Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
WA Gold Shares Rise 8.33% as Bullabulling Survey Identifies Nine Gold Exploration Targets
Highlights
WA Gold Limited (ASX: WAU) shares rose 8.33% to AU$0.013, gaining AU$0.001, according to the latest market data provided. The company announced encouraging exploration results on 13 October 2026 after completing a high-resolution sub-audio magnetics (SAM) survey at its wholly owned Bullabulling Project in Western Australia. The survey identified nine geophysical anomalies with a combined strike length exceeding 4 kilometres, expanding the company's pipeline of targets for further gold exploration.
Survey Defines Nine Conductivity Anomalies
The SAM survey, completed by Dias Geophysics during September and October 2026, covered approximately 125.4 line-kilometres across two priority areas within the Bullabulling North tenure, located around 30 kilometres west of Coolgardie. The results identified nine magnetometric conductivity (MMC) anomalies along two geological structures considered prospective for gold mineralisation: the interpreted Bullabulling Shear Zone (BBSZ) and a prospective shear zone associated with a regional-scale ultramafic contact.
Four anomalies were identified in the western survey area along or near the interpreted BBSZ. The largest extends approximately 900 metres along the structure. Five additional anomalies were detected in the eastern survey area, which covers the ultramafic contact and a previously identified gold-anomalous trend. The company's survey map on page 2 illustrates the anomalies in relation to geological structures, faults and earlier drilling results. These findings provide a more detailed view of potential exploration targets beneath the area's surface cover.
Previous Drilling Supports Follow-Up Exploration
Several geophysical anomalies coincide with or occur along strike from gold anomalism identified during earlier reconnaissance drilling. One eastern anomaly encompasses the end-of-hole result from drill hole 26BBRC027, which recorded 4 metres at 0.25 grams per tonne of gold from 40 metres to the end of the hole.
Another anomaly lies near results from hole 26BBRC008, which returned 2 metres at 0.16 grams per tonne of gold from 52 metres to the end of the hole.
WA Gold plans to combine the survey findings with its geological, geochemical and drilling datasets to rank the nine targets. The next phase is expected to involve reverse circulation (RC) drilling to investigate primary gold mineralisation at depth, following completion of the current Abercromby programme and subject to rig availability and heritage approvals.
Importantly, the conductivity anomalies are exploration targets rather than confirmed gold discoveries. Further drilling is required to establish their geological significance.
Conclusion
WA Gold's 13 October 2026 announcement marks a step forward in defining exploration targets at Bullabulling North. The nine anomalies provide several areas for further investigation, with target ranking and deeper RC drilling planned as the next steps. The results strengthen the project's exploration pipeline, although the presence and extent of gold mineralisation remain to be confirmed through drilling.
Note- All data presented is based on information available at the time of writing.
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