Great Boulder Commences Scoping Study over Ironbark Gold Deposit

Great Boulder Resources (ASX: GBR) has launched a scoping study for a potential open pit mine at its 100,000-ounce Ironbark gold deposit at the Side Well project near Meekatharra, Western Australia. The study aims to assess the viability of open-pit mining under a toll treatment model at nearby processing facilities within a 50-kilometer radius.

Managing Director Andrew Paterson described the study as a "pivotal moment" in the company’s transition from exploration to development. Also saying, "A mining lease application is in progress, that means we can assess Ironbark, either on its own merits or as part of the broader project, while we continue drilling and exploring priority areas like Eaglehawk and Side Well South.”

Strategic Considerations

The study follows previous open-pit optimization work and will incorporate updated gold price assumptions to refine the mine design, schedule, and financial modelling. The six-to-eight-week study will determine whether Ironbark can operate as a standalone project or as part of a broader development including the Side Well Project.

A key advantage of the toll treatment model is the ability to generate early revenue without CAPEX requirements of a standalone processing plant. One potential processing partner is Monument Mining’s Burnakura CIL plant, which is currently on care and maintenance but with a capacity of 260,000 tonnes per annum and is under review for an upgrade to 750,000 tonnes per annum.

Next Steps in Development

While the scoping study progresses, Great Boulder is advancing key regulatory steps, including finalizing a mining lease application and conducting a detailed flora and fauna survey.

Exploration activities are ongoing at the Eaglehawk prospect, where recent drilling has identified high-grade gold mineralization within the dacite host unit. Notable intercepts include 29 meters at 4.79g/t gold from 76 meters, with a high-grade core of 4 meters at 20.50g/t gold from 92 meters.

Additionally, the company is preparing to update the Mineral Resource Estimate (MRE) for the Mulga Bill deposit in May, with a broader goal of reaching a 1-million-ounce resource estimate at Side Well by 2025.

GBR reported cash at bank of A$5.28M at the conclusion of the December 2024 quarter.