Flagship Minerals Limited (ASX:FLG) has announced a substantial Mineral Resource Estimate (MRE) for its Isidora Gold Project in northern Chile, revealing a pit-constrained 2.1 million ounces (Moz) of gold. The announcement, made on 14 May 2026, marks a significant milestone for Flagship Minerals, an ASX-listed minerals exploration and development company focused on discovering and delineating significant gold and other metal resources. The newly defined resource, estimated by Chilean consultancy Bmining in accordance with JORC Code (2012), underscores the project’s potential as a major gold development asset in the prolific Maricunga Gold Belt.
The MRE outlines 115.2 million tonnes (Mt) at an average grade of 0.56 grams per tonne (g/t) gold. Notably, 91% of this resource, equating to 1.9 Moz, falls within the higher-confidence Measured and Indicated categories. The estimate was constrained within an open pit shell using a gold price of US$3646 per ounce, approximately 30% below the current spot price. Mineralisation at Isidora Norte commences at surface and extends across a footprint up to 1200m long, 900m wide, and 400m deep, remaining open in multiple directions. Approximately 40% of the MRE (0.84 Moz) is classified as oxide and mixed material, suitable for heap leach processing, while the remaining 60% (1.25 Moz) is sulphide material, amenable to CIL/CIP processing.
Flagship Minerals Managing Director, Paul Lock, commented that the JORC-compliant MRE represents a “transformational milestone,” confirming Isidora as a significant gold development project. He highlighted the strong potential for the project to become a “large scale long life gold project” with further resource additions within and adjacent to the current pit shell. This latest MRE significantly expands upon previous estimates, with total resource tonnes increasing by 143% and total ounces by approximately 100% compared to the 2010 Qualifying Foreign Estimate. The company plans targeted drilling to expand the resource and is progressing metallurgical test-work, with a Pre-Feasibility Study anticipated in 2027.
