Gorilla Gold: 900% Resource Jump

Key Concepts

Comet Vale: A gold deposit in Western Australia, significantly expanded in resource size.
Malwari: Another gold resource held by the company, located near Comet Vale.
Inferred vs. Indicated Resources: Categories of mineral resource estimation based on geological confidence. Inferred requires further drilling to confirm, while Indicated is more reliable.
Gold Grade (g/t): The concentration of gold in a sample, measured in grams per tonne.
Strike Length: The horizontal extent of a mineralized zone.
Care and Maintenance: A state where a mine is temporarily closed but preserved for potential future reopening.
Geochemical Anomaly: An unusual concentration of elements in soil or rock, often indicating mineralization.

Resource Growth and Exploration Strategy

The company began the year with a 95,000-ounce gold resource at Comet Vale (4.8 g/t) and has increased it by 900% to 860,000 ounces at 3.7 g/t. This represents a “step change” for the project, significantly enhancing its value. Combined with the 350,000-ounce Malwari resource (3.6 g/t), the company now controls nearly 1.2 million ounces of gold within a 50km radius. Across all three Western Australian projects, the total resource base stands at 1.5 million ounces at 3.8 g/t.

Drilling Programs and Key Targets – Comet Vale

Currently, three drilling rigs are operating at Comet Vale, systematically following up on multiple targets. Key areas of focus include:

HappyJack: Follow-up drilling is underway on a previously reported 200 g*meter intercept from shallow depths. This metric represents the downhole length multiplied by the gold grade, indicating potentially high gold content over a significant interval.
Sovereign South: Drilling is focused along the 1.5km strike length of this target, directly adjacent to the existing 410,000-ounce Sovereign resource. Drilling to depths of 50 meters has already yielded positive gold results, suggesting substantial upside potential.
King Kong Deeps & Central: Exploration is continuing following the initial resource definition for King Kong, with the expectation of discovering additional mineralization.
Lady Margaret: This prospect exhibits characteristics similar to the Lake View prospect prior to its successful development – historical surface workings, a strong geochemical anomaly, and a complete lack of prior drilling. This represents a high-potential, early-stage exploration opportunity.

Financial Position and Future Plans

The company has approximately $43 million in the bank for 2026. The strategy for the coming year involves simultaneously increasing the resource base at all three projects and converting a significant portion of the ‘inferred’ resources to ‘indicated’ resources through infield drilling. This dual approach aims to both expand the overall gold inventory and improve the confidence level of the existing resource estimates.

Sovereign Mine Restart & Permitting

The Sovereign mine, previously in operation until 2020, is currently on care and maintenance. The company is actively working through the permitting requirements and cost estimations necessary to resume underground mining operations at Sovereign. Existing permits are in place, which streamlines the potential restart process.

Regional Context & Infrastructure

The projects are located 100 kilometers north of Kalgoorlie in the established goldfields region of Western Australia. This location benefits from proximity to numerous existing gold processing mills, providing potential processing options. The Malwari resource is located only 50km from Comet Vale, creating logistical synergies.

Notable Quote

“Don't forget the mine is on care and maintenance. So there's some permitting in place and we're working through what we need to do to get back underground in the sovereign prospect.” – This statement highlights the advantage of existing infrastructure and permits at the Sovereign mine, potentially accelerating a restart of operations.