Exultant Mining Limited has completed its maiden drilling program at the Balerion Prospect in New South Wales, with final drill hole BLRCDD006 intersecting an approximately 6.5-metre downhole shear zone.

Located within the 100%-owned EL9411 tenement approximately 35 kilometres northeast of Cooma, the final hole successfully tested a targeted induced polarisation chargeability anomaly roughly 100 metres up-dip of drill hole BLRCDD005. The interval encountered a 3.25-metre talc-rich portion containing heavy disseminated, semi-massive and locally massive sphalerite-galena-pyrite mineralisation from 189.4 metres.

The initial Balerion drilling program was planned for 12 holes totaling 3,425 metres. The completed maiden campaign instead comprises six reverse circulation and diamond drill holes for a total of 1,370.3 metres. Exultant renamed the Peak View Prospect to the Balerion Prospect in May 2026 after advancing the ground to drill-ready targets.

All six completed holes tested their intended geophysical and geochemical target positions, with visible sulphides observed in five of the holes. Preliminary visual observations from BLRCDD005 and BLRCDD006 indicate that the shear zone may increase in apparent thickness down-dip, though laboratory assays are required to determine metal grades and overall economic significance.

“Completion of the maiden drilling program is an important milestone for Balerion, and we are encouraged by what it has delivered while remaining within the approved budget. All six holes successfully tested their intended targets, with visible sulphides encountered in five of the six holes.” — Brett Grosvenor, Executive Chairman

Laboratory assays for drill holes BLRCDD004, BLRCDD005 and BLRCDD006 are pending. Exultant expects the results to become available in approximately four to six weeks.

Once received, validated and interpreted, the complete drilling and assay datasets will be integrated with existing geological, geochemical and geophysical records to construct an updated geological model. This work will determine the next phase of exploration at Balerion, while operational attention concurrently focuses on priority targets at the Black Hammer project.

Read the full announcement: Final Balerion Hole Intersects Sulphide-Bearing Shear Zone