Edjudina Gold Project Advances with 24,000oz Resource; Ellendale Diamonds Feature on TV

Edjudina Gold Project: Securing the Path to Production

Gibb River Diamonds Limited (ASX: GIB) has marked significant progress in its flagship Edjudina Gold Project in Western Australia during the December 2024 quarter. The company’s primary focus remains the monetisation of the JORC-compliant resource at the Neta Prospect, which comprises an Indicated and Inferred resource of 378,000 tonnes grading 1.9g/t gold, equating to approximately 24,000 ounces of gold. Notably, the Indicated portion alone accounts for 8,000 ounces at a higher grade of 2.2g/t.

A pivotal milestone was achieved with the signing of a Mining Benefits and Heritage Agreement (MBA) with the Wangkatja Tjungula Aboriginal Corporation, representing the native title holders. This agreement clears a critical hurdle for the grant of mining lease M31/495, a prerequisite for advancing mining operations. The lease application is now progressing through the Western Australian Department of Mines, Industry Regulation and Safety (DEMIRS), with the company preparing to submit its Mining Proposal shortly.

Environmental Surveys and Historical Workings Highlight Potential

Complementing the lease progress, GIB completed comprehensive fauna and flora surveys on mining leases M31/495 and M31/481, providing essential baseline environmental data for regulatory submissions. Field assessments of historic tailings dumps, dating from the late 19th to mid-20th century and reprocessed in the 1980s, suggest residual gold mineralisation remains, presenting additional upside potential.

Mapping of M31/481 revealed extensive historic workings including notable mines such as Neta Junction, Geneve, Robertson, and Senate, with the Senate mineshaft reaching depths of 91 metres. These findings underscore the district’s rich mining heritage and prospective drill targets, which GIB intends to explore further.

Ellendale Diamond Project Gains International Spotlight

On the diamond front, Gibb River Diamonds’ Ellendale Project in Western Australia received a boost through its feature on the prospecting television series Red Dirt Road Trip. Broadcast on Discovery Channel Australia and internationally via Prime and Apple TV+, the episode titled 'Kimberley Diamonds' showcased the project’s potential and attracted positive feedback from overseas viewers. This exposure is timely as GIB seeks collaborative partnerships to fund the re-establishment of diamond mining operations.

The Ellendale project holds a JORC Inferred Diamond Resource of 5.2 million tonnes at 1.26 carats per hundred tonnes, with an estimated value of US$1,200 per carat. The company is prioritising mining leases around the historically prolific E9 mining centre, which is known for producing high-value Fancy Yellow diamonds, while surrendering less prospective leases to focus resources efficiently.

Advancing Uranium Exploration in Namibia

Internationally, GIB’s Erongo Uranium Project in Namibia is progressing through environmental and heritage clearance processes necessary for exploration access. Situated in a globally significant uranium district, the project’s permits lie near established mines such as Langer Heinrich and Tumas. The company awaits the Environmental Clearance Certificate (ECC), which once granted, will enable drilling and further exploration activities.

Joint Venture Progress at Iroquois Zn-Pb Project

GIB also holds a 20% free carried interest in the Iroquois Zinc-Lead Project in Western Australia, managed by Strickland Metals Limited. A co-funded diamond drill hole was completed to a depth of 920.9 metres during the quarter, with assay results expected by April 2025. This JV project adds diversification to GIB’s portfolio, with promising historic intercepts indicating potential for significant base metal mineralisation.

Financial Position and Outlook

Gibb River Diamonds ended the quarter with $1.15 million in cash, reflecting prudent financial management amid ongoing exploration and development activities. The company’s expenditure was primarily directed towards advancing the Edjudina Gold Project and preparing for mining operations, alongside environmental and heritage compliance work across its portfolio.

Executive Chairman Jim Richards highlighted the importance of the Mining Benefits Agreement in unlocking the Edjudina project’s potential and expressed optimism about the company’s prospects across its diversified asset base. The recent media exposure of the Ellendale Diamond Project is expected to aid in securing funding partnerships, while the Namibian uranium permits and the Iroquois JV provide additional avenues for growth.