Ballard Mining Advances Mt Ida Project Development in Western Australia, Shares Fall 3%

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Ballard Mining (ASX:BM1) said a mining lease has been granted for West Knell at its Mt Ida project in Western Australia, where the company recently reported its best drill intercept to date of nine meters at 27.1 grams per tonne gold, according to a Monday Australian bourse filing.

The company said metallurgical test work to a feasibility study level of detail has been completed for the 1 million-ounce at 3.5 grams per tonne Baldock gold deposit, with an updated global Mt Ida mineral resource estimate (MRE) underway following about 150 kilometers of drilling since the last MRE update in February.

Infrastructure works include an exploration camp expanded to 30 rooms and additional water production bores installed to support a 2.5-gigaliter-per-year water license, the filing added.

The company's shares fell 3% in recent Monday trade.

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