Maritana Minerals Limited (ASX: MRT) High-Grade Burbanks Results Drive Phase 2 Drilling and a Strategic Tenement Swap Tightens the Black Swan Footprint
- Ephrem Joseph
- 5 hours ago
- 16 min read
An impressive high-grade 4.20 metre intersection at 42.43g/t Au — including 1.37 metres at 126.93g/t Au — has reinforced the case for Burbanks. A second drill rig is now pushing the Inferred Resource down to 450 metres below surface, and a paired tenement swap with Accelerate Resources delivers fresh ground proximal to the Black Swan Processing Hub.
Samso News | ASX: MRT | Gold | Black Swan Processing Hub | Burbanks Gold Project |
Maritana Minerals Limited (ASX: MRT), formerly Horizon Minerals Ltd, has progressed three significant work streams across its Western Australian gold portfolio in May 2026.
The activity sits within the company's broader strategy to refurbish the 2.2 Mtpa Black Swan Processing Hub and bring it back online as a standalone gold producer, with first gold targeted for mid-2027.
Earlier this month, the company delivered additional high-grade assay results from its completed Phase 1 diamond drill program at the 100%-owned Burbanks Gold Project.
Bolstered by these results, Maritana kicked off phase 2 drilling at Burbanks mid-May , with a second rig mobilised to site.
On 19th May, the company announced a dual tenement transaction with Accelerate Resources Limited (ASX: AX8), acquiring the Kanowna East tenure package and divesting its non-core Balagundi tenure package.
Table 1: Summary of May 2026 activities
Samso Summary | Details |
Company | Maritana Minerals Limited |
ASX Code | MRT |
Primary Assets | Black Swan Processing Hub (2.2Mtpa, in C&M); 1.9Moz Group Mineral Resource across multiple WA Goldfields projects |
Main Story | Phase 1 drilling delivered ultra-high-grade results at Burbanks; Phase 2 drilling now underway with second rig mobilised; Kanowna East acquired and Balagundi divested in dual transaction with Accelerate Resources |
Operating Platform | Fully funded through A$175M placement plus A$4.65M SPP; A$114.1M cash and no debt (as at 6 March 2026) |
Black Swan Studies | Pre-production capital A$160.5M; capital intensity ~A$1,500/oz; project pre-tax NPV8 ~A$631M; IRR 83% at A$5,500/oz gold price |
Burbanks Phase 1 | 53 holes for 15,798m completed; standout intercept 4.20m at 42.43g/t Au including 1.37m at 126.93g/t Au from 290.84m in 26HBBD044 |
Burbanks Phase 2 | Designed to extend Inferred Mineral Resource from 250m to up to 450m below surface; revised total program 25,000m |
Kanowna East | Acquired from Accelerate Resources for ~A$200,000 in MRT shares (net); proximal to Gordon's Dam and Black Swan |
Balagundi Divestment | Divested to Accelerate; Maritana retains 1% NSR royalty and a 5-year right of first refusal over future toll treatment at Black Swan |
Burbanks Phase 1 Drilling: High-Grade Results Define the Story
The Burbanks Gold Project is located on a granted Mining Lease (M15/161) nine kilometres south of Coolgardie in the Western Australian Goldfields. The mineralisation is hosted within the Burbanks Shear Zone, a five-kilometre strike package of basalts and intercalated gabbro, dolerite and sediments (Figure 1). Gold occurs in ptygmatically folded and boudinaged laminated quartz veins with pyrite, pyrrhotite, scheelite and an alteration assemblage of plagioclase, calcite, biotite and garnet. Historical underground mining at Burbanks produced 324,000 ounces at a head grade of 22.7g/t gold between 1885 and 1961.
In geology, a ptygmatically folded rock layer or vein features highly irregular, tight, and complexly contorted wrinkles that resemble a chaotic, looping snake or a squeezed tube of toothpaste. (Click Here for illustration) A boudinaged rock layer or vein has been stretched and pulled apart into a series of sausage-shaped fragments (Click Here For Illustration)
Figure 1: Burbanks Gold Project showing the location of the Phase 1 completed holes and the current Phase 2 drill program (Source: MRT ASX Announcement 14 May, 2026).
During the phase 1 program, the company reported a series of high-grade results that have materially improved the geological understanding of the deposit. Hole 26HBBD044 is the standout. It returned a 4.20 metre intersection at 42.43g/t gold from 289.63 metres, which includes 1.37 metres at 126.93g/t gold from 290.84 metres.
