Bubalus Resources Limited has provided an exploration update on its portfolio of optioned gold–antimony projects in Victoria, outlining detailed plans and recent progress in several key areas. The company is focusing significant resources on the Crosbie Project, strategically positioned between the operating Fosterville and Costerfield mines. At the Crosbie North prospect, a new Induced Polarisation survey will soon extend previous IP work by adding five new survey lines across approximately 11.8 km. Earlier surveys and extensive soil sampling have recorded promising anomalies: rock chip samples from the area have returned grades such as 4.0 g/t gold with 0.80% antimony, 6.46 g/t gold with 0.35% antimony, and even values up to 12.1 g/t gold and 5.84 g/t gold from separate channels. Additionally, anomalous soil assays reported gold up to 34 ppb, antimony up to 158 ppm, arsenic up to 249 ppm, and silver at 0.635 ppm, all significantly above average background levels. At Crosbie South, a maiden diamond drilling program has been completed with five holes drilled over roughly 700 metres. Core logging and sample dispatching to ALS laboratories have been executed on schedule, with assay results expected in July 2025 to guide further project development decisions. Meanwhile, geochemical sampling continues at the Murrindindi Gold Project, focusing on the Tin Creek prospect to generate drill targets. Preparations are also underway for a maiden drilling program at the Avon Plains Gold Project, including landholder engagement and an upcoming soil sampling effort aimed at refining targets before drilling begins in October 2025, particularly in the historically mined high-grade reef area. Investors might view the company’s update with a bullish sentiment given the strategic positioning of its projects within one of Australia’s premier gold regions, the proximity to well-established mines, and the encouraging grades and geochemical anomalies reported. The planned geophysical and drilling programs and the methodical approach to confirming targets contribute to a positive outlook for future exploration success and potential resource discovery. However, caution is warranted from a bearish perspective as well. The results from key initiatives such as the Crosbie South drill program and the ongoing geochemical work at Murrindindi remain pending, and exploration projects carry inherent risks, including uncertainties in geophysical interpretation and assay outcomes. Overall, while the exploration updates deliver promising technical indicators, the forthcoming assay reports will be critical in shaping the company’s next steps and guiding investor sentiment.