Double Play: BUS Launches Victoria Gold-Antimony Hunt
Fresh off appointing proven mine-finder Brendan Borg, this $7.5M explorer starts work between two of Victoria's richest mines as both metals soar
Bubalus Resources (ASX: BUS) has announced an aggressive exploration campaign in one of Australia's most productive gold belts.
Flanked by Fosterville and Costerfield, two of the world's highest-grade gold-antimony mines, BUS' projects are positioned in a tier-one mining jurisdiction.
Management is wasting no time starting with geochemical sampling at their Crosbie North profect, leading into high-impact drilling at Crosbie South in Q2 2025.
At 16.5c and a tiny $7.5 million market cap, BUS gives investors a shot at Victoria's next gold-antimony discovery, right where the big mines struck it rich.
Gold's relentless rise and antimony's price surge have set the stage perfectly for BUS to make their mark in Victoria's hottest gold region.
Crosbie North: Bubalus’ Latest Fieldwork
BUS is currently executing a geochemical sampling program at their Crosbie North target. Geochemical sampling is how early-stage explorers separate promising projects from those that fail.
The results of this sampling help pinpoint drill targets by confirming whether a structure or system has the geochemical signature of an orebody.
The historical rock chip results at Crosbie North have already suggested a strong presence of mineralisation, with promising grades such as:
12.1 g/t gold
6.46 g/t gold + 0.35% antimony
3.96 g/t gold + 2.02% antimony
Once BUS has these new sampling results in hand, they will conduct IP (Induced Polarisation) surveys to look beneath the surface. Think of it like an X-ray for the ground - it helps them spot the structures most likely to hold gold and antimony deposits and identify the best drilling targets.
What makes this even more interesting is that Crosbie North shares the same rock type as nearby producing mine Costerfield, where rich gold sits in antimony sulphide veins in Ordovician sediments.
With results expected early in Q2 2025, the goal is to refine targets for drilling.
Crosbie South: Drilling Program Fast Approaching
Crosbie South is where things get more exciting. Rock chips grading up to 19.1 g/t gold at surface signal significant potential, and the geophysical surveys showing subsurface anomalies have set the stage for Q2's drilling program.
We've seen this story before in Victoria - surface gold leads to a discovery hole, and suddenly that tiny market cap doesn't look so tiny anymore. Southern Cross Gold rode this same path from 20c to $3.67 today.
BUS sits at just $7.5 million today - well below some of its peers in Victoria. But with those rock chips, the right geology, and drills about to turn, they're following a well-worn path to success in this neighbourhood.
This is the kind of drilling program that can rewrite a company's story overnight. If high-grade mineralisation is confirmed, it could significantly shift the company's valuation, as seen in past discoveries within this region.
While there is still much work to be done, the parallels between Crosbie South and other successful Victorian gold plays are striking.
Gold & Antimony Strong Market Dynamics
Gold: Strong Fundamentals in a High-Inflation World
Gold keeps pushing higher, now trading around USD$2,900/oz. The drivers for this are clear:
Persistent inflationary pressures forcing investors to seek hedges.
Central bank buying at record levels, particularly in China and emerging markets.
For BUS, the timing is perfect - any significant gold discovery in this market could send the share price flying.
Antimony: A Critical Mineral in High Demand
While gold grabs the headlines, antimony's story is even more dramatic. We've watched prices rocket from US$13,000/t to US$50,000/t in just twelve months - a 400% surge that has some analysts predicting US$100,000/t.
The reason for this surge is that China dominates the global supply of antimony, a metal that is classified as a critical mineral in the US due to its essential role in battery technology, flame retardants, and military applications.
Investors should keep a close eye on the gold-antimony mix in BUS' upcoming drilling results. Success with either metal would be significant - striking both could be transformational.
Following the Playbook: The Bubalus Model Has Had Previous Success
A great reference point for BUS' potential success is Canadian-listed Mandalay Resources (TSX: MND) and their Costerfield gold-antimony mine, also in Victoria.
Costerfield is pulling out some of the highest-grade gold-antimony ore you'll find anywhere in the world:
Gold grades at an incredible 10 g/t
Strong antimony credits, making mining operations highly profitable
Mandalay's success didn't happen overnight. It followed a structured approach that BUS is now replicating:
First, nail down the best targets through geochemical sampling and geophysics.
Then, targeted drilling to confirm mineralisation and expand the resource.
Finally, build a high-margin mining operation while gold and antimony prices are hot.
Why This Matters for Bubalus Investors
Victoria's track record of high-grade gold-antimony discoveries speaks for itself. Mandalay's share price has tripled in the past year alone as Costerfield keeps delivering the goods.
Now BUS is following the same path, starting with ground right next door. Q2's drilling at Crosbie South is the first big test, and with gold and antimony prices soaring, the timing couldn't be better.
And why we’re backing Bubalus Resources:
Strategic location between Fosterville (4.3 g/t gold) and Costerfield (9.8 g/t) - two of Australia's richest mines.
Proven leadership - MD Brendan Borg previously delivered 875% returns at Celsius Resources and helped build Leo Lithium into a top-5 global deposit.
Strong balance sheet.
Near-term catalysts:
Crosbie North results
Crosbie South drilling
Tiny $7.5M market cap vs peers (Southern Cross Gold at ~$1B, S2 Resources at $50M)
Perfect timing with gold at USD$2,900/oz and antimony up 400% on China's export ban.
The Road Ahead
The next few months are exciting for Bubalus and its holders.
Results from Crosbie North are expected soon, followed by the main event - drilling at Crosbie South. Between Brendan Borg at the helm, two hot commodities, and a proven address, all the pieces are in place for what could be one of 2025's most exciting exploration stories.
