Great Boulder Surpasses 1 Million Ounces at Side Well Amid Record Drilling
Great Boulder Resources has hit a major milestone with a 1.02 million ounce gold resource at its Side Well project, backed by a record 34,000 metres of drilling in the December quarter. The company’s strong cash position and ongoing exploration signal further growth potential.
- Side Well resource updated to 1.02 million ounces gold
- Over 34,000 metres of drilling completed in December quarter
- High-grade gold intersections at Eaglehawk and Mulga Bill
- Advancement of mining approvals at Ironbark deposit
- Strong cash balance of A$15.3 million including recent option exercises
Record Drilling Drives Resource Growth
Great Boulder Resources (ASX, GBR) delivered its busiest quarter to date, completing over 34,000 metres of drilling at the Side Well Gold Project near Meekatharra in Western Australia. This intensive exploration campaign culminated in a significant resource upgrade announced in December 2025, confirming a combined Mineral Resource Estimate (MRE) of 16 million tonnes at 2.0 grams per tonne gold, equating to 1.02 million ounces.
The drilling focused on resource definition at key deposits including Eaglehawk, Mulga Bill, Golden Bracelet, and Flagpole, alongside deep diamond drilling programs testing mineralisation at depth. Notably, Eaglehawk yielded impressive high-grade intersections such as 105 metres at 2.41 g/t gold, including zones grading up to 18.85 g/t, while Mulga Bill’s deep drilling uncovered spectacular coarse gold veins more than 500 metres below surface.
Advancing Towards Development and Approvals
Beyond exploration, Great Boulder is progressing the Ironbark deposit towards mining approvals. The company completed geotechnical and metallurgical drilling and is finalising technical reports to support a mining lease application. Negotiations for the Ironbark Mining Agreement with the local Yugunga Nya community are ongoing, with progress made on most terms except royalty rates.
Great Boulder’s managing director, Andrew Paterson, highlighted the company’s strategy to continue aggressive growth at Side Well, targeting an additional 500,000 ounces of resource expansion. The presence of multiple rigs on site and plans to add a fourth underscore the company’s commitment to maintaining momentum.
Corporate and Financial Position
Financially, Great Boulder ended the quarter with a robust cash position of A$12 million, bolstered by a further A$3.3 million from option exercises in January, bringing total available funds to A$15.3 million. The company remains debt-free except for a modest vehicle finance lease. Exploration expenditure during the quarter was approximately A$3.6 million, reflecting the scale of drilling and associated activities.
On the corporate front, Chris Tuckwell was appointed Non-Executive Chairman, bringing valuable mining operations expertise to the board. Meanwhile, the company’s exploration option over the Polelle-Wanganui projects expired, with Castle Minerals resuming direct control of those assets.
Looking Ahead
Great Boulder’s extensive drilling results and resource growth at Side Well position it well for advancing towards production. The ongoing deep drilling programs, particularly beneath Mulga Bill and Eaglehawk, could reveal further high-grade zones at depth. Meanwhile, finalising mining approvals at Ironbark remains a critical near-term objective.
Investors will be watching closely for updates on drilling progress, resource expansions, and the outcome of mining agreement negotiations, all of which will shape Great Boulder’s trajectory in the competitive Western Australian gold sector.
Bottom Line?
With a million-ounce resource milestone behind it, Great Boulder’s next challenge is turning exploration success into mining reality.
Questions in the middle?
- Will the deep diamond drilling beneath Mulga Bill and Eaglehawk confirm significant new high-grade zones?
- How soon can Great Boulder finalise the Ironbark Mining Agreement and secure mining approvals?
- What impact will the expiry of the Polelle-Wanganui option have on the company’s exploration pipeline?
