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Gibb River Diamonds Generates Strong Gold Returns from Drilling at Edjudina’s Neta Prospect

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By Imelda Cotton - 
Gibb River Diamonds ASX GIB Strong Gold Drilling Edjudina Neta
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Phase 1 grade-control drilling by Gibb River Diamonds (ASX: GIB) at the Neta prospect within its Edjudina gold project in Western Australia have confirmed strong grades and a persistent and coherent nature of the surface mineralisation.

The reverse circulation campaign of 65 holes for a total 2,180 metres – which Gibb River carried out ahead of the start of mining operations at Neta after it received a mining permit this week – also showed that mineralisation starts at surface.

Neta has an indicated and inferred resource of 378,000 tonnes at 1.9 grams per tonne for 24,000 ounces gold including an indicated portion of 110,000t at 2.2g/t for 8,000oz.

Drill Hole Selection

Gibb River selected drill hole locations to provide robustness to the Neta resource and infill areas of lower sampling density.

Best intercepts were 12m at 5.32g/t gold from 0m including 4m at 12.45g/t from 7m, 24m at 1.26g/t from 46m, 10m at 1.78g/t from surface and 8m at 3.99g/t from 35m including 1m at 10.7g/t from 37m.

Of particular note was one hole that returned 9m at 3.13g/t from 80m, representing a new ‘high-grade shoot target’ for follow-up work.

Contract Mining Agreement

Private contractor BML Ventures conducted and financed the program as part of the agreement it signed with Gibb River in May.

BML is responsible for funding all capital and operational costs related to open-pit mining at Neta, including haulage to third-party processing plants, with costs reimbursed from operational cash flow.

Gibb River will assist with project permitting and securing heritage clearances and pay tenement rates and rents, with all tenements remaining under existing titles.

Plant and Equipment Mobilisation

BML expects to mobilise plant and equipment to Neta this month to facilitate ground preparation and logistics requirements prior to the start of mining.

In the event that BML fails to mine a minimum 5,000t of ore or waste from the mining area by December 2025, Gibb River can terminate the agreement with immediate effect.

Gibb River expects the deal with BML to enable it to become a near-term gold producer at no capital or operational cost to shareholders.