LINGBAO GOLD (03330.HK): Exploration at Hababe Huatai in Xinjiang Achieves Major Progress, Contained Gold Metal Content Rises to 53.94 Tonnes from 13.20 Tonnes
NewTimeSpace News: Lingbao Gold Group Company Ltd. (stock code: 03330) issued an inside information announcement on August 7, stating that the overall exploration work of Hababe Huatai Gold Co., Ltd. ("Huatai Company", a wholly-owned subsidiary of the Group) in the Altay region of Xinjiang and its subsidiary Hababe County Huayuan Mining Co., Ltd. ("Huayuan Company", a non-wholly-owned subsidiary in which the Company indirectly holds a 60% interest) has achieved major phased progress. As of June 30, 2026, the contained resource increased from 13.20 tonnes as at the end of 2025 to 53.94 tonnes. The mineral resource report was prepared by Beijing SRK Consulting (China) Co., Ltd. ("SRK") in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 edition) (the "JORC Code").
According to the announcement, the exploration was conducted within four adjacent exploration and mining rights of Huatai Company and its subsidiaries, covering a total area of 22 square kilometers, over a period of three years. As of June 30, 2026, the aggregate mineral resources reported by SRK within the four exploration and mining rights were: indicated ore of 13.50 million tonnes at a grade of 1.39 g/t, containing 601 thousand ounces (18.69 tonnes) of gold; inferred ore of 28.93 million tonnes at a grade of 1.22 g/t, containing 1,133 thousand ounces (35.25 tonnes) of gold; and total ore of 42.43 million tonnes at a grade of 1.27 g/t, containing 1,734 thousand ounces (53.94 tonnes) of gold. No measured mineral resources were reported.
Huatai Company holds two mining rights (the Tuokuzibayi gold mine and the Duolanasayi gold mine) and two exploration rights (the Duolanasayi gold mine peripheral exploration and the Duolanasayi West gold mine reconnaissance), while Huayuan Company holds one exploration right (the Aoduoke gold mine exploration). Huatai Company has a processing plant at its Duolanasayi mining area, which centrally processes ore from both the Duolanasayi and Tuokuzibayi mining areas.
Mr. Wang Pinran, Director and Chairman of the Management Executive Committee, stated that the exploration was conducted in response to the national call for a new round of prospecting breakthrough actions, and the results demonstrate the huge prospecting potential within the existing mining areas, with the exploration team continuing to drill at full capacity. The Company is in contact with leading domestic feasibility study and design institutions to rapidly expand depth and capacity leveraging the existing mature infrastructure and mining-processing systems within the Duolanasayi and Tuokuzibayi mining rights, and will accelerate the conversion from exploration to mining based on the scale of newly added resources, planning new production capacity around the existing industrial sites, with the aim of building Huatai Company into a high-standard flagship project.
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