Minerals 260 (ASX:MI6) has confirmed a major resource upgrade at its Bullabulling Gold Project near Coolgardie in Western Australia, with the company now reporting 6.2 million ounces of gold in the ground, up from 2.3 million ounces when it acquired the project in April 2024. The update follows a marathon 172,610 metre drilling campaign across 785 holes and comes alongside a maiden ore reserve of 2.5 million ounces, giving the company a clearer runway toward a targeted production start in late 2028. With gold trading around AUD $6,240 an ounce this week, the scale of the upgrade has reinforced investor interest in one of the larger undeveloped gold projects on the ASX.
Drilling Confirms Continuity Across Multiple Zones
Recent assays from the Phoenix, Bacchus and Dicksons deposits included intercepts such as 20 metres at 3.4 grams per tonne gold and 18 metres at 2.9 grams per tonne gold, results the company says confirm strong continuity of mineralisation at depth. With ten rigs still turning on site, Minerals 260 is working through a broader 78,000 metre program aimed at converting Inferred ounces to the Indicated category and testing for higher grade zones ahead of further resource updates. Full details of the campaign are set out in the company’s own ASX announcements.
A Diggers and Dealers Talking Point
The Bullabulling story featured prominently at this year’s Diggers and Dealers Mining Forum in Kalgoorlie, where Minerals 260 management set out how the project has grown roughly threefold since acquisition while carrying a pre-feasibility study that points to a post-tax net present value of $2.3 billion and a 43 percent internal rate of return.
Implications for ASX Gold Investors
For investors tracking the broader ASX gold sector, Bullabulling is emerging as a test case for how quickly a developer can convert scale into a bankable project. An operation of this size would sit among the larger single-asset gold developments in Australia, though execution risk remains through permitting, financing and the transition from resource definition to construction. The upcoming resource estimate update, expected later this month, will be watched closely for further grade and tonnage detail.
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