Pilbara Gold Limited (ASX:PGL) Confirms Deep Mineralisation Below 2.1 Million Ounce Mt York Resource with Wide Extensional Intercepts

Aditi Sarkar

11 November 2026 06:47 PM AEDT

Pilbara Gold Limited (ASX:PGL) Confirms Deep Mineralisation Below 2.1 Million Ounce Mt York Resource with Wide Extensional Intercepts

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Highlights

Hole 26MYRCD086 returns 68m at 1.0 g/t Au from 347m, extending mineralisation below the existing 2.1 Moz resource boundary at Main Hill.
Hole 26MYRCD084 extends mineralisation over 180 metres below the resource pit shell, returning 44m at 1.0 g/t Au from 417m.
Main Hill Extension returns 5m at 5.72 g/t Au from 127m, including 1m at 16.92 g/t Au in 26MYRC116.
27 additional drill holes are awaiting assays across Main Hill and Main Hill Extension.
New Mineral Resource Estimate and maiden Ore Reserve are on track for H1 CY2027 as part of the Pre-Feasibility Study.

Pilbara Gold Limited (ASX:PGL) has released the latest results from its 2026 drilling programme at the Mt York Gold Project in Western Australia's Pilbara region, confirming the continuation of gold mineralisation within the banded iron formation (BIF) host rock well below the boundaries of the existing 2.1 million ounce Mineral Resource. The results support management's expectation that a new resource estimate — incorporating both infill classification upgrades and extensional ounce additions — will represent a material uplift from the current inventory.

Latest Development

At Main Hill, hole 26MYRCD086 returned 68 metres at 1.00 g/t gold from 347 metres depth, including 15 metres at 2.56 g/t gold — located outside and below the current resource envelope. Hole 26MYRCD084 extended this further, intersecting 44 metres at 1.00 g/t gold from 417 metres, more than 180 metres below the resource pit shell. Within the existing resource boundary, infill drilling has confirmed wide, continuous mineralised zones that the Company expects will support classification upgrades. Key infill intersections include 42 metres at 1.37 g/t gold from 143 metres (26MYRCD103), 54 metres at 1.01 g/t gold from 254 metres (26MYRCD096), and 26 metres at 1.77 g/t gold from 142 metres (26MYRCD105). At Main Hill Extension, 26MYRC116 returned a narrow high-grade interval of 5 metres at 5.72 g/t gold from 127 metres, including 1 metre at 16.92 g/t gold. A total of 27 holes are awaiting assays from both Main Hill and Main Hill Extension, expected to inform the upcoming resource update.

Company Background

Pilbara Gold Limited (formerly Kairos Minerals Limited) holds 100% of the Mt York Gold Project through its wholly owned subsidiary, Mount York Operations Pty Ltd. The Project is located in the Archaean East Strelley Greenstone Belt of the Pilbara Craton and historically produced gold from open-pit operations conducted by Lynas Gold NL between 1994 and 1998. The current 2.1 Moz Mineral Resource estimate, reported as 61.7 Mt at 1.05 g/t gold, was announced in April 2026 and is hosted in a continuous, 4.2-kilometre banded iron formation trend. The Company is also pursuing a maiden resource at its 100%-owned Roe Hills Gold Project near Kalgoorlie.

Sector Context

The Pilbara region of Western Australia is primarily known for its iron ore resources but has an emerging gold history that is increasingly attracting exploration capital. BIF-hosted orogenic gold deposits in the Pilbara share fundamental geological characteristics with better-known Eastern Goldfields deposits, including structural controls, fold-related mineralisation, and comparable exploration and development methodologies. The identification of fold-related width repetitions within the BIF at Mt York — where structural thickening creates recurring mineralised zones — provides a geological framework for predicting mineralisation continuation at depth beyond the current resource boundary.