The same hole returned a 0.30 metre intercept at 54.02g/t gold from 207.41 metres and a 1.84 metre intercept at 5.98g/t gold from 223.00 metres, including 1.20 metres at 8.69g/t gold (Figure 2).
Figure 2: Gold mineralisation located within a quartz vein hole 26HBBD044. The interval grades 4.20m @ 42.43g/t Au from 289.63m including 1.37m @ 126.93 g/t Au from 290.84m (Source: MRT ASX Announcement 04 May, 2026).
Maritana began a two-phase extensional and infill drilling program at Burbanks in late June 2025. Phase 1 was designed to improve geological confidence at the Burbanks North open pit, which is included in the current LOM plan, and at the Burbanks underground, which is not. Phase 1 comprised 53 diamond drill holes for a total of 15,798 metres. Assay results have been received for all but the final four holes, with two further results pending at the time of the 4 May 2026 release.
The company also highlighted that visible gold was logged in quartz veining within the shear zone in 26HBBD044, with a photograph of the mineralisation included in the announcement. The presence of visible gold in a hand-sized core sample is a strong geological indicator but introduces the well-known nugget effect into grade interpretation. From a project assessment perspective, the result is significant because the standout intercept is associated with the broader Burbanks Shear Zone rather than a single anomalous nugget.
Other notable Phase 1 results include a 6.49 metre intersection at 2.66g/t gold from 354.51 metres in hole 26HBBD039 (including 1.27 metres at 6.54g/t gold), a 1.81 metre intersection at 13.82g/t gold from 113.88 metres in 26HBBD040, a 2.02 metre intersection at 5.99g/t gold from 244.98 metres in 26HBBD042, and a 0.63 metre intersection at 24.32g/t gold from 460.37 metres in 26HBBD038 including 0.30 metres at 40.95g/t gold.
Table 2: Selected significant intercepts from Phase 1 drilling at Burbanks
Hole ID | From (m) | Interval (m) | Au (g/t) |
26HBBD044 | 289.63 | 4.20 | 42.43 |
incl. | 290.84 | 1.37 | 126.93 |
26HBBD044 | 207.41 | 0.30 | 54.02 |
26HBBD044 | 223.00 | 1.84 | 5.98 |
incl. | 223.64 | 1.20 | 8.69 |
26HBBD038 | 460.37 | 0.63 | 24.32 |
incl. | 460.37 | 0.30 | 40.95 |
26HBBD039 | 354.51 | 6.49 | 2.66 |
incl. | 355.97 | 1.27 | 6.54 |
26HBBD040 | 113.88 | 1.81 | 13.82 |
26HBBD042 | 244.98 | 2.02 | 5.99 |
26HBBD049 | 229.62 | 0.52 | 10.83 |
Intercepts are downhole intervals and not true widths. Reporting uses a 1.0g/t Au cut-off with a maximum of 1m internal dilution. No top-cut has been applied. Full results are reported in the 4 May 2026 ASX announcement.
Beyond the headline grades, the spatial context of the Phase 1 pierce points is the more material outcome. The schematic long section (Figure 2A) published in the 4 May 2026 release shows that the recently reported intercepts sit both within and outside the current Inferred Mineral Resource envelope. The deep intercept in 26HBBD038 (0.63 metres at 24.32g/t Au from 460.37 metres) is well below the existing resource shell, supporting the case that mineralisation continues at depth. This is the geological basis for the Phase 2 program now underway.
Figure 2A: SW NE schematic long section on local grid showing the location of drilling in the 2025-26 drill program at Burbanks North, the current MRE categories, historical pierce points and recent drill traces with pierce points >1.0g/t. Previously reported intersections from this program are highlighted in white boxes, current intersections are in yellow. (source Maritana Minerals Limited - ASX Release 4th May 2026)
Management Commentary — Phase 1 Results
“Following strong results previously reported, the latest assays from Burbanks continues to demonstrate consistent high-grade mineralisation and improved geological confidence.
The ongoing success of the drilling program continues to de-risk the project, as we progress Burbanks towards becoming a reliable source of feed for Maritana's 100% owned Black Swan Processing Hub.”
— Grant Haywood, Managing Director and CEO, Maritana Minerals Limited (4 May 2026)
Burbanks Phase 2: Drilling the Resource at Depth
Maritana kicked off Phase 2 drilling in the days following the 4 May 2026 Phase 1 results release.
