One Bullion Reports Significant Historical Gold Results and Advances Exploration at Vumba

One Bullion reveals strong historical gold grades at Vumba, but economic viability remains unproven.

What the company is saying

One Bullion Ltd. is presenting a consolidated summary of historical drilling and trenching results from its wholly owned Vumba Gold Project in Botswana, emphasizing the integration of these results with 2026 drilling data and airborne geophysics. The company frames the update as a significant step in building a more complete geological model and identifying high-priority exploration targets. CEO Adam Berk highlights the value of combining historical and current data to maximize exploration efficiency and shareholder value. The announcement stresses the technical progress made, including specific drill intervals and grades, and situates Vumba within a region known for substantial gold production, referencing mines like Blanket and Mupane. The company is transparent about the current pause in drilling for core logging, sampling, and model review, and is clear that analytical results from the 2026 program will be released after technical review. The tone is confident but measured, acknowledging that further exploration is required to establish continuity and economic significance.

What the data suggests

The disclosed data includes 26.0 m at 2.60 g/t gold (SR033), 28.0 m at 1.47 g/t (SR083), and 13.0 m at 8.52 g/t (SD071, including a single 1.0 m interval at 101.81 g/t), with additional high-grade intervals such as 1.0 m at 20.90 g/t (VUDD005) and 1.0 m at 15.25 g/t (VUDD016). Trenching results include 3.5 m at 18.79 g/t (VUT004), with a 2.5 m subinterval at 26.12 g/t. The project has seen 7,464 soil samples, 33 trenches, 110 reverse circulation holes (6,749 m), nine diamond holes (1,180 m), and a further 16 diamond holes (3,589.6 m) in 2022. The regional context is robust, with Blanket’s M&I resources at 2.178 million oz (17.674 Mt at 3.83 g/t) and Mupane’s historical M&I at 235,800 oz (5.166 Mt at 1.42 g/t). No resource estimate or economic study is provided for Vumba. Drill intervals are reported as downhole lengths, not true widths, and the company explicitly states that continuity and economic significance are unproven. The technical disclosure is detailed and specific, but the absence of resource or economic figures means the project’s value remains speculative.

Analysis

The announcement is a detailed technical update on the Vumba Gold Project, providing extensive historical and recent drilling and trenching results, as well as regional context. The majority of claims are realised and supported by specific drill intervals, grades, and sample counts. Forward-looking statements are limited and appropriately cautious, focusing on the integration of data and the need for further exploration to establish economic significance. There is no evidence of exaggerated language or overstatement; the tone is positive but proportionate to the technical progress disclosed. No resource estimate, economic study, or financial metrics are presented, and the company does not claim imminent production or economic returns. The only capital reference is to deploying exploration capital more efficiently, which is not paired with any large, near-term capital outlay or promises of rapid returns.

Risk flags

• ●Resource and economic viability remain unproven, as no compliant resource estimate or economic study is disclosed for Vumba. This means investors have no basis to assess the project's potential value or likelihood of development.
• ●Reported drill intervals are downhole lengths, not true widths, which can overstate the apparent size and grade of mineralized zones. Without true width calculations, the scale and continuity of mineralization are uncertain.
• ●The project is still in the exploration phase, with drilling paused for core logging and model review. There is no guarantee that subsequent drilling or analysis will confirm continuity or economic grades, and further capital will be required for follow-up work.
• ●Regional analogues such as Blanket and Mupane are cited for context, but the company explicitly states that mineralization and economic results at those properties are not necessarily indicative of Vumba’s potential. Relying on regional comparisons does not substitute for project-specific resource or economic data.
• ●The company’s ability to deploy exploration capital efficiently and advance to a resource estimate or economic study depends on the outcome of ongoing technical work, which carries inherent geological and operational risks.

Bottom line

One Bullion’s update demonstrates that the Vumba Gold Project hosts multiple high-grade gold intervals in both drilling and trenching, with specific results such as 13.0 m at 8.52 g/t and 3.5 m at 18.79 g/t providing technical encouragement. The company’s integration of historical and recent data, alongside airborne geophysics, is a sound technical approach and aligns with best practices for early-stage exploration. However, the absence of a resource estimate, true width calculations, or any economic analysis means the project’s value remains entirely speculative at this stage. Investors have no basis to assess the scale, continuity, or economic viability of the mineralization, and the timeline to any meaningful value realization is likely to be measured in years, not months. The next concrete catalyst will be the release of analytical results from the 2026 drilling program, but until a compliant resource estimate or economic study is produced, the project should be viewed as high risk and pre-resource. The most important takeaway is that while the technical results are promising, they do not yet translate into a defined asset or investment case.

