Great Boulder Returns 9g/t Gold Across Four Zones at Peak Hill Project
Key Takeaways
- High-grade intercepts have been returned across all four active prospects at Peak Hill — including 10m @ 9.18g/t Au at Durack and 12m @ 8.56g/t Au at Golden Treasure — extending mineralisation beyond the existing 481,000oz resource.
- Golden Treasure sits entirely outside the current resource boundary, meaning its intercepts are purely additive and a Phase 2 drilling program is already planned to follow.
- Durack has now confirmed high-grade mineralisation over more than 300m of strike with a defined northerly plunge, and remains open to the north and at depth with three diamond hole assays still pending.
- GBR's ore purchase agreement with Westgold removes the need for a company-funded processing mill, providing a low-capital path to production and cashflow once the resource is sufficiently grown.
- A major resource upgrade is targeted by end of 2026, with Five Ways first assays expected shortly and Phase 2 drilling at Jubilee and Durack still to come across the 40,000m campaign.
High-grade hits across multiple targets push Peak Hill toward a major resource upgrade
Great Boulder Resources (ASX: GBR) has released a fresh batch of assay results from its 40,000m drilling campaign at the Peak Hill Gold Project in Western Australia, with high-grade intercepts returned across four active prospects — Durack, Golden Treasure, Jubilee, and Enigma. The results extend known mineralisation beyond the existing 481,000oz resource, which the company intends to grow substantially ahead of production.
The production pathway is already in place. Peak Hill holds a clear, low-cost path to production and cashflow under an ore purchase agreement with Westgold, GBR’s largest shareholder — a structure that removes the capital burden of building a processing mill. First assays from a fifth prospect, Five Ways, are expected shortly.
Managing Director Andrew Paterson
“We continue to generate outstanding high-grade drilling results extending the known mineralisation in several places at Peak Hill. This supports our plan to grow the 481,000oz resource substantially in preparation for production and cashflow under our ore purchase agreement with our largest shareholder, Westgold.”
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Drill results at a glance — standout intercepts by prospect
The latest assays deliver compelling numbers across all four prospects currently returning results. Highlights by area:
Golden Treasure
- 12m @ 8.56g/t Au from 8m (GJRC045)
- 8m @ 9.00g/t Au from 76m (GJRC036)
Durack
- 20m @ 2.73g/t Au from 90m and 10m @ 9.18g/t Au from 137m (GDRC030)
- 13m @ 1.96g/t Au from 91m and 8m @ 5.67g/t Au from 148m (GDRC027)
- 6m @ 4.73g/t Au from 155m (GDRC041)
Enigma
- 3m @ 5.91g/t Au from 72m and 13m @ 1.15g/t Au from 109m (GERC005)
- 6m @ 2.89g/t Au from 90m (GERC021)
Jubilee
- 2m @ 6.20g/t Au from 17m (GJRC034)
- 3m @ 3.16g/t Au from 60m (GJRC028)
| Prospect | Hole ID | From (m) | Width (m) | Grade (g/t Au) |
|---|---|---|---|---|
| Golden Treasure | GJRC045 | 8 | 12 | 8.56 |
| Golden Treasure | GJRC036 | 76 | 8 | 9.00 |
| Durack | GDRC030 | 90 | 20 | 2.73 |
| Durack | GDRC030 | 137 | 10 | 9.18 |
| Durack | GDRC027 | 148 | 8 | 5.67 |
| Durack | GDRC041 | 155 | 6 | 4.73 |
| Enigma | GERC005 | 72 | 3 | 5.91 |
| Enigma | GERC005 | 109 | 13 | 1.15 |
| Enigma | GERC021 | 90 | 6 | 2.89 |
| Jubilee | GJRC034 | 17 | 2 | 6.20 |
| Jubilee | GJRC028 | 60 | 3 | 3.16 |
Notably, Golden Treasure sits outside the current 481,000oz resource boundary. Every ounce converted there is purely additive to the existing resource base.
