Great Boulder Resources (ASX:GBR) unearths high-grade gold at Eaglehawk and Ironbark, strengthening Side Well growth potential

Great Boulder Resources (ASX:GBR) has released strong new results from drilling at its flagship Side Well Gold Project near Meekatharra, Western Australia.

The latest intersections at Eaglehawk and Ironbark point to further high-grade potential and resource expansion beyond the existing Mineral Resource Estimate of 668,000 ounces at 2.8g/t gold.

To provide additional detail and context on these results, Managing Director Andrew Paterson responds to questions from investors.

What do the new Eaglehawk drill results mean for the potential of the Side Well Gold Project?

The drilling at Eaglehawk has delivered some of the strongest intersections recorded at Side Well and highlighted the scope for extensions beyond the existing interpretation.

Hole 25EHRC003 intersected multiple high-grade zones including 8m at 29.18 grams per tonne gold from 128m, containing 4m at 54.80 grams per tonne, as well as 12m at 4.63 grams per tonne from 68m and an end-of-hole composite of 4m at 14.85 grams per tonne.

“All of these intersections are outside the current lode interpretation, which indicates that we are encountering new areas of mineralisation that were not previously included in the resource model.”

Geological logging suggests these may represent two or three new west-dipping veins and potentially a thicker subvertical zone.

Further drilling will be required to confirm orientation and continuity, but the results demonstrate Eaglehawk’s capacity to deliver high-grade surprises.

How do the Ironbark results compare to the existing resource model?

The Ironbark program, originally designed for waste rock characterisation and metallurgical studies, has exceeded expectations.

Hole 25IBWR004 intersected 9m at 4.97 grams per tonne from 144m, including 1m at 33.40 grams per tonne, while hole 25IBWR002 delivered 11m at 3.72 grams per tonne from 105m, including 7m at 5.33 grams per tonne.

“These intersections show that mineralisation in the middle and lower sections of the deposit is stronger than previously estimated, providing further scope for depth extensions below the existing pit design.”

These outcomes confirm that Ironbark continues to return higher grades than modelled from earlier drilling and provide encouragement for potential extensions beneath the current pit design.

What is the significance of these results for resource growth?

The significance of these drilling results lies in their potential to add ounces to the existing resource across multiple deposits at Side Well.

At Eaglehawk, the intersections from hole 25EHRC003 fall outside the current resource model, meaning they represent new zones of mineralisation that could grow the inventory once geometry and continuity are established through follow-up drilling.

“Importantly, the 4m intersection grading 14.85 grams per tonne at the end of the hole shows that mineralisation remains open at depth, suggesting further potential as drilling continues.”

At Ironbark, results such as 9m at 4.97 grams per tonne from 144m and 11m at 3.72 grams per tonne from 105m reinforce the possibility of mineralisation continuing below the current resource limits.

Together, Eaglehawk and Ironbark are demonstrating that Side Well has strong potential to expand its existing 668,000-ounce Mineral Resource.

What are the next steps for drilling and exploration at Side Well?

Drilling is now focused on Side Well South, where the RC rig is targeting mineralisation north of the historic Golden Bracelet area to establish sufficient data for an initial resource estimate.

“We also have assays pending from a further 17 RC holes drilled at Eaglehawk, which means shareholders can expect strong newsflow to continue as those results are received and reported.”

In parallel, a second rig is expected to arrive at the end of August, which will allow Great Boulder to run both resource definition and discovery drilling concurrently across the project.

This expanded program ensures multiple prospects will be advanced at the same time, positioning the company for a very active second half of the year and into 2026.

How is Great Boulder positioned financially to continue this level of activity?

Great Boulder is well funded to continue its exploration and drilling programs. As at 30 June 2025, the company held approximately $12.5 million in cash with no debt.

The company’s market capitalisation is approximately $51 million based on a share price of 6.2 cents, with 935.4 million shares on issue.

In addition, Great Boulder holds a listed investment in Cosmo Metals valued at $900,000. Liquidity in its stock remains strong, with an average of $263,000 traded daily, and the top 20 shareholders collectively hold around 36% of the register.

This balance sheet strength provides the capacity to continue resource definition at Eaglehawk and Ironbark while also advancing discovery and technical work across the broader Side Well project.

Looking Ahead

The latest drilling results at Eaglehawk and Ironbark highlight both high-grade surprises and opportunities for resource growth across the Side Well Project.

With assays pending, a second rig arriving shortly, and drilling progressing at Side Well South, Great Boulder Resources is set for a period of sustained exploration momentum that will continue through 2025 and into 2026.

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