Bubalus Resources Limited (ASX:BUS), a company focused on exploring and developing resource projects, including gold, lithium, and rare earth elements, has announced the imminent commencement of a maiden drilling program at its Crosbie North gold-antimony prospect. The project is located approximately 15 km from Agnico Eagle’s world-class Fosterville Gold Mine.
A diamond drill rig has been contracted and is set to mobilise to the site late next week. The program will consist of approximately 1,000 metres of drilling to test high-priority geophysical and geochemical targets. An Induced Polarisation (IP) survey identified strong chargeability anomalies within a faulted fold system, geologically analogous to the Eagle and Swan zones at Fosterville. These targets are supported by rock chip results of up to 12.1 g/t gold and 2.02% antimony.
The planned drilling program will consist of up to seven diamond drill holes focused on the interpreted folded and faulted metasediments within the licence area, particularly where they are associated with chargeability anomalies and/or high-grade gold at the surface. The IP survey identified a resistive zone commencing at about 190m below ground surface, tentatively interpreted as quartz veining or reefs. Several chargeability features develop on three of the mapped anticlinal limbs, with modelled chargeability up to 25 mV/V.
Managing Director Brendan Borg commented that the company is excited to quickly move to drill test the compelling targets at Crosbie North. Bubalus Resources anticipates providing further updates as the drilling commences and progresses, with first assays expected in November 2025.