What’s driving the grades — the geology behind Peak Hill’s potential
Consistent high-grade results across multiple separate deposits within a single project tell you something important: this is not a one-lode story where the entire investment thesis depends on a single zone performing. Peak Hill has multiple independent mineralised systems, and the drilling is hitting them all.
Multiple deposits, one project — why that matters
The current 481,000oz resource (as at the ASX announcement of 4 May 2026) spans five deposits. Here is the breakdown by deposit, reproduced from Table 2 of the announcement:
| Deposit | Tonnes | Grade (g/t Au) | Ounces |
|---|---|---|---|
| Harmony | 1,005,000 | 1.9 | 62,000 |
| Enigma | 704,000 | 1.8 | 41,000 |
| Jubilee | 470,000 | 2.3 | 35,000 |
| Durack | 2,889,000 | 1.2 | 112,000 |
| Fiveways | 4,317,000 | 1.7 | 230,000 |
| Total | 9,385,000 | 1.6 | 481,000 |
With active drilling now extending mineralisation at Durack, Jubilee, and Enigma — and new results from Golden Treasure sitting entirely outside this resource — the upgrade potential is spread across the project, not concentrated in a single area.
Durack’s northerly plunge — an open-ended target
Durack is a major contributing deposit at 2.89Mt @ 1.2g/t Au for 112,000oz, and recent drilling is adding meaningfully to it. High-grade mineralisation has now been outlined over more than 300m of strike, with a well-defined northerly plunge confirmed. Critically, the deposit remains open to the north and at depth — meaning the mineralised zone has not been closed off by drilling.
Three diamond holes were also drilled at Durack in the past month, with assays pending. Those holes confirm that mineralisation is associated with silicified shears (zones of mineralised, hardened rock) steeply dipping to the northeast.
Golden Treasure — a new growth target beyond the resource boundary
Golden Treasure is a separate prospect sitting on the edge of Jubilee, outside the current 481,000oz resource boundary. The first round of RC drilling has returned multiple high-grade intercepts, and two diamond holes drilled at the prospect indicate the area is structurally complex, with at least two mineralised vein orientations and visible gold observed in adjacent shears.
One important caveat: the company explicitly cautions that visible gold observations are not a substitute for laboratory analysis. Visual estimates of mineral abundance should never be treated as a proxy for grade or concentration — those figures must come from laboratory assays, which are pending. A Phase 2 round of RC and diamond drilling at Golden Treasure is planned to follow.
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Clear path to production — what the Westgold agreement means for investors
Building a gold processing mill is expensive — often the single largest capital item in bringing a gold project into production. GBR’s ore purchase agreement with Westgold, its largest shareholder, sidesteps that requirement entirely. Under the agreement, GBR can sell ore to Westgold for processing, creating a low-cost, near-term production pathway without the need for a company-funded mill.
Peak Hill sits 100km north of Meekatharra in the Murchison region of Western Australia, a region with an established history of gold mining and existing infrastructure.
What comes next — drilling timeline and resource upgrade target
Three rigs are currently on site continuing the 40,000m campaign. The RC rigs are completing Phase 1 programmes at Enigma and Five Ways before moving back to Jubilee and Durack for Phase 2. The diamond rig is currently drilling structural and assay holes at Enigma.
Key milestones ahead:
- Five Ways first assays: expected shortly
- Phase 2 RC drilling at Jubilee and Durack: rigs to move back following completion of Phase 1 at Enigma and Five Ways
- Harmony resource definition: ongoing through the remainder of 2026
- Further drilling at Golden Treasure and Mt Pleasant: both additional to the current mineral resource
- Major resource upgrade: targeted by end of 2026
Managing Director Andrew Paterson
“The Durack deposit is demonstrating high grades over 300m of strike, with a well-defined plunge direction giving us high-grade targets for further drilling at depth. This area continues to exceed expectations.”
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