Ballard Mining (ASX:BM1) said its resource conversion drilling program at the Mt Ida gold project in Western Australia improved the drill density and quality of the high-grade Baldock deposit mineral resource estimate, according to a Tuesday Australian bourse filing.

It encountered intercepts of three meters at 64.2 grams per tonne grade of gold from 277 meters, as well as 1.7 meters at 71 g/t gold from 398 meters.

The program is on track for completion in early December, with 83% of planned drilling completed with 407 holes and 71,311 meters drilled. The increased drilling density of 20 meters-by-20 meters will allow a substantial portion of the inferred resource to be upgraded to an indicated resource and support a maiden ore reserve planned for mid-2026, Managing Director Paul Brennan said.

Its shares fell 9% in recent trading on Tuesday.