Great Boulder’s Peak Hill drilling reveals more shallow high-grade gold

Enigma delivers shallow, continuous gold zones

Great Boulder Resources (ASX:GBR) has added another layer of high-grade results to its Peak Hill exploration story, with drilling at Enigma returning gold close to surface and across multiple mineralised zones. The strongest shallow hit was 9 metres at 4.17g/t gold from 6 metres in hole GERC054, while GERC049 delivered 11 metres at 3.60g/t from 44 metres.

Other Enigma results included 4 metres at 8.48g/t from 64 metres, 7 metres at 3.04g/t from 41 metres and 5 metres at 4.25g/t from 43 metres. The prospect sits about 500 metres east of the historic Harmony pit beneath roughly 5 metres of alluvial cover, and has not previously been mined.

Great Boulder said the latest assays showed continuity along the same trend identified at Durack, where earlier drilling returned 23 metres at 2.22g/t from surface and 4 metres at 37.1g/t from 110 metres. The company’s managing director Andrew Paterson said shallow, high-grade ounces would be important in maximising Peak Hill’s potential, particularly as the project moves towards mining studies.

Five Ways drilling tests a northward extension

At Five Ways, a wide-spaced reverse-circulation program north of the historic pit returned narrower but locally very high-grade intersections. Results included 5 metres at 3.70g/t from 149 metres in GFRC013 and 1 metre at 20.7g/t from 155 metres in GFRC014, along with 1 metre at 15.55g/t from 250 metres in GFRC006.

The program tested whether higher-grade shoots extend north from Five Ways towards Jubilee along a west-dipping thrust surface historically worked by miners. Great Boulder said the mineralisation identified along strike and down dip could become relevant to future open-pit cutbacks, but also stated that further drilling is required. The company’s existing Five Ways resource totals 230,000 ounces within a broader Peak Hill resource of 481,000 ounces, based on the 4 May 2026 estimate.

Drilling pipeline points to a resource test

The assays extend a campaign that was already producing strong results at Peak Hill. The company’s September Peak Hill drilling results had highlighted high-grade mineralisation at Durack and Golden Treasure, and the current announcement says Phase 2 drilling is now continuing at Jubilee, Golden Treasure and Durack.

Three rigs are operating on site, with two assigned to Jubilee and Golden Treasure and one at Durack. A diamond rig is expected to move to Mt Pleasant for one or two holes aimed at confirming the orientation of mineralisation defined by historical drilling. Mt Pleasant and Golden Treasure do not currently host JORC mineral resources, although Great Boulder said Mt Pleasant could be considered for inclusion in an end-of-year resource update.

Mining potential remains an exploration proposition

Great Boulder describes Peak Hill as having a low-cost pathway to production and cash flow through an ore purchase agreement with its largest shareholder, Westgold Resources (ASX:WGX). The latest results may support that narrative by adding shallow mineralisation that could potentially reduce strip ratios, but the announcement does not establish an ore reserve, feasibility study or production decision.

That distinction matters. The reported intersections are exploration results, and the company still needs to demonstrate continuity, true mining widths, resource confidence and the practical economics of extracting and processing the mineralisation. The next meaningful test is whether the continuing assays convert the campaign’s promising geological picture into a larger, validated resource and a credible development plan.