Great Boulder’s Ironbark Toll Treatment Deal Signals Shift from Exploration to Development

Exploration Success at Mulga Bill and Eaglehawk

Great Boulder Resources (ASX: GBR) reported a productive March quarter, highlighted by impressive high-grade gold intersections at its flagship Side Well Gold Project near Meekatharra, Western Australia. Drilling at Mulga Bill and Eaglehawk delivered standout results, including a remarkable 3 metres at 46.7 grams per tonne (g/t) gold from 139 metres at Eaglehawk, featuring a 1-metre interval grading 79.5 g/t Au. These results confirm the presence of rich quartz vein-hosted mineralisation along the dacite contact zone, a key geological feature first identified in late 2024.

At Mulga Bill, drilling continued to extend the northern limits of the deposit by approximately 300 metres, with assays such as 2 metres at 11.15 g/t Au from 166 metres reinforcing the high-grade nature of the mineralisation. This ongoing definition work is expected to feed into an updated resource estimate, underpinning the project's growing potential.

New Discoveries at Side Well South

First-pass air-core (AC) drilling at Side Well South uncovered new gold zones, expanding the known mineralised footprint. Notable intersections include 34 metres at 1.25 g/t Au from 17 metres, with an 8-metre segment grading 3.16 g/t Au. These discoveries lie near historic workings at Golden Bracelet and suggest possible strike extensions of the Bourke’s Reward mineralisation. The geological setting mirrors the Ironbark deposit’s mafic-ultramafic host rocks, indicating promising exploration upside.

The company has also identified high-tenor gold anomalies spanning up to 1.8 kilometres in the Tal Val area, further broadening the exploration pipeline. Follow-up drilling and heritage surveys are planned to advance these targets.

Strategic Shift Toward Development

Great Boulder is transitioning from pure exploration to pre-development activities, exemplified by a new collaboration agreement with Monument Mining Limited. This agreement opens the possibility of toll treating Ironbark ore at Monument’s Burnakura Mill, located about 48 kilometres south of Meekatharra. Concurrently, a scoping study on Ironbark is underway to evaluate its development potential, marking a significant step toward project advancement.

Complementing these moves, the company has expanded its Technical Advisory Panel by appointing Dr Natalia Streltsova and Mr Peter Lester, bringing additional expertise in mining, metallurgy, and project development to support the board’s strategic decisions.

Financial Position and Outlook

Great Boulder ended the quarter with a healthy cash balance of A$4.25 million and no debt, maintaining a solid financial footing to support ongoing exploration and development activities. The company invested approximately A$950,000 in exploration during the quarter, including drilling and assay work.

Meanwhile, the sale process for the Whiteheads project remains on track for completion by June 2025, potentially unlocking additional capital or strategic focus for Great Boulder’s core assets.

With multiple high-grade intersections, new discoveries, and a clear path toward resource development, Great Boulder is positioning itself as a compelling gold explorer advancing toward production readiness in Western Australia’s prolific Murchison region.