Lunnon Metals' Hustler gold resource increased 20% to 36,200 oz, with a $13M drill campaign underway. The deposit sits next to the Lady Herial pit, where mining has two months left.
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Lunnon Metals (ASX:LM8) released an updated mineral resource estimate for its Hustler gold deposit in Western Australia, showing a 20% increase in contained gold to 36,200 ounces and a 21% rise in tonnage to 826,000 tonnes at 1.4 grams per tonne. The upgrade, which also included a resource for the adjacent Lady Herial project, positions Hustler as the next development candidate, the company said.
Hustler was discovered in late 2021, just after Lunnon Metals listed on the ASX. The company is currently mining the Lady Herial open pit, with gold ore sold to St Ives Gold Mining, a wholly owned subsidiary of Gold Fields Ltd (NYSE: GFI), under an ore purchase agreement. St Ives holds a 30.15% stake in Lunnon Metals.
Managing Director Edmund Ainscough said Hustler and a possible cut-back at Lady Herial are the leading near-term development opportunities. "The current Lady Herial open pit has been a big success and financial enabler," he said. "We will continue to fast-track the permitting and discuss ongoing collaboration with our current partners with a view to reproducing that success in FY27."
Lunnon Metals has a $13 million drill campaign already underway and a strong cash balance, according to Ainscough. The Lady Herial open pit has about two months of mining remaining. As of June 30, 2026, the Lady Herial gold ore reserve stood at 82,700 tonnes at 2.1 g/t for 5,600 ounces.
The Kambalda/St Ives district has produced over 18 million ounces of gold since the early 1980s, together with more than 1.6 million tonnes of nickel. Gold mining in the area dates back to the 1890s.
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