Gibb River Diamonds Reports Phase 1 Drilling Results at Edjudina Gold Project with Plans for Phase 2

Phase 1 Drilling Confirms Geological Targets but Gold Grades Disappoint

Gibb River Diamonds Limited (ASX:GIB) has reported results from its Phase 1 aircore drilling program at the Edjudina Gold Project’s mining lease M31/481 in Western Australia. Conducted over six days in early April 2026, the program delivered 27 holes totalling 830 metres and 268 samples assayed. While the targeted geology was encountered in most holes, gold mineralisation was generally of a lower tenor than the company had anticipated, consistent with historical observations along the Edjudina line of workings.

The results provide a mixed picture: gold assays peaked at 2.80 grams per tonne (g/t) over a 1-metre interval, but many intersections reported grades below 1 g/t, with several holes returning no significant assays. This outcome underscores the geological complexity of the area and the need for systematic testing, a strategy that previously led to the discovery of the nearby Neta Mine. The company emphasised that such variability in grade is not unusual for Edjudina and reinforces the value of methodical exploration.

Weather Interruptions Curtail Drilling, Prompting Phase 2 Plans

Adverse weather played a significant role in limiting the Phase 1 program’s scope. The rig encountered heavy rainfall, including an intense 43mm downpour in one hour, which caused access issues and bogging. These conditions forced an early demobilisation of the rig, leaving some high-priority targets undrilled. Gibb River Diamonds is now planning a Phase 2 drilling campaign to resume work on these incomplete targets and to explore additional promising zones identified through ongoing geological assessment.

The Phase 2 program will aim to build on the groundwork laid by the initial drilling, with a focus on completing the unfinished holes and expanding the search for higher-grade mineralisation. This approach aligns with the company’s broader strategy of systematic exploration around the Edjudina Gold Project, which has seen multiple drilling campaigns since 2020, including a 66-hole aircore program and several reverse circulation campaigns.

Context Within Edjudina Project Development and Recent Activity

The Edjudina Gold Project has been a focal point for Gibb River Diamonds, especially following the success of the Neta Mine joint venture, which recently yielded over 5,200 ounces of gold and generated a $7 million profit share for the company. The Phase 1 drilling at M31/481 is part of efforts to expand the resource base near Neta, leveraging the company’s strong cash position and operational momentum. Earlier this year, GIB completed mining and processing activities at Neta, with further cash payments expected as milling reconciliations conclude.

By situating the Phase 1 drilling within the broader project timeline, it is clear that Gibb River Diamonds is methodically advancing Edjudina’s exploration and development. The recent drilling results, while modest in grade, contribute valuable geological data and help refine target areas for future work. This incremental progress supports the company’s ongoing exploration narrative and resource growth ambitions at Edjudina, where systematic drilling has been a consistent theme since 2020.

GIB’s exploration manager Michael Denny and executive chairman Jim Richards have highlighted the importance of weather-resilient planning and the value of rigorous sampling and assay protocols, which meet JORC 2012 standards. The company’s detailed reporting includes comprehensive assay tables, collar locations, and geological logging, reflecting a disciplined approach to exploration governance.