A second drill rig has been mobilised to site to accelerate the program (Figure 3). The two-phase program has been revised to a total of 25,000 metres, comprising both reverse circulation (RC) and diamond drilling
The Phase 2 program is designed to test and extend the Inferred Resource of the high-grade Burbanks Main and Birthday Gift Lodes from the current depth of 250 metres below surface to up to 450 metres below surface. The company noted that access to neighbouring tenements held by Auric Mining was required to support optimal drill positioning, given the steeply dipping geometry of the orebody and the limited width of Maritana's own tenure. This access has been secured, allowing drill collars to be stepped back to test the mineralisation at depth.
MRE Underway
All assay results from Burbanks North drilling have been received. The company has stated that an updated Mineral Resource Estimate is now underway and scheduled for completion in the June 2026 quarter. Ore Reserve studies based on the improved confidence in resource classification from Inferred to Indicated will then follow.
From a project assessment perspective, the importance of Phase 2 is that Burbanks underground was not included in the Black Swan Processing Hub Scoping Study. The release describes this as significant upside potential to the current LOM plan, which is targeted to produce 100,000 ounces of gold per annum over an initial period of five years. The Phase 2 drilling is the work program designed to test whether the depth extension can carry the high grades reported from Phase 1.
Management Commentary — Phase 2 Commencement
“Maritana's Phase 1 drilling at the Burbanks Gold Project has reaffirmed the high-grade nature of the mineralised system and increased our geological confidence in the deposit.
"Our Phase 2 program is the next step to accelerating our exploration and development strategy for the Project, improving our current mine plan to feed the Black Swan Processing Hub.”
— Grant Haywood, Managing Director and CEO, Maritana Minerals Limited (14 May 2026)
Burbanks South: A Second Target Area Opens Up
Alongside the Phase 2 deep drilling, Maritana has initiated exploration activity at Burbanks South, an area targeting high-grade shallow gold mineralisation. The 14 May 2026 release noted that preliminary observations from recent drilling indicate the presence of shearing and quartz veining consistent with the structural controls observed at Burbanks North.
The company reported that the area is supported by numerous historic workings that highlight its prospectivity, but that limited shallow drilling completed to date means the extent and continuity of mineralisation remains largely untested. Follow-up RC drilling is being planned to test mineralisation along strike, with geological modelling underway to refine targets.
Burbanks South remains at the target-generation stage. The next test is whether follow-up RC drilling can confirm a structural and grade footprint that justifies elevating it to a defined target along the broader Burbanks corridor.
Kanowna East: A Strategic Tenement Swap with Accelerate Resources
On 19th May, Maritana Resources executed a dual tenement transaction with Accelerate Resources Limited (ASX: AX8).
Under the agreements, Maritana will acquire Accelerate's Kanowna East tenure package and will divest its own Balagundi tenure package to Accelerate.
The acquired Kanowna East package comprises twelve tenements, including five granted tenements (E27/596, E27/700, E27/704, P27/2428 and E27/752) in which Accelerate holds a 70% interest with Metal Hawk holding the remaining 30%, and seven tenements in application (E27/743, E27/750, E27/754, P27/2642, P27/2643, P27/2644 and P27/2645) in which Accelerate holds a 100% rights-in-application interest. The acquired ground is described by the company as proximal to its existing Kalgoorlie operations, including the Gordon's Dam Project and the Black Swan Processing Hub (Figure 4).
Figure 4: Greater tenement area around Black Swan Operations, showing the acquired Kanowna East tenements (green), the existing Gordon's Dam Project, the Wilsons Prospect and the Black Swan Processing Hub. (Source: Maritana MRT ASX announcement 19 May, 2026)
Net consideration under the transaction comprises A$200,000 payable in Maritana shares, calculated as the greater of 133,333 shares or shares worth A$200,000 based on Maritana's five-day VWAP before execution. The cash consideration payable under each sale agreement is A$60,000, with the two amounts effectively set off against each other. Completion of the transaction is expected in the June 2026 quarter, and the acquired tenements will be incorporated into Maritana's FY2027 exploration strategy.
A 1% net smelter return royalty applies to all minerals extracted from each side of the transaction, granted in favour of the divesting party. This is a standard royalty structure for tenement transactions of this type and ensures both parties retain a financial interest in any future production from the ground they have transferred.