Announcement summary

(TSXV:OBUL) One Bullion Ltd. announced a consolidated summary of historical drilling and trenching results from its wholly owned Vumba Gold Project in Botswana, alongside an update on ongoing exploration work. The company holds complete ownership of three prospective exploration projects in Botswana. The historical results, previously undisclosed in company news releases, are now being integrated with airborne geophysics and geological information from the 2026 drilling program. Adam Berk, Chief Executive Officer of One Bullion, stated that integrating these results with 2026 exploration data and airborne geophysics is building a more complete picture of the project's gold mineralization and helping to identify high-priority targets. Reverse circulation drilling at Vumba returned 26.00 m at 2.60 g/t gold in SR033 and 28.00 m at 1.47 g/t gold in SR083. Diamond hole SD071 returned 13.00 m at 8.52 g/t gold, including 1.00 m at 101.81 g/t gold. One Bullion’s diamond drilling returned 1.00 m at 20.90 g/t gold in VUDD005 and 1.00 m at 15.25 g/t gold in VUDD016. Trench VUT004 returned 3.50 m at 18.79 g/t gold, including 2.50 m at 26.12 g/t gold. The Vumba project has advanced from surface prospecting to systematic soil sampling, trenching, reverse circulation and diamond drilling, and ground and airborne geophysics. The 2026 program adds geological observations and a higher-resolution geophysical framework. Regional context includes gold mining in the Gwanda and Tati greenstone belts of the southern Zimbabwe Craton, with mines such as Blanket, Vubachikwe, Jessie, Freda, Farvic, Mupane, Golden Eagle, Map Nora, and Signal Hill. Blanket’s June 2026 underground estimate contains 2.178 million ounces of measured and indicated gold resources, with inferred resources of 748,000 oz. Mupane’s historical inventory includes 5.166 Mt at 1.42 g/t (235,800 oz) M&I, 4.378 Mt at 1.35 g/t (190,700 oz) inferred, and 1.810 Mt at 2.07 g/t (120,200 oz) P&P reserves. Vubachikwe has 1.04 million oz of reported historical gold production, Jessie has approximately 386,000 oz, and Freda has approximately 243,000 oz. Maitengwe’s reported project area is 580.75 km². At Vumba, 7,464 soil samples and 33 trenches were completed in 2006–2007. Between 2006 and 2009, 110 reverse circulation holes totaling 6,749 m and nine diamond holes totaling 1,180 m were drilled. In 2022, 16 diamond holes totaling 3,589.6 m were completed. A high-resolution airborne geophysical survey was completed in July 2026. The 2026 diamond drilling phase tested the Central and North Main areas, with VUDD017 and VUDD018 completed at Central and VUDD019 at North Main to a downhole depth of 315 m. Drilling is paused in November 2026 for logging, sampling, laboratory and check-assay work, and geological model review. Selected historical drilling results include SR004: 10.00 m at 2.18 g/t, SR033: 26.00 m at 2.60 g/t, SR083: 28.00 m at 1.47 g/t, SR084: 17.00 m at 1.41 g/t, SR085: 13.00 m at 2.02 g/t, SD071: 13.00 m at 8.52 g/t (including 1.00 m at 101.81 g/t), SD070: 0.23 m at 14.76 g/t, SD074: 0.67 m at 7.47 g/t, SD076: 1.10 m at 4.19 g/t, VUDD005: 1.00 m at 20.90 g/t, and VUDD016: 1.00 m at 15.25 g/t. Selected historical trenching results include ST013: 4.00 m at 3.14 g/t, ST017: 20.00 m at 0.85 g/t, ST025: 10.00 m at 1.84 g/t, VUT004: 3.50 m at 18.79 g/t (including 2.50 m at 26.12 g/t), and VUT005: 0.90 m at 9.88 g/t. The company is integrating geological logs and multi-element geochemistry to assess gold associations and host-rock packages. The next drilling decisions will depend on the consistency of observed geology and assays with proposed structures and target areas. Analytical results from the 2026 program will be reported separately following technical review. Further exploration is required to establish continuity, true widths, and potential economic significance.

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