Great Northern Minerals (ASX:GNM) Hits Milestone Resource at Nevada Gold Project

Key Highlights

• Great Northern Minerals delivers maiden JORC Mineral Resource Estimate at Iron Butte in Nevada

• Resource totals 480,000 ounces of gold and 11.5 million ounces of silver

• Mineralisation remains open in multiple directions, highlighting expansion potential

• Upcoming drilling campaign planned for Q3 2026 with $3.9 million cash available

• Project located in Nevada’s prolific Battle Mountain-Cortez mining district

Great Northern Minerals puts Nevada project on the map

Great Northern Minerals has reached a significant milestone at its Iron Butte Gold-Silver Project in Nevada, unveiling a maiden mineral resource that places the project among a growing list of emerging precious metals assets in one of the world’s most established mining regions.

The newly reported JORC Mineral Resource Estimate outlines 480,000 ounces of gold and 11.5 million ounces of silver, providing the first formal resource inventory for the project and offering a clearer picture of its long-term development potential.

Located in Nevada’s renowned Battle Mountain-Cortez mining district, Iron Butte sits near several major mining operations, including Nevada Gold Mines’ Phoenix Mine and SSR Mining’s Marigold Mine. The project also benefits from direct access to major highways and grid power infrastructure, factors that can significantly influence future development economics.

A sizeable resource with room to grow

The maiden estimate consists of two overlapping mineralisation domains.

The primary gold-silver resource contains approximately 37.9 million tonnes grading 0.4 grams per tonne gold and 6 grams per tonne silver, hosting 480,000 ounces of gold and 6.67 million ounces of silver.

Importantly, around 150,000 ounces of gold occur within shallow oxide material. Oxide deposits are often viewed favourably because they can potentially support lower-cost processing methods such as heap leaching, a technique widely used across Nevada.

A separate silver-focused domain adds another 4.8 million ounces of silver, taking total contained silver to 11.5 million ounces.

The current resource extends across a footprint measuring roughly 1.7 kilometres long and 300 metres wide, with mineralisation remaining open along strike and at depth.

That means geologists have not yet defined the full limits of the system.

Stock Price Movement

Shares of Great Northern Minerals (ASX:GNM) were trading at $0.036, down by 7.69%, by late morning on Friday, June 12.

The company has a market capitalisation of approximately $17.70 million and has delivered a remarkable 176.92% return over the past 12 months.

Source: MarketIndex 

Why Nevada still matters

In the global mining industry, location can be just as important as grade.

Nevada consistently ranks among the world’s leading mining jurisdictions thanks to its established infrastructure, transparent regulatory framework and concentration of major producers.

The project’s grade profile also draws comparisons with several large-scale Nevada gold operations that rely on bulk-tonnage, open-pit mining models.

While Iron Butte’s average gold grade of 0.4g/t may appear modest compared with underground mines, similar grades have successfully supported major mining operations across the state for decades when combined with scale and efficient processing.

The company also highlighted historical deeper drilling that points to potential upside beneath the current resource.

One standout historical intercept returned 1.5 metres grading 13.5g/t gold and 11.5g/t silver from 405.4 metres depth, suggesting a possible higher-grade feeder system may exist below the shallow mineralisation.

Next phase shifts toward growth

With the maiden resource now established, Great Northern Minerals is preparing for its next chapter.

The company says geophysical reinterpretation work is nearing completion and permitting activities are underway ahead of a planned drilling campaign in the third quarter of calendar year 2026.

Management believes several exploration targets could contribute to future resource growth.

Non-Executive Chairman Eddie King described the resource announcement as a defining moment for the company.

“Delivering the maiden JORC Mineral Resource Estimate at Iron Butte is a defining milestone for GNM and marks the completion of a major step for the Project. The MRE validates the development potential of Iron Butte and establishes the Project as a credible gold-silver project within one of the world’s premier mining jurisdictions.”

King added:

“With geophysics well advanced we are well-positioned to pursue meaningful resource growth through our upcoming maiden drilling campaign. We have available cash on hand and look forward to carrying out the next exploration program which will be focused on expanding the resource, with multiple exploration targets already identified which will underpin our upcoming drilling campaign.”

What comes next?

The maiden resource gives Great Northern Minerals a foundation from which to build, but important work remains.

The current estimate is classified entirely as Inferred, meaning additional drilling will be required to improve confidence levels and potentially upgrade portions of the resource.

Metallurgical testing, density studies and further drilling will also be needed to assess the project’s economic potential more accurately.

Still, in a market where gold continues to attract attention amid geopolitical uncertainty and inflation concerns, defining nearly half a million ounces of gold in Nevada provides Great Northern Minerals with a meaningful platform for future growth.

For now, attention turns to the upcoming drilling campaign, which could determine whether Iron Butte evolves from an emerging resource into a larger Nevada gold development story.