Highlights

  • Up to 43 g/t silver and 2.8% lead returned from surface rock chip sampling at the Ruby Lake Project.
  • A 2.7-kilometre silver-lead-zinc geochemical anomaly has been defined along the southern Margin of the Ruby Stock intrusion.
  • The Cherry Springs Project returned up to 2.0% zinc and 0.2% copper, coincident with distinct magnetic anomalies.
  • Drillhole planning is underway to test intrusion-related mineralisation at both projects.
  • The Company holds 456 unpatented lode Mining claims across four Nevada projects covering approximately 38 square kilometres.

Bison Resources Limited (ASX:BSR) has reported surface rock chip results from its Nevada exploration portfolio that confirm the presence of an intrusion-related mineral system at two of its four Elko County projects. The results from the Ruby Lake and Cherry Springs prospects mark a meaningful step forward in the Company's field campaigns, which have been systematically mapping, sampling, and conducting Geophysical surveys across previously unexplored ground within the prolific Carlin Trend.

Latest Development

At the Ruby Lake Project, a total of 146 rock chip and float samples collected along the southern margin of the Ruby Stock intrusion returned assay grades of up to 43 g/t silver and 2.8% lead. The results define a 2.7-kilometre-long silver-lead-zinc anomaly hosted in calcareous mudstones and chert in contact with the southern margin of the intrusion. The Company noted that sampling to date has focused only on the southern and eastern margin, leaving the northern and western margin untested for additional mineralisation. At Cherry Springs, assays from 594 surface rock chip and float samples highlighted copper-lead-zinc anomalism hosted within iron-silica alteration and gossanous breccias. Base metal anomalism, with results up to 1.4% lead, 2.0% zinc, and 0.2% copper, was coincident with distinct magnetic highs located along structures adjacent to the margin of the Cherry Stock intrusion. Geochemical anomalism exhibits a distinct zonation, with lead-zinc-dominant anomalism in the northern part of the project and a copper-dominant zone in the south.

Company Background

Bison Resources is an ASX-listed mineral exploration company focused on its Nevada Projects, which collectively comprise the Ruby Lake, Cherry Springs, Bald Peaks, and Medicine Range prospects. These projects are located approximately 80 kilometres southeast of Elko within the Carlin Trend, a world-class gold district. The Company staked the ground independently and holds 100% of the tenure through Bison Nevada LLC, its wholly owned subsidiary. No prior modern exploration is known to have been conducted across the project areas, making these maiden field campaigns particularly important for establishing geological context and prioritising drill targets.

Sector Context

Nevada's Carlin Trend is one of the most prolific gold and base metal provinces globally, hosting numerous multi-million-ounce gold deposits. The trend is well known for Carlin-type gold mineralisation, but it also hosts significant skarn and carbonate replacement deposit (CRD) styles of mineralisation that are associated with intrusive activity. The geological architecture observed at Bison's Ruby Lake and Cherry Springs projects — felsic intrusive stocks emplaced at major structural junctions into carbonate sequences — is considered prospective for skarn, CRD, and intrusion-related gold-silver-base metal systems.

Market Perception

The identification of a 2.7-kilometre geochemical anomaly at Ruby Lake, combined with multi-element anomalism at Cherry Springs, provides early-stage technical validation of the Company's targeting strategy. For an exploration-stage company working on wholly unexplored ground, the confirmation of a coherent intrusion-related mineral system across two separate prospect areas represents progress against a clear geological model. The absence of prior exploration means the available dataset is relatively limited, and further work will be required to establish the continuity and economic potential of the mineralised systems identified.

Growth Drivers

Several factors support continued exploration activity at Bison's Nevada Projects. The projects sit within the Carlin Trend's established geological framework, reducing regional exploration risk. The absence of prior modern exploration provides a low-competition discovery environment, while the Company's systematic approach — combining geological mapping, rock chip sampling, soil sampling, and geophysical surveys — creates a methodical pathway to drill targeting. At Ruby Lake, the structural setting of cross-cutting fault networks in contact with a large intrusive body is considered optimal for skarn or CRD-style mineralisation, potentially capable of hosting a large-scale mineral system.

Risks and Challenges

As an early-stage explorer on previously undrilled ground, Bison Resources faces typical exploration risks including the possibility that surface anomalies may not be supported by economic mineralisation at depth. The projects are entirely at the sampling and survey stage, with no drill results available to validate the geochemical and geophysical targets identified. Tenure security, environmental permitting, and logistics in a remote Nevada setting are operational considerations. Additionally, the Carlin Trend's historical focus on gold means that silver-base metal targets in this Jurisdiction may require more detailed characterisation before attracting industry comparables.

Recent Announcements

In addition to the Ruby Lake and Cherry Springs results, the Company has previously reported Carlin-type pathfinder anomalism at its Bald Peaks Project, including a 1.5-kilometre arsenic-antimony geochemical anomaly associated with jasperoidal alteration and gossanous breccias. Magnetic survey data was also announced in October 2026, defining new structural targets across the portfolio. The Company is now actively ranking targets for future drill testing and has commenced drillhole planning at Ruby Lake.

Key Insights

Bison Resources has taken a first step in confirming the exploration potential of its Nevada portfolio, with surface rock chip results at Ruby Lake and Cherry Springs pointing to an intrusion-related mineral system of meaningful scale. A 2.7-kilometre silver-lead-zinc anomaly at Ruby Lake and coincident copper-lead-zinc anomalism at Cherry Springs, both associated with intrusive stocks and hydrothermal alteration, provide a geological framework for the upcoming maiden drilling program. The Company's structured approach to maiden exploration across wholly unexplored ground positions it for further discovery-stage catalysts as drill planning advances.