What Valiant Gold's (ASX:VAL) First Boomerang Drill Results Mean for the Reedy Gold Project

Sonal Goyal

03 November 2026 10:24 PM AEDT

What Valiant Gold's (ASX:VAL) First Boomerang Drill Results Mean for the Reedy Gold Project

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Key Highlights

All five initial diamond holes at Boomerang returned multiple significant gold intercepts
Standout result of 9.3m at 3.05 g/t Au including 0.3m at 52.90 g/t Au from hole 26BMDD005
Existing Mineral Resource at Boomerang stands at 5.26Mt at 2.17 g/t Au for 367,000 oz
An 8,000-metre diamond drill program is continuing with two rigs, with further assays pending

High-Grade Hits Across All Five Initial Holes

Valiant Gold Limited (ASX:VAL) has delivered a promising set of initial assay results from diamond drilling at its Boomerang gold deposit in Western Australia, with all five holes in the first phase of the 8,000-metre program returning multiple significant gold intercepts. The results, announced on 28 October 2026, confirm mineralised lodes are broadly located in the expected positions within the existing Mineral Resource footprint, lending confidence to the geological model.

The standout intersection came from hole 26BMDD005, which returned 9.3 metres at 3.05 g/t gold from 333.6 metres, including a 0.3-metre bonanza interval at 52.90 g/t gold. The same hole delivered two further intercepts: 8.0 metres at 2.99 g/t gold from 363.4 metres (including 0.9 metres at 21.20 g/t gold) and 7.1 metres at 3.18 g/t gold from 389.0 metres (including 0.5 metres at 29.20 g/t gold). The frequency of high-grade shoots within a single hole speaks to the structural complexity and tenor of mineralisation within this part of the deposit.

Structural Continuity Confirmed

The broader result set supports the interpreted structural continuity of mineralised lodes across the Boomerang deposit. Hole 26BMDD001 returned 6.0 metres at 5.70 g/t gold from 469.0 metres. Hole 26BMDD002 delivered 6.8 metres at 4.35 g/t gold from 423.5 metres, including 4.0 metres at 6.40 g/t gold. Hole 26BMDD003 produced two intersections: 4.1 metres at 7.93 g/t gold from 287.4 metres, and 3.6 metres at 6.36 g/t gold from 407.8 metres, including 1.2 metres at 12.51 g/t gold. Hole 26BMDD004 returned 6.0 metres at 5.01 g/t gold from 346.0 metres.

Managing Director and CEO Brendan Tritton described the results as "highly encouraging" and noted that the correlation between drill intercepts and the existing geological interpretation reinforces confidence in mineralisation continuity. He specifically flagged that the results will support evaluation of a potential accelerated open-pit opportunity alongside future underground Mining scenarios.

Boomerang Deposit Context

Boomerang is located at the northern end of the Reedy Project in Western Australia, approximately 45 kilometres by road from Westgold Resources' Bluebird Mill. An Ore Purchase Agreement with Westgold provides Valiant with a nearby processing pathway — a commercially significant arrangement that removes the need to build standalone processing infrastructure in the near term.

The deposit hosts an existing Mineral Resource Estimate of 5.26 million tonnes at 2.17 g/t gold for 367,000 ounces. Mineralisation is developed within a structurally controlled, shear-hosted system with variably dipping lodes, overlain in places by a shallow laterite-hosted gold component. The mineralisation remains open at depth and along strike, most notably north of the underground workings and below the historic Kurara pits, where drilling below 150 metres is limited across 600 metres of strike — leaving meaningful exploration upside for later phases of the program.

What the Program Is Designed to Test

The Phase A diamond drill program, targeting 8,000 metres, is designed to test mineralised lodes within the current Mineral Resource footprint, with a focus on informing both potential open-pit acceleration scenarios and underground development options. Two rigs are currently in operation and further assays from the ongoing program are pending.

Risks

Diamond drilling results at this stage represent geological confirmation rather than Mineral Resource updates. Translating drill hole intercepts into revised resource estimates requires completion of the full program and formal JORC-compliant modelling. Boomerang's mineralised lodes are structurally complex, and grade distribution is variable — the presence of high-grade shoots alongside lower-grade zones means resource Economics will depend on the specific mining method selected. The Ore Purchase Agreement with Westgold, while commercially advantageous, introduces a counterparty dependency into any near-term production scenario.

What to Watch Next

Results from the remaining holes in the 8,000-metre Phase A program will progressively refine the geological picture at Boomerang, with the full data set expected to feed into an updated or expanded Mineral Resource Estimate. Any announcement formalising an open-pit study or advancing the development timeline would be a significant market catalyst.

Sector Context

Western Australian gold exploration has maintained elevated activity levels through 2026, supported by gold prices that have remained near historical highs. The Murchison region, where Boomerang is located, hosts a number of operating mills — including Westgold's Bluebird Facility — providing toll processing access for emerging deposits and lowering the Capital barriers for early production scenarios. Shear-hosted gold systems of the type present at Boomerang are well understood from a mining perspective, with multiple analogues in the region providing engineering and operational reference points.

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