Barrambie’s Ironclad Deposit Hosts 13,000 Ounces at 1.6g/t Gold, Neometals Reports

A New Chapter for Barrambie Gold

Neometals Ltd (ASX, NMT) has announced a significant milestone in its gold exploration journey with the release of the first JORC-compliant Mineral Resource Estimate (MRE) for the Ironclad deposit at its wholly owned Barrambie Gold Project in Western Australia. The Inferred Resource stands at approximately 250,000 tonnes grading 1.6 grams per tonne gold, equating to 13,000 ounces. This estimate substantiates historic, non-JORC data and aligns with the company’s strategic timeline targeting a mining decision by mid-2026.

The Barrambie Project, known primarily for its world-class titanium and vanadium deposits, is emerging as a promising gold province. The Ironclad Prospect, situated within a 40-kilometre greenstone belt, has been the focus of recent drilling campaigns that combined historic data with new verification holes drilled by Neometals in early 2025.

Validating Historic Data with Modern Techniques

The MRE is based on 239 reverse circulation and rotary air blast drill holes, including nine angled verification holes completed by Neometals. The resource estimate was developed using ordinary kriging within geological wireframes, with a 0.5g/t cutoff grade applied following pit optimisation studies. Despite the high reliance on historic drilling, the classification as Inferred reflects a cautious but optimistic view of the deposit’s potential.

Gold mineralisation at Ironclad occurs in two distinct styles, a near-surface stockwork veining zone within the saprolite and a deeper, tabular, steeply dipping shear-hosted vein system. The near-surface mineralisation is particularly attractive for potential open-pit mining, supporting Neometals’ plan to prioritise Ironclad for early development under a quarry and ore-sale model.

Next Steps and Broader Exploration Potential

Neometals is advancing its exploration with ongoing oriented diamond drilling results pending, alongside planned infill drilling and preliminary economic evaluations. The company is also preparing to test other high-priority targets along the Barrambie greenstone belt, including Mystery, Barrambie Ranges, and Kismet, which could significantly expand the gold inventory.

Managing Director Chris Reed emphasised the significance of this MRE, stating it “just starts to scratch the surface” of Barrambie’s gold potential. The project’s proximity to existing processing infrastructure and positive preliminary environmental studies further enhance its appeal.

Balancing Opportunity with Caution

While the MRE marks a pivotal step, it remains a preliminary estimate with inherent uncertainties due to the reliance on historic data and modelling sensitivities. Further drilling and data validation will be critical to upgrading resource confidence and refining economic assessments. Neometals’ ongoing engagement with the Yugunga-Nya Native Title Aboriginal Corporation and adherence to environmental protocols will also be key as the project advances.

Overall, this announcement signals Neometals’ strategic pivot towards gold exploration and development, complementing its portfolio of sustainable processing technologies and critical materials projects.