Highlights

  • All five Phase A diamond holes at Boomerang intersect gold lodes as predicted, with best results of 6m at 5.70 g/t from 469m and 4.1m at 7.93 g/t from 287.4m.
  • The programme targets conversion of Inferred resource material to Indicated category across roughly 8,000 metres of diamond drilling using two rigs.
  • Boomerang holds a mineral resource of 5.26 million tonnes at 2.17 g/t gold for 367,000 ounces across three historic open pits and a small underground.
  • Valiant is evaluating a potential accelerated open-pit opportunity at Boomerang alongside future underground scenarios; no development decision has been made.

Valiant Gold has reported the first diamond drilling results from its Boomerang deposit in Western Australia's Murchison region. The company (ASX:VAL) published the update on 28 October 2026, covering holes 26BMDD001 to 26BMDD005 from the Phase A resource definition programme at the 100%-owned Reedy Gold Project. All five holes intersected gold lodes where the geological model predicted them.

The Results

Best results include 6 metres at 5.70 g/t gold from 469 metres in 26BMDD001, 4.1 metres at 7.93 g/t gold from 287.4 metres in 26BMDD003 and 9.3 metres at 3.05 g/t gold from 333.6 metres in 26BMDD005, including 0.3 metres at 52.9 g/t. All intervals are downhole lengths; true widths have not yet been determined. Intercepts for 26BMDD002 and 26BMDD004 were not included in the source reviewed for this article. The narrow 0.3 metre interval at 52.9 g/t sits within a broader, lower-grade zone and should be read in that context.

The Purpose of Phase A

The programme is not a hunt for new ounces. When drilling began on 27 August 2026, Valiant said Phase A — about 8,000 metres of diamond drilling using two rigs — was designed to improve confidence in the Inferred portion of the Boomerang resource beneath the existing open pits and old underground workings, with the aim of supporting possible conversion to the Indicated category. Roughly half of the Phase A metres have now been drilled.

Boomerang in Context

Boomerang currently hosts a mineral resource of 5.26 million tonnes at 2.17 g/t gold for 367,000 ounces, including three historic open pits along 1.25 kilometres of strike and a modest underground mine last worked in the 1990s. The deposit lies about 45 kilometres by road from Westgold's Bluebird mill, and an ore purchase agreement allows Valiant to sell ore to Westgold for processing. Westgold, through a subsidiary, held 44.44% of Valiant's shares at 24 September 2026. Valiant listed on the ASX in March 2026 after Westgold transferred its Comet and Reedy gold projects to the new company. Comet, about 20 kilometres south-east of Cue, is the company's priority restart opportunity, with underground re-entry completed in July.

Qualifications and Next Steps

Resource reclassification will depend on drill spacing, grade continuity and an updated estimate. Downhole intervals may overstate true thickness. The company has not stated how much of the 367,000 ounces sits in each resource category, and no development decision on Boomerang has been made.

Drilling is continuing. Further holes will test Inferred material beneath the northern Kurara pit and the saddle area between the Boomerang pits. During the December quarter, Valiant plans to validate pending assays and refine priorities for a Phase B programme, which has previously been described as testing for resource growth below the Kurara pits.