Minerals 260 (ASX:MI6) Update: Bullabulling Drilling Extends Mineralisation at Depth

Highlights

• Minerals 260 Limited (ASX: MI6) reported new drilling results from its 100%-owned 4.5Moz Bullabulling Gold Project on 25 June 2026.
• New results include 20 m at 3.4 g/t Au from 93 m and 18 m at 2.9 g/t Au from 332 m.
• Results from a further 60 drill holes totalling 14,935 m, across the Phoenix, Bacchus and Dicksons deposits, will feed the upcoming Mineral Resource Estimate (MRE) update due in August 2026.
• Since the 4.5Moz MRE, the company has completed 78,000 m of drilling, with ten rigs currently on site.
• The Bullabulling project is located 25 km west of Coolgardie in the Eastern Goldfields region of Western Australia.

A fresh batch of gold drilling results has placed Minerals 260 Limited (ASX: MI6) in the spotlight for Australian investors following gold exploration on the ASX. On 25 June 2026, the company reported new assays from its 100%-owned Bullabulling Gold Project in Western Australia, headlined by thick, high-grade intercepts and framed around an upcoming resource estimate update.

This article details the Minerals 260 ASX announcement, reproducing the key drilling results as disclosed and setting out the context for readers tracking drilling update and resource estimate flow on the ASX. It is written as a neutral market update and does not constitute financial advice.

Company Overview

Minerals 260 Limited (ASX: MI6) is an ASX-listed Western Australian gold developer. Its flagship and 100%-owned asset is the Bullabulling Gold Project, located 25 km west of Coolgardie in the Eastern Goldfields region of Western Australia. According to the announcement, Bullabulling is a potential open-pit mining operation hosting a JORC 2012 Mineral Resource Estimate of 130 Mt at 1.0 g/t Au for 4.5 Moz of gold, on granted mining leases within a tenement package of approximately 1,160 km².

The project comprises several deposits, including Phoenix, Bacchus, Dicksons, Kraken and Gibraltar. The company’s Managing Director is Luke McFadyen, who is quoted in the release. The ASX ticker is MI6.

The announcement notes that since acquiring the project in April 2025, Minerals 260 has drilled 785 holes for 172,610 m, comprising 72 diamond drilling (DD) holes for 13,118 m, 665 reverse circulation (RC) holes for 142,438 m, and 48 RC/DD holes for 17,054 m. The drilling results are reported in accordance with the JORC Code (2012 Edition).

Announcement Summary

The 25 June 2026 release, titled “Bullabulling resource update on track as drilling extends mineralisation at depth”, reports results for a further 60 drill holes totalling 14,935 m from the Phoenix, Bacchus and Dicksons deposits. The company states these results will be incorporated into the upcoming Mineral Resource Estimate (MRE) update.

According to the announcement, the new drilling continues to confirm the continuity of mineralisation within the 4.5Moz MRE as well as extensions beyond the resource boundaries; intersect thick and high-grade mineralisation within the footwall lodes at Phoenix and Bacchus; support the upgrade of Inferred Resources to Indicated; enhance the company’s understanding of structural controls on mineralisation, including the potential identification of higher-grade trends; increase geological confidence in the MRE update; and identify opportunities for resource growth.

The company reports that since the release of the 4.5Moz MRE, it has completed 78,000 m of drilling across the Bullabulling Gold Project, which will be incorporated into the MRE update due for release in August 2026. Ten drill rigs are on site, comprising four RC, four DD, one aircore (AC) and one water bore (WB).

Of the 60 holes reported, the announcement states that 29 holes for 6,078 m (about 40%) focused on supporting the conversion of Inferred to Indicated resource classification, while 31 holes for 8,857 m (about 60%) targeted extensions to the MRE. The company also notes that a Pre-Feasibility Study (PFS), including the declaration of a Maiden Ore Reserve, remains on track for release in July 2026, based on the 4.5Moz MRE announced in December 2025.

Key Details From the Announcement

The following table reproduces selected “better” intercepts disclosed in the announcement, grouped by deposit. The company’s resource figures for each deposit are shown for reference.

The company notes that true widths are estimated at between 85% and 95% of the reported drillhole intercepts (or 70% to 85% for one hole marked separately), and that some diamond-tail results are reported only, with RC pre-collar significant intercepts available in previous announcements.

For context, the December 2025 Mineral Resource Estimate disclosed in the announcement reports the Bullabulling deposits as: Dicksons 18 Mt at 1.0 g/t for 610 koz; Phoenix 57 Mt at 1.0 g/t for 1,800 koz; Bacchus 46 Mt at 1.1 g/t for 1,600 koz; Kraken 8.8 Mt at 1.2 g/t for 340 koz; and Gibraltar 5.4 Mt at 1.0 g/t for 180 koz, for a total of 130 Mt at 1.0 g/t for 4,500 koz (4.5 Moz). Of that total, 93 Mt at 1.0 g/t for 3,000 koz is classified Indicated and 42 Mt at 1.1 g/t for 1,500 koz is Inferred.

