Gold Found 200 Metres Below the Resource: Pilbara Gold (ASX:PGL) Reports Wide Mt York Step-Out Intercepts

Aditi Sarkar

28 October 2026 04:22 PM AEDT

Gold Found 200 Metres Below the Resource: Pilbara Gold (ASX:PGL) Reports Wide Mt York Step-Out Intercepts

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Highlights

Hole 26MYRCD034A intersected 31 metres at 1.01 g/t gold from 323 metres, about 200 metres below the current resource boundary.
Main Hill hole 26MYRCD076 returned 50 metres at 1.05 g/t gold from 307 metres, including 23 metres at 1.60 g/t.
The Mt York resource stands at 61.7 million tonnes at 1.05 g/t for 2,082,000 ounces, with 1,380,000 ounces Indicated.
Cash fell to A$17.75 million from A$27.6 million, covering about 1.81 quarters at the current spending rate.

Pilbara Gold Limited (ASX:PGL) drilled below its own resource and found more gold. The company said step-out drilling at its Mt York Gold Project in Western Australia's Pilbara region has returned wide gold intercepts under the existing Mineral Resource, including 31 metres at 1.01 grams per tonne from 323 metres at Breccia Hill. The result, about 200 metres below the current resource boundary, came alongside a quarterly report showing A$17.75 million of cash.

Deeper drilling at Mt York

Hole 26MYRCD034A included 7 metres at 3.13 grams per tonne within its 31-metre intercept. The company said the results confirm continuity of gold along and beneath the 4.2 kilometre mineralised trend, which remains open at depth.

At Main Hill, hole 26MYRCD076 returned 50 metres at 1.05 grams per tonne from 307 metres, including 23 metres at 1.60 grams per tonne, and 26MYRCD078 returned 28 metres at 1.17 grams per tonne from 359 metres, including 10 metres at 2.07 grams per tonne. Several extension holes returned narrow or no significant intercepts.

The company's structural model suggests repeated wide zones may sit below the resource, possibly within folds in the host banded iron formation. These are exploration results, and they do not by themselves change the resource figures.

The existing resource and timetable

The Mt York Mineral Resource, first reported on 13 April 2026, is 61.7 million tonnes at 1.05 grams per tonne for 2,082,000 ounces, reported at a 0.4 gram per tonne cut-off within an A$5,500 per ounce pit shell. Of that, 1,380,000 ounces is Indicated and 703,000 ounces is Inferred.

About 43,541 metres of diamond and reverse circulation drilling has been completed in 2026, and 48 holes were awaiting assays. Infill assays will be finalised ahead of wireframing mineralised lodes and a new resource estimate for the Pre-Feasibility Study. The quarterly report points to an updated resource estimate in the first quarter of calendar 2027, with the study during 2027.

Cash and spending

In its report for the quarter ended 30 September 2026, Pilbara Gold said cash fell to A$17.75 million from A$27.6 million. Exploration and evaluation spending was A$9.13 million, mostly drilling, with up to five rigs at Mt York and one at Roe Hills. There was no revenue, production, debt or equity raising in the quarter.

On the company's calculation, cash covers about 1.81 quarters at the current spending rate, below the two-quarter threshold that triggers additional Appendix 5B disclosure. Spending is expected to fall as drilling winds down, no steps to raise cash have been taken, and equity raisings may be pursued as needed. The company said it believes it can continue operations on that basis.

Other projects and tenure

At Roe Hills, 120 kilometres east of Kalgoorlie, a 12,000 metre program at the Terra and Caliburn prospects began in July. At Terra, hole 26RHRC001 returned 46 metres at 3.17 grams per tonne from 92 metres. Heavy rain delayed drilling, and remaining holes are expected by early November, weather permitting.

The Mineral Rights Agreement with PLS Group over three granted exploration licences and one application, covering about 367 square kilometres near Mt York, is now unconditional. Activities there require PLS authorisation, and the rights exclude lithium and tantalum. An airborne electromagnetic survey over about 280 square kilometres was completed in September, with processed data expected in the December quarter.

Milestones and risks

Next steps are completing infill and extensional drilling and interpreting the survey data. The figures are illustrative and not a mine plan, and forward-looking statements on resource growth and the study are subject to risks.

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