Exploration Permits in Hand, But Bubalus Faces Critical Drilling Milestones Ahead
Bubalus Resources has secured critical exploration licenses and permits across multiple projects, positioning itself for a pivotal drilling campaign in Victoria and rare earth exploration in the Northern Territory and Western Australia.
- Option acquired for 1,000 km2 Victorian gold exploration licenses near high-grade mines
- Permitting completed for low-impact drilling at Crosbie Gold Prospect
- Heritage Agreement signed for Yinnietharra Lithium Project enabling initial drilling
- Environmental Mining Licence approved for Nolans East Rare Earth Project
- Cash reserves stand at $2.9 million with drilling programs planned for Q2 2025
Strategic Expansion in Victorian Goldfields
Bubalus Resources Limited (ASX: BUS) has made significant strides in its exploration portfolio during the December 2024 quarter, notably acquiring an option to purchase a suite of exploration licenses covering approximately 1,000 square kilometers in Victoria. These licenses are strategically located near Australia’s highest-grade gold operations, including the Fosterville and Costerfield mines, as well as the Sunday Creek gold-antimony project.
The company’s flagship Victorian asset, the Crosbie Gold Prospect, has cleared permitting hurdles for low-impact exploration, including drilling along existing tracks on Crown Land. This milestone follows the identification of high-grade gold surface samples, up to 19.1 g/t gold, and coincident geophysical anomalies, which collectively underpin a compelling target for imminent drilling.
Robust Geological Indicators and Targeting
Geological mapping at Crosbie reveals a late-Devonian I-type granitic intrusion, analogous to mineralizing systems at nearby Fosterville and Costerfield. Induced Polarisation surveys have delineated chargeability anomalies extending to depths over 360 meters, aligning with surface gold-antimony mineralization trends. These findings suggest a well-developed magmatic hydrothermal system, increasing the prospectivity of the area for significant gold deposits.
Complementing Crosbie, the Murrindindi license, situated within the Melbourne Zone of the Lachlan Orogen, has yielded spectacular rock chip assays, including samples with visible gold grading up to 131 g/t. This area is gaining renewed attention due to recent successes at nearby projects and the recognition that epizonal mineralization styles may enhance exploration potential.
Advancing Rare Earth and Lithium Projects
Beyond gold, Bubalus has secured an Environmental (Mining) Licence for its Nolans East Rare Earth Project in the Northern Territory, located near Arafura Resources’ substantial Nolans Bore deposit. The company anticipates finalizing a Land Access Agreement shortly, which will enable drilling to test high-priority rare earth targets identified through previous work.
In Western Australia, Bubalus executed a Heritage Agreement with the Wajarri Yamaji Aboriginal Corporation for the Yinnietharra Lithium Project. This agreement facilitates the upcoming heritage survey and paves the way for drilling to test spodumene-bearing pegmatite targets adjacent to Delta Lithium’s Malinda Prospect, where recent drilling has confirmed significant lithium mineralization.
Financial Position and Outlook
At quarter’s end, Bubalus reported cash reserves of approximately $2.9 million, underpinning planned exploration activities. The company intends to commence its maiden drilling program at Crosbie South in Q2 2025, alongside geophysical and geochemical surveys at other Victorian licenses. Concurrently, preparations are underway for drilling at Nolans East and Yinnietharra, contingent on final approvals and agreements.
While exploration at other projects such as Coomarie and Amadeus remains in the target assessment phase, Bubalus is prioritizing its Victorian gold and rare earth portfolios, which offer immediate pathways to value creation.
Bottom Line?
Bubalus is poised to unlock value through targeted drilling campaigns across its Victorian gold and rare earth projects, with upcoming results likely to shape its near-term trajectory.
Questions in the middle?
- Will drilling at Crosbie confirm the presence of economically viable gold mineralization?
- How will the finalization of the Land Access Agreement impact the timing and scope of Nolans East drilling?
- What exploration results from Yinnietharra could position Bubalus as a key player in the lithium sector?
