One Bullion Commences 2026 Diamond Drilling Program at Vumba Gold Project
One Bullion has commenced planned drilling at its Vumba project despite ongoing cash burn and dilution headwinds.
One Bullion Limited has officially commenced its 2026 diamond drilling program at the Vumba Gold Project in Botswana. The program consists of approximately 3,000 meters of HQ diamond drilling across ten holes. Drilling targets three priority mineralized structural corridors: Central, South, and North. The primary objective is to define the orientation, continuity, and plunge of mineralized structures to build a robust 3D geological model.
High-resolution airborne magnetic survey at the Maitengwe Project is complete and currently being processed. QA/QC protocols are detailed, utilizing ALS Laboratories in South Africa with standard fire assay and gravimetric re-assay procedures.
Administrative updates include the issuance of 875,000 RSUs to officers and directors. SLD Capital Corp. consulting agreement extended for six months, entitling them to ~83,333 common shares per month.
One Bullion Limited (OBUL) has commenced drilling, marking the start of its fully funded August exploration campaign originally announced on July 15, 2026. This development represents an expected operational milestone for the planned 3,000-meter program, the funding status of which was already known to the market. The activity confirms that management is adhering to its stated exploration roadmap, reinforcing execution credibility.
However, the announcement included administrative updates involving RSU grants and SLD Capital share issuances, which introduce incremental dilution to the approximately 19.7 million share float. As this is not an earnings release, there are no new results to assess. Prior-period context includes a H1 2026 net loss of $929,831 and an operating cash burn of $3.9 million.
One Bullion Limited is a pre-revenue gold exploration company focused on district-scale land packages in Botswana. The company controls approximately 8,004 km² across three greenstone belt-hosted projects: Vumba, Maitengwe, and Kraaipan. The flagship Vumba Gold Project sits on the same greenstone belt as Zimbabwe’s Blanket Gold Mine.
Exploration to date includes surface sampling, trenching, RC drilling, and diamond drilling. Historic results include high-grade grab samples (up to 679 g/t Au) and drilling intercepts (e.g., 41.5–44.0 m @ 2.50 m at 42.82 g/t Au). No mineral resources or reserves have been defined to date. The company is in the early exploration phase.