According to the release, depth-extension drilling at Phoenix returned thick, high-grade mineralisation within the footwall lodes, including hole BBRC0601, which intersected 18 m at 2.9 g/t Au from 332 m outside of the MRE pit shell, while infill drilling intersected 20 m at 3.4 g/t Au from 93 m in BBRC0680 beneath the existing Phoenix pit. At Bacchus, wide-spaced extension drilling west of the MRE intersected 10 m at 3.1 g/t Au from 470 m along the footwall shear zone. At Dicksons, hole BBRC0600 returned 4 m at 10.0 g/t Au from 111 m east of the resource.

Why This Matters for ASX Investors

For Australian investors following gold developers on the ASX, drilling results that feed directly into a near-term resource estimate update are a closely watched category of company announcement. The Bullabulling project already hosts a defined 4.5 Moz Mineral Resource, and the company has positioned this drilling as supporting both the conversion of Inferred Resources to Indicated and potential resource growth beyond current boundaries.

In Managing Director Luke McFadyen’s words in the release, the company has completed 78,000 m of drilling across multiple deposits that will be incorporated into the August update, and the results “demonstrate the continuity, scale and quality of mineralisation across Bullabulling.” He adds that the scale of the program has increased confidence in the existing resource and identified opportunities to test potential higher-grade trends both within and beyond the MRE.

For an investor update perspective, the intercepts beyond the existing pit shells — such as the Phoenix depth extension and the Bacchus footwall result — are relevant because they speak to potential resource growth, while the infill results speak to confidence and classification. Whether these outcomes translate into changes to the resource will be determined by the August 2026 MRE update, which the company has not yet finalised.

Sector Context

The Eastern Goldfields of Western Australia is one of Australia’s most established gold mining regions, hosting numerous operating mines and development projects. Bullabulling, near Coolgardie, sits within this district. The 4.5 Moz resource places it among the larger undeveloped gold resources held by ASX-listed developers, though scale alone does not determine economic outcomes.

Drilling campaigns of the intensity described here — ten rigs on site and 78,000 m completed since the last MRE — are characteristic of developers seeking to advance a project through the study pipeline. The company has linked the program to a sequence of corporate milestones: a PFS and Maiden Ore Reserve targeted for July 2026, an updated MRE for August 2026, and a Definitive Feasibility Study with a reserve update targeted for early CY2027.

Investors assessing gold developers typically weigh resource size and grade alongside metallurgy, strip ratios, permitting, capital requirements and the gold price. This announcement focuses on drilling results and the timeline for the resource update, and does not include updated resource tonnages, reserve figures or economic study outcomes.

Possible Market Reaction

Drilling results that precede a resource estimate update are the kind of ASX announcement that can attract investor attention, particularly where they include high-grade intercepts and extensions beyond known boundaries. How the market interprets the news may depend on expectations heading into the August 2026 MRE update and the prevailing gold price.

This article does not predict any particular share price movement and makes no forecast about the direction of MI6 shares. Market reactions to drilling updates vary, and individual intercepts do not, on their own, change a published resource. Investors following stock market news should consider the announcement in the context of the company’s broader development timeline and overall ASX market conditions rather than the headline intercepts in isolation.

Risks and Uncertainties

Several risks and uncertainties apply to any gold developer and its exploration results. Drill intercepts represent specific down-hole intervals, with true widths estimated at between 85% and 95% (or 70% to 85% for one marked hole) of reported lengths, and do not by themselves define tonnages or economic outcomes. The impact of the new drilling on the resource will only be established when the August 2026 MRE update is released, and the company has not quantified that impact in this release.

Forward-looking milestones — including the July 2026 PFS and Maiden Ore Reserve, the August 2026 MRE update and the early-CY2027 Definitive Feasibility Study and reserve update — are targets subject to technical, operational and other factors. A meaningful portion of the current resource (42 Mt for 1,500 koz) sits in the lower-confidence Inferred category. Broader risks common to the sector include commodity price volatility, funding requirements, permitting timelines and the conversion of resources to reserves and ultimately to production.

What to Watch Next

Investors following Minerals 260 may wish to monitor several upcoming items. First, the Pre-Feasibility Study and Maiden Ore Reserve declaration, which the company has targeted for July 2026 and which will be based on the 4.5 Moz December 2025 MRE. Second, the updated Mineral Resource Estimate due in August 2026, which will incorporate the 78,000 m of drilling completed since the last estimate. Third, the Definitive Feasibility Study and reserve update targeted for early CY2027.

Additional items to watch include further drilling results from the Phoenix, Bacchus, Dicksons, Kraken and Gibraltar deposits, the potential for resource growth along the western margins and at depth, and the testing of the Dicksons East and North targets referenced in the announcement. The company did not specify further dates for these items in the release.

Conclusion

The 25 June 2026 drilling update is a notable company announcement for Minerals 260 Limited (ASX: MI6), reporting thick, high-grade gold intercepts across the Phoenix, Bacchus and Dicksons deposits at its 4.5 Moz Bullabulling Gold Project in Western Australia. With results from a further 60 holes feeding into an August 2026 resource estimate update, and a PFS and Maiden Ore Reserve targeted for July 2026, the company has framed the drilling as supporting both resource confidence and growth. As with all drilling updates, the intercepts describe geological outcomes rather than a revised resource, and investors will likely look to the forthcoming MRE update and study milestones for the next signposts.