Lunnon Metals (ASX:LM8) has increased the gold mineral resource at its Hustler deposit by 20% to 826,000 tonnes @ 1.4 grams per tonne gold (Au) for 36,200 ounces.
The updated estimate represents a 21% increase in tonnes from the maiden mineral resource reported in March 2026. Lunnon attributes the growth to infill drilling that allowed modelled structures to be extended at depth.
Most of the increase occurred in the inferred category, which rose 27% to 29,200 ounces. The indicated component contains 171,000t @ 1.3g/t Au for 7,000 ounces, down slightly from 7,200 ounces due to narrower-than-modelled intersections in shallower parts of the deposit.
The resource comprises an upper zone containing 31,300 ounces and a lower zone containing 4,900 ounces, using a 0.5g/t Au cut-off.
Hustler is located about 400m southeast of Lunnon’s active Lady Herial open pit at its Kambalda Gold and Nickel Project in Western Australia. Mining at Lady Herial began in February 2026 under an ore purchase agreement with major shareholder St Ives Gold Mining, a subsidiary of Gold Fields (NYSE:GFI).
Managing Director Edmund Ainscough says Hustler and a potential cut-back at Lady Herial are the company’s next prospective development opportunities.
“The current Lady Herial open pit has been a big success and financial enabler. We will continue to fast track the permitting of the two new opportunities and in parallel discuss ongoing collaboration with our current partners,” Ainscough says.
Lunnon says it is completing a Scoping Study assessing the potential to mine Hustler concurrently with a further stage of open-pit mining at Lady Herial.
Metallurgical test work is also underway on samples from three diamond holes to assess whether Hustler has similar processing characteristics to Lady Herial.
Mining depletion has reduced the Lady Herial mineral resource to 651,000t @ 2.1g/t Au for 43,100 ounces as of 30 June. Lunnon’s combined gold resources now total 1.48 million tonnes @ 1.7g/t Au for 79,300 ounces.
Write to France Pinzon at Mining.com.au
Images: Lunnon Metals