Market Perception

The combination of wide extensional intercepts below the resource boundary and consistent infill results within the existing resource envelope provides a well-grounded empirical basis for the Company's expectation of a 'significant improvement' in both classification and scale in the upcoming MRE. For a company in a continuous drilling and assay cycle, the interim results maintained coherent widths and grades comparable to existing resource grades, suggesting that the geological model is translating consistently from infill to extensional targets. The PFS timeline of H1 CY2027 provides a credible near-term development catalyst.

Growth Drivers

The Mt York structural model, refined using oriented core data from 2025 and 2026 drilling, suggests that shallow-plunging fold axes create repetition of mineralised lodes at depth across the entire 4.2-kilometre trend. The Company has identified Breccia Hill, Main Hill, and Main Hill Extension as the three priority zones for continued extensional drilling. Beyond the current 2.1 Moz, the structural model supports further resource growth beneath the full strike length. The parallel Roe Hills Gold Project also provides a secondary exploration frontier within the existing team and infrastructure base.

Risks and Challenges

BIF-hosted gold mineralisation in the Pilbara has been less extensively mined than Eastern Goldfields analogues, and the metallurgical characteristics of Mt York's BIF-hosted gold require ongoing investigation. With 27 drill holes awaiting assays, the resource update and PFS remain subject to the pace of laboratory assay returns. The planned Ore Reserve requires geotechnical, metallurgical, and engineering inputs that are currently underway. As a Pilbara-region gold developer, Pilbara Gold does not yet have the established peer comparables available to major Goldfields-region developers.

Recent Announcements

A scoping study for Mt York was released in November 2024, outlining a conventional open-cut, CIL operation. The Company subsequently completed the largest drilling programme in its history during 2026. Geotechnical drilling, metallurgical testwork, and process engineering are all progressing in support of the H1 CY2027 PFS delivery target. An airborne electromagnetic survey has also been completed to target new discoveries across approximately 280 square kilometres of the broader Mt York tenure.

Key Insights

Pilbara Gold has extended gold mineralisation at Mt York to significant depth below the existing 2.1 Moz resource boundary, with 68-metre and 44-metre extensional intercepts at Main Hill demonstrating that the BIF-hosted system remains mineralised well beyond the base of the resource pit shell. Consistent infill results within the existing resource support the expectation of classification upgrades in the upcoming MRE, while extensional results at Main Hill Extension add new resource-growth potential. With the PFS on track for H1 CY2027, Mt York is approaching a critical phase of technical output that should clarify the project's development potential.

FAQs

Q: What is a Banded Iron Formation (BIF) gold deposit?

A: A BIF-hosted gold deposit is one where gold mineralisation occurs within ancient chemically precipitated iron-rich sedimentary layers. These rocks, formed in the Archaean eon, have been subsequently deformed and folded, creating structural traps for hydrothermal gold deposition. BIF-hosted gold deposits are common in Western Australia, with well-known examples in the Eastern Goldfields.

Q: What does the extensional drilling confirm?

A: The extensional holes 26MYRCD084 and 26MYRCD086 confirm that gold mineralisation continues below the base of the current resource pit shell to depths of more than 180 metres beyond the existing resource boundary, and that the grades and widths are comparable to those within the existing resource envelope.

Q: When is the next Mineral Resource Estimate update due?

A: The new MRE, incorporating both infill and extensional drilling results from the full 2026 programme, is targeted for delivery in H1 CY2027 as part of the Pre-Feasibility Study process. All 2025 and 2026 drilling will be used to inform the new estimate.

Q: What other project does Pilbara Gold hold?

A: In addition to Mt York, the Company holds the 100%-owned Roe Hills Gold Project, located approximately 120 kilometres east of Kalgoorlie in Western Australia's Eastern Goldfields. A maiden gold resource at Roe Hills is targeted for 2026.

Q: What type of processing method is planned for Mt York?

A: The November 2024 Scoping Study outlined a conventional open-cut mining operation using a Carbon-in-Leach (CIL) processing circuit, consistent with the approach used for most large-scale Australian BIF-hosted gold deposits. Ongoing metallurgical testwork is being conducted to refine recovery assumptions for the PFS.

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