Balagundi: Divestment Preserves Optionality on Future Toll Treatment
The Balagundi tenure package divested to Accelerate comprises seventeen tenements held by Kalgoorlie Ore Treatment Company Pty Ltd, all of which are granted. The release described Balagundi as non-core to Maritana's current Kalgoorlie operating district.
The divestment removes ongoing exploration expenditure commitments from a part of the portfolio that does not fit the company's current operational focus.
Importantly, Maritana has retained a structural right over future toll treatment of Balagundi ore at the Black Swan Processing Hub. Under the Balagundi sale agreement, Accelerate has been granted a five-year right of first refusal in respect of future toll treatment opportunities at Black Swan, subject to the terms of the agreement. Maritana has also granted Accelerate the benefit of the existing Land Use Agreement with the Applicants for the Marlinyu Ghoorlie Native Title Claim.
The practical effect is that if Accelerate progresses Balagundi toward development, Maritana has structural exposure to that ore as a potential future feed source for Black Swan. The company has framed this as preserving strategic optionality without continuing to carry the asset on its balance sheet.
Management Commentary — Kanowna East and Balagundi
“This transaction reflects Maritana's disciplined approach to portfolio management. By acquiring the Kanowna East Project and divesting the Balagundi tenure, we are consolidating our landholdings around the Black Swan Processing Hub, while rationalising assets that are better suited to a party with the scale and intent to advance them.
"Importantly, the right of first refusal we have retained over future toll treatment at Black Swan preserves exposure to a potential future ore source and revenue stream open for Maritana shareholders, should Balagundi progress to development. We consider this a sensible, value-accretive outcome for both companies.”
— Grant Haywood, Managing Director and CEO, Maritana Minerals Limited (19 May 2026)
Black Swan Processing Hub: The Operating Anchor
The Black Swan Processing Hub is the central asset around which Maritana's standalone gold producer strategy is built. The plant is located approximately 50 kilometres north-east of Kalgoorlie in Western Australia and has a nameplate capacity of 2.2Mtpa (Figure 5). It is currently in care and maintenance, having previously operated as a nickel sulphide flotation facility.
The Black Swan Scoping Study released by the company on 17 February 2026 supports a conversion of the existing comminution circuit to gold processing with the addition of a carbon-in-leach (CIL) circuit. The estimated replacement value of the existing infrastructure is more than A$200 million, against a stated capital cost of A$101 million for the plant refurbishment and approximately A$160.5 million in total pre-production capital. Capital intensity is approximately A$1,500 per ounce.
Headline study outcomes include average production of 102,000 ounces per annum, life-of-mine production of 546,000 ounces over five years, C1 cash cost of A$2,852 per ounce, all-in sustaining cost of A$3,353 per ounce, and a project pre-tax NPV8 of approximately A$631 million at an A$5,500 per ounce base case gold price. The study reported an IRR of 83% and a payback period of 18 months from plant commissioning.
Maritana is fully funded for the refurbishment and the commencement of mining and processing through an A$175 million placement completed in February 2026, a A$4.65 million Share Purchase Plan completed in March 2026, and existing cash and listed investments. The company reported A$114.1 million in cash and cash equivalents as at 6 March 2026, with no debt.
Near-Term Milestones to Watch
The following near-term milestones have been disclosed across the three ASX announcements and the April 2026 investor presentation:
Table 3: Near-term milestones
Activity | Timing | Status / Source |
Burbanks Phase 1 remaining assays (final 4 holes including 26HBBD052 and 26HBBD053) | Underway | Pending at time of release (4 May 2026 release) |
Burbanks North Mineral Resource Estimate update | June 2026 quarter | All Phase 1 assays received; MRE update to enable Inferred to Indicated reclassification (14 May 2026 release) |
Burbanks Phase 2 drilling — Main Lode and Birthday Gift Lodes from 250m to 450m below surface | Underway | Commenced; second rig mobilised (14 May 2026 release) |
Burbanks Ore Reserve studies | Following MRE update | To follow Inferred to Indicated reclassification (14 May 2026 release) |
Burbanks South RC drilling program | Planned | Geological modelling underway; follow-up RC drilling planned (14 May 2026 release) |
Kanowna East tenement acquisition completion | June 2026 quarter | Dual transaction with Accelerate Resources (19 May 2026 release) |
Kanowna East exploration integration | FY2027 | Acquired tenements to be incorporated into Maritana's FY2027 exploration strategy (19 May 2026 release) |
Black Swan FEED studies and Final Investment Decision (FID) | Q2 CY2026 | Per published Strategic Plan (April 2026 Investor Presentation) |
Black Swan plant construction | Q3 CY2026 – Q2 CY2027 | Per published Strategic Plan (April 2026 Investor Presentation) |
Black Swan first gold production | Mid-2027 | Per published Strategic Plan and Scoping Study (April 2026 Investor Presentation) |
About Maritana Minerals Limited
Maritana Minerals Limited (ASX: MRT) is a Western Australian gold developer positioning to become a standalone gold producer in the Kalgoorlie–Coolgardie region. The company holds a land package of approximately 1,167 square kilometres across the WA Goldfields and a Group Mineral Resource of 1.9 million ounces of gold (34.3Mt at 1.7g/t Au) across multiple deposits, including the cornerstone Burbanks and Boorara projects.
