Great Boulder Resources (ASX:GBR) Peak Hill Gold Project acquisition completed ahead of drilling start

Great Boulder Resources has completed the acquisition of the Peak Hill Gold Project from Westgold Resources and is preparing to commence drilling in early July following installation of an exploration camp at site.

The acquisition adds to the company’s portfolio in Western Australia’s Murchison Goldfield alongside the Side Well Gold Project, which hosts a Mineral Resource of 1.02Moz gold.

Highlights

• Acquisition of the Peak Hill Gold Project from Westgold Resources has been completed.

• Peak Hill hosts a JORC 2012 Mineral Resource Estimate of 9.385Mt @ 1.6g/t Au for 481,000oz gold.

• Exploration camp installation is underway with drilling scheduled to commence in early July.

• A 40,000m RC and Diamond drilling program is planned at Peak Hill over the next 6 months.

• A 20,000m drilling program is planned at Side Well over the same period.

• The company reports $25m cash and Westgold holds a 19.9% strategic shareholding.

• The Peak Hill acquisition includes an Ore Purchase Agreement providing access to processing capacity at one of Westgold’s regional mills.

The Peak Hill Gold Project comprises five deposits including Harmony, Enigma, Jubilee, Durack and Fiveways and has recorded historical production in excess of 900,000oz gold.

The project contains four historic open pit mines and seven granted mining leases, with no mining activity since 1997.

Great Boulder is installing an exploration camp at Peak Hill in preparation for drilling activities commencing in early July.

The company states that two RC rigs will be deployed full time at Peak Hill, one diamond rig will alternate between Peak Hill and Side Well, and a third RC rig will continue drilling at Side Well, with an additional 20,000m planned by the end of 2026.

The Ore Purchase Agreement included in the acquisition provides processing capacity at one of Westgold’s three regional mills.

The company states this provides access to processing capacity without the requirement to construct a standalone processing facility.

A non binding Collaboration Agreement covering Side Well may be converted into an Ore Purchase Agreement in the future.

Great Boulder Managing Director Andrew Paterson said:

"We are focused on being mining ready at Peak Hill as soon as possible. This means we’ll be aiming to move quickly into feasibility studies and approvals in early 2027 while simultaneously building the team to complete our transformation from explorer to miner by year’s end."

Following completion of drilling and the planned Mineral Resource Estimate update, the company intends to commence engineering studies to determine the sequence of open pit development and support mining approval applications, while drilling at Side Well will continue throughout 2026 targeting resource growth from high grade discoveries.

Great Boulder has outlined drilling, resource updates, engineering studies and approvals work across Peak Hill and Side Well as part of its forward work program following completion of the acquisition.

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