton trend, one newly introduced. The programme is scheduled to take 8–10 weeks to complete. The company is assessing options to mobilise an additional RC rig to fast-track execution. Phase B planning is already underway to test extensions and potential resource growth beyond the current MRE.
Key programme parameters:
- Approximately 8,000m diamond drilling (Phase A)
- Two rigs on site (potential third RC rig under assessment)
- 8–10 week duration
- Assays from Q2 FY27
Brendan Tritton, Managing Director & CEO
“Commencing drilling at Boomerang is an important step in evaluating the development potential of the largest Mineral Resource within the Reedy Project. Phase A is focused on improving Resource confidence and supporting the evaluation of a potential accelerated open-pit mining opportunity, and future underground mining scenarios. In parallel, we are planning Phase B drilling to test extensions beyond the current Mineral Resource and assess opportunities for further growth. Boomerang complements our broader portfolio of brownfields development opportunities. Comet remains our lead mine restart workstream, and we will continue to advance each opportunity through disciplined, staged investment informed by drilling results and technical evaluation.”
Inside the Boomerang gold deposit
Boomerang sits at the northern end of the Reedy Project, 45km by road to the Bluebird Mill via the Great Northern Highway. It is situated on a granted Mining Lease with a processing pathway via the Ore Purchase Agreement with Westgold Resources Limited. The deposit consists of three historic open pits spanning approximately 1.25km of strike plus one modest underground mine, last mined in the 1990s.
Gold mineralisation at Boomerang is structurally controlled and shear-hosted, comprising variably dipping mineralised lodes. The system remains open at depth and along strike, most notably below the historic Kurara pits, where over 600m of strike remains poorly tested below 150m depth. This is where Phase B will focus — testing scale and growth potential beyond the current MRE footprint.
| Metric | Detail |
|---|---|
| Existing MRE | 5.26Mt @ 2.17g/t Au for 367koz |
| Strike length | Approximately 1.25km (three historic open pits) |
| Distance to processing | 45km to Bluebird Mill |
| Tenure | Granted Mining Lease |
| Programme duration | 8–10 weeks |
Why resource definition drilling matters for investors
Resource definition drilling converts uncertainty into confidence. In the JORC system, resources are classified into three categories based on confidence in the data: Inferred, Indicated, and Measured. Inferred resources are based on limited data — wide drill spacing, limited geological continuity. They carry high uncertainty. Indicated resources require closer drill spacing and demonstrate continuity. They underpin Feasibility Studies and mine planning. Measured resources sit at the top — the most confident category, typically used only for ore reserves within developed mines.
When a company targets conversion of Inferred resources to Indicated, it is aiming to increase the confidence level that underpins technical studies and development decisions. A higher-confidence resource allows engineers to model pit shells, underground stopes, and production schedules with far less risk. It supports credible economic assessments.
What makes Boomerang relevant here: proximity to existing processing infrastructure via the Ore Purchase Agreement with Westgold Resources, and tenure already secured (granted Mining Lease). You do not need to permit a new plant or negotiate land access to process Boomerang ore. The barrier to production is lower than a greenfields project. Confidence in the resource estimate becomes the critical path.
How Boomerang fits Valiant’s broader development pipeline
Valiant is advancing three brownfields development workstreams in parallel. Each sits at a different stage of technical maturity:
- Comet — lead mine restart workstream. Dewatering, rehabilitation, and restart studies are advancing. This is the near-term priority.
- South Emu–Triton — future underground restart opportunity. Recent drilling confirmed mineralisation below the existing MRE, with technical work supporting future mine planning and a planned review of dewatering scope and requirements.
- Boomerang — potential open-pit and underground development. Resource-confidence drilling underway; resource-growth planning in progress.
No development decision has been made at Boomerang or South Emu–Triton. Any future dewatering or development decision will remain subject to technical review, approvals, funding, sequencing, and other relevant considerations.
The company was demerged from Westgold Resources (ASX: WGX) and holds 100% of the Reedy and Comet gold projects. Both are brownfields operations with historical production of over 1Moz and a combined 1.2Moz Mineral Resource. You are not dealing with early-stage exploration — these are proven systems with infrastructure, processing pathways, and production history.
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What comes next
The company has outlined a staged approach to development across all three workstreams. Here is the timeline for the near term:
- Comet market update expected in early September — further detail on the lead mine restart workstream
- Phase A completion targeted in approximately 8–10 weeks
- Initial Boomerang Phase A assay results from Q2 FY27, following receipt of results, completion of QA/QC, and Competent Person review
- Finalise Phase B planning, targeting potential Mineral Resource extensions and testing the scale of mineralisation beyond the current MRE footprint
- Further South Emu–Triton assay results to follow, subject to QA/QC and Competent Person review
The critical point: results from Phase A will inform the scope, sequencing, and timing of any expanded Phase B programme targeting potential MRE growth. This is disciplined, staged investment — each decision point is data-dependent. For you as an investor, the logic is clear: wait for the assays, assess the confidence conversion, then evaluate whether Boomerang moves forward as a near-term development candidate or remains a medium-term opportunity behind Comet.
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