The centrepiece of the company's strategy is the 2.2Mtpa Black Swan Processing Hub, located approximately 50 kilometres north-east of Kalgoorlie. The plant is currently in care and maintenance and is being refurbished and converted to gold processing, with the first gold targeted for mid-2027. Studies completed in February 2026 support the development of a gold operation producing more than 100,000 ounces per annum from the refurbished facility through a hub-and-spoke operating model.
Maritana also holds the Nimbus Silver-Zinc deposit, located approximately 44 kilometres from Black Swan, which contains a Mineral Resource of 20.2 million ounces of silver, 104,000 tonnes of zinc and 77,000 ounces of gold and provides additional optionality across the portfolio.
The company reported a market capitalisation of approximately A$332.8 million as at 14 April 2026, cash and cash equivalents of A$114.1 million as at 6 March 2026, and no debt. Maritana is fully funded for the refurbishment of Black Swan and the commencement of mining and gold production.
Previous Samso News Coverage
Samso has followed Maritana Minerals (formerly Horizon Minerals) across multiple ASX releases. The following represents our prior published coverage of the company:
May 5, 2026 -
October 8, 2025 -
September 2, 2025 -
August 21, 2025 -
August 1, 2025 -
July 27, 2025 -
June 29, 2025 -
Samso Concluding Comments
The Maritana Minerals share price journey(Figure 7) is taking a decline over the last few months and this is not necessarily a reflection in the performance of the company but rather a reflection of the devaluing of the gold price (Figure 8), I think. If you look at the leaders in the sector such as Northern Star Resources Limited (ASX: NST), they are not fairing well too, coming off a high of almost AUD $32 to a recent price of AUD $18.83. Westgold Resources Limited (ASX: WGX) is coming of a high of just over AUD $8.00 to a current price of AUD $4.96.
Figure 7: The Maritana Minerals Limited share price journey as of 22 May 2026. (Source: Commsec)
There is definitely a sense of uneasiness in the sector and companies such as Maritana Minerals who are in the development phase are going to be vulnerable. Does this mean that there are going to be downgrades to come, I think the signs are definitely there but we all know that the market is always adjusting and the key for shareholders and potential investors is timing.
Personally, with all the years of looking at the market in this sector, producers and aspiring producers are nearly always the first to reflect upturns and downturns. The gold price "run" is only really from September 2026 (Figure 8) and the monetary adjustments has only started. Are we going to see gold at thighs of over USD $5,000 again, I think this is a real possibility. When is that going to happen ? That is the million dollar question.
We are starting to see the lithium price coming back. Lithium companies are restarting projects and the optimism in the air is getting moving. Nickel price which has been in the lows are starting to get headlines again. As we all know already, inflationary concerns are still the main topic of conversation and monetary policy controls are still very well alive.
Figure 8: The gold price chart as of 25th May 2026. (Source: Trading Economics)
In regards to companies like Maritana who have recently raised funds to proceed with development, this could well be a stocktake sale that serious investors should take seriously. Remember that investors tend to sell with a falling share price and buy on a rising tide. Maritana may not be a Northern Star at the moment but it definitely is a company that has gold to sell.
Caution is the key word at the moment as Maritana is trading at a market capitalisation of just over AUD $260M as of 25th May 2026. I am sure that a business that has gold to sell when a resurgence of the gold price reappears, will be wroth more than its current level.
The key is understanding of where that curve in Figure 8 is going to go in the next six months. Are we going to see more discounting and if so, is a series of accumulating the stock at a discounting price a good way or positioning yourself in a potential future gold producer.
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