After two decades in the wilderness, LinQ to resume drilling at massive NSW gold deposit

• LinQ Minerals announces contractor for drill campaign at key Southern Zone deposits
• Gidginbung mine to see first substantial drilling in more than two decades
• NSW deposit produced 540,000oz before closing in 1996 with gold prices at less than a tenth of current levels

Special Report: The first drilling in more than two decades at one of the largest but almost forgotten gold deposits in New South Wales is tantalisingly close.

Just weeks after the first original gold float in the 2025 boom, LinQ Minerals (ASX:LNQ) has inked a deal for experienced driller Drillit to undertake the first phase of drilling at the Gilmore gold and copper project.

The rig is scheduled to mobilise later this month.

Gilmore contains 3.7Moz of gold and 1.2Mt of copper metal in resources, among the most prolific patches of dirt in the Macquarie Arc province, the home of mega mines owned by global and local majors like Cadia, Cowal and Northparkes.

That includes 55Mt at 1.2Moz gold and 120,000t copper at the epithermal hosted Gidginbung and porphyry-hosted The Dam gold deposits in the south of the extensive land package.

Gidginbung, which hosts 21Mt at 1g/t gold and 0.07% copper, produced 540,000oz over nine years between 1987 and 1996, but has been on ice since having closed with gold prices of just A$460/oz.

They’re now over A$5,000/oz, making Gidginbung a prime first target for drilling. The open pit forms part of a 6km mineralised tract that includes The Dam as well as three mineralised but earlier stage prospects in Mag H1, Fields and Woolshed.

Drilling has not taken place at Gidginbung since 2001.

“Appointing Drillit to execute the phase 1 program is a strong step forward in our plan to unlock the potential at the Gilmore Project,” LinQ Executive Chair Clive Donner said. 

“Gidginbung already hosts a substantial Mineral Resource, however has never been systematically drilled at depth or along its broader strike extent. We believe this presents a major opportunity for value uplift. 

“The upcoming program will provide the first drilling results from Gidginbung in more than two decades, marking a significant and exciting milestone for both LinQ and our shareholders.”

Southern Zone

The focus on the Southern Zone comes amid an exploration revival in recent years in NSW’s Lachlan Fold Belt, spurred by record gold prices and major new discoveries like Alkane Resources’ (ASX:ALK) Boda-Kaiser porphyry deposits.

The geological setting at the Southern Zone bears resemblance not just to local analogues but also the monster porphyries of Southeast Asia, including Newmont’s world-class Wafi-Golpu in Papua New Guinea and Gold Fields’ Lepanto-Far Southeast in the Philippines.

Alongside Gidginbung, which contains 700,000oz of gold and 10,000t of copper, The Dam resource contains 34Mt at 0.7% copper equivalent, or 0.44g/t gold with 0.32% copper, for 500,000oz gold and 110,000t copper metal.

Those prospects will be the beach head for further exploration at the project, which covers 597km2 of tenements that virtually lock up a 60km belt between West Wyalong and Temora.

Alongside six mineral resources are more than 20 known prospects largely unexposed to the rigorous methods of modern exploration.

LinQ raised $10m to float on the ASX in June. Its shares were up 3% on Monday morning to 16.5c.

This article was developed in collaboration with LinQ Minerals, a Stockhead advertiser at the time of publishing. 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.