Great Boulder drilling points to fresh gold growth at Peak Hill and Side Well

Peak Hill drilling reaches target ahead of resource update

Great Boulder Resources Limited (ASX:GBR) has finished the headline 40,000-metre drilling campaign at its newly acquired Peak Hill project, but the rigs are not yet finished. The company completed 40,032 metres during the September quarter and is continuing drilling into the December quarter at Mt Pleasant, Harmony and Five Ways before a project-wide resource update targeted for the end of calendar 2026.

“Recent highlights from GBR drilling at Jubilee and Golden Treasure.”

Caption and image © Great Boulder Resources Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 29 Oct 2026.

The campaign has produced several high-grade intersections across existing resource areas and exploration targets. Results included 4 metres at 37.1 grams per tonne gold from 110 metres at Durack, 3 metres at 29.4g/t from 39 metres at Jubilee, 12 metres at 8.56g/t from 8 metres at Golden Treasure and 9 metres at 4.17g/t from 6 metres at Enigma. The company says the results from the first three deposits have exceeded expectations, although drill results and visible gold observations remain subject to the limitations of sampling and laboratory assays.

“Peak Hill project tenure showing priority targets.”

That work builds on the 40,000m Peak Hill campaign, which earlier coverage said was targeting an increase to the existing 481,000-ounce resource. Peak Hill currently contains 9.4 million tonnes at 1.6g/t gold for 481,000 ounces, including 376,000 ounces in the Indicated category and 105,000 ounces classified as Inferred. Great Boulder says it is moving into scoping and feasibility work, with mining targeted for late 2027.

Side Well growth shifts to Mulga Bill East

Side Well delivered a second strand of exploration progress. Great Boulder drilled 17,648 metres during the quarter, including 10,271 metres of regional aircore drilling, with most of the remaining work focused on the Mulga Bill-Eaglehawk system.

“Highlighted intersections from recent drilling at Mulga Bill & Eaglehawk (ASX 29 September 2026).”

“Section showing potential LODE continuity between mulga BILL & mulga BILL EAST.”

Caption and image © Great Boulder Resources Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 29 Oct 2026.

Mulga Bill East has now expanded from about 900 metres to approximately 1.5 kilometres of strike, and remains open to the north, south and at depth. Further RC and diamond drilling is planned to infill the area ahead of resource estimation. Side Well’s current resource stands at 16.0 million tonnes at 2.0g/t for 1.02 million ounces on a 100% basis, while Great Boulder is targeting a short-term increase to more than 1.5 million ounces.

Together, Peak Hill and Side Well contain 25.4 million tonnes at 1.8g/t for 1.50 million ounces on a 100% reporting basis. Actual ownership varies by deposit: Great Boulder holds between 75% and 100% across the projects. The company also remains close to finalising a Mining Agreement with the Yugunga Nya People for Ironbark, after which it intends to discuss an ore purchase agreement linked to Westgold Resources’ Bluebird mill, about 25 kilometres away.

Cash funds exploration but leaves a financing question

Great Boulder spent A$5.808 million on exploration during the quarter and ended September with A$12.292 million in cash. Operating activities generated A$543,000, helped by A$1.128 million in government grants and tax incentives, while investing cash outflows totalled A$6.328 million. The company reported no debt, apart from A$64,000 drawn under finance-lease arrangements.

At the quarterly cash-use rate disclosed in its Appendix 5B, Great Boulder calculated funding of about 2.33 quarters. That is not a forecast of future spending or a stated funding plan, but it does show the tension between an active multi-project drilling program and the cash balance available to fund it. The immediate test is whether the resource updates and development studies can advance before the current exploration pace creates a fresh capital requirement.