Great Boulder Resources (ASX: GBR) Advances Toward Gold Mining with Robust Ironbark Study - Why this is Now a No Brainer for Investors.
- Noel Ong
- Aug 3
- 8 min read
Announcement
Great Boulder Resources Ltd (ASX:GBR) has reached a major inflection point with the release of its Ironbark Scoping Study on 17 July 2025. The study outlines a high-grade, open-pit opportunity delivering strong economics with a pre-tax NPV of ~$137 million and an IRR of 152%, based on a conservative two-stage mining model. With a modest capital start-up cost of just $3.1 million and a production target of 79,000oz, Ironbark now stands as a viable near-term mining opportunity. Importantly, the study does not yet account for recent high-grade step-out results, highlighting the clear upside that remains.
This announcement follows a series of high-impact updates, including shallow strike extensions at Side Well South, new high-grade hits at Ironbark, and a $12.5 million placement that has positioned GBR to aggressively expand resources and progress development work. With RC drilling underway at Mulga Bill and Ironbark’s footprint still growing, GBR is advancing its transition from explorer to future producer, firmly anchored by technical discipline and strategic execution.
Figure 1: Great Boulder’s known deposits and other prospects at Side well (source: GBR)
This announcement frames Side Well South as more than a one-off hit. The continuity of shallow, high-grade mineralisation over a growing strike length suggests a scalable gold system. The emerging linkage with the Golden Bracelet positions this zone as a potential early-stage feed source, reinforcing the broader development strategy at Side Well.
Key Highlights
RC drilling confirmed a 200m shallow strike extension of gold mineralisation at Side Well South, interpreted as a continuation of the historic Golden Bracelet lode.
Key intercepts include (Figure 2):
9m @ 2.28g/t Au from 35m, including 1m @ 9.18g/t (25SWRC021)
4m @ 11.70g/t Au from 116m (25SWRC008)
4m @ 2.79g/t Au from 58m and 4m @ 1.32g/t Au from 67m (25SWRC011)
Figure 2: Recent RC results at Side Well South (source: GBR)
This is consistent with an Ironbark-style system—high-grade and close to surface.
A 10-hole AC program at Saltbush was completed to support a maiden MRE.
Additional 41 AC holes were drilled at Side Well South—results pending.
Ironbark scoping study remains on track for delivery in early July.
Ironbark is evolving into a true cornerstone deposit. The southward step-outs, backed by solid intercepts like 8m @ 8.57g/t Au, push the known mineralisation envelope and strengthen the case for near-term development. The announcement reaffirms Ironbark’s role not just as a resource, but as a strategic cashflow engine in waiting.
Key Highlights
RC drilling has delivered another high-grade hit 65m south of the Ironbark MRE:
▸ 8m @ 8.57g/t Au from 92m, including 3m @ 19.57g/t and 1m @ 41.4g/t (25IBRC007) (Figure 3).
This follows from May’s result of 8m @ 9.07g/t Au in 25IBRC004.
The footprint of high-grade mineralisation now extends at least 85m beyond the current MRE boundary.
The deposit remains open to the south and at depth, with step-out drilling continuing.
Assays from additional holes are pending, with fieldwork and permitting progressing.
A simple, tabular ore geometry and proximity to surface suggest Ironbark could be a key source of early-stage cash flow during future mine development.
Figure 3: Recent RC results at Ironbark (source: GBR)
This raise marks a shift in tempo. The $12.5 million placement isn’t just about extending drill lines—it signals GBR’s readiness to pursue a resource growth campaign at scale. With new institutional support and runway to pursue studies, approvals, and aggressive drilling, Side Well is entering its acceleration phase with purpose.
Key Highlights
GBR secured $12.5 million in a strongly supported Placement at $0.061/share.
The raise brings the Company’s cash balance to approximately $15 million.
Funds will be used to:
Fast-track RC and AC drilling at Ironbark, Side Well South, and Saltbush.
Advance approvals and studies at Ironbark.
Support geophysics, geochemistry, and target generation.
The Placement attracted new North American institutional investors, increasing global visibility and confidence.
GBR is targeting a 1Moz resource base, building on the current 668koz @ 2.8g/t Au MRE.
Upcoming catalysts include the Ironbark scoping study and continued drill results.
Great Boulder Resources has released the results of its highly anticipated Ironbark Scoping Study, confirming the strong development potential of the deposit as a short-mine-life, high-grade, open pit opportunity. The study adds significant weight to the Side Well Project’s emerging profile as a future standalone gold operation.
Key Highlights
Robust economics:
Pre-tax NPV8 of ~$137 million and IRR of 152%.
Modelled at a spot gold price of A$5,064/oz.
Two-stage production target totalling 1.26Mt @ 2.0g/t Au for ~79,000oz gold:
Stage 1: 648kt @ 1.4g/t for ~30,000oz.
Stage 2: 615kt @ 2.5g/t for ~49,000oz.
Simple, tabular, steep-dipping geometry, ideal for open pit extraction.
Pit optimisation based on A$4,000/oz gold, using a two-stage design.
Initial capital expenditure of just A$3.1 million for Stage 1 infrastructure.
Study excludes recent step-out drilling, such as the 8m @ 8.57g/t Au hit 90m south of the MRE, underscoring further resource growth potential.
Figure 4: IRONBARK STAGE 2 PIT DESIGN (ISOMETRIC VIEW) WITH OREBODY OVERLAY (ENTECH) (source: GBR)
This scoping study, combined with ongoing RC programs at Ironbark and Mulga Bill, positions Great Boulder for a dual focus: near-term development and continued high-grade resource expansion (Figure 4).
Great Boulder’s Managing Director, Andrew Paterson, commented:
“This is a fantastic result. We selected Ironbark as the subject of the first economic study within our Side Well Project because we can mine the deposit without interfering with ongoing work at the other deposits and prospects. In the longer term we anticipate this is just the beginning at Side Well, and we will be outlining a much larger, long-life mining opportunity with the work planned in the next 12 to 18 months. This clearly demonstrates the underlying value represented by Great Boulder.”
“We are now progressing the various field studies required for mining approvals and processing. The hydrogeology work is underway, and we aim to have everything completed by the end of this year in order to lodge a mining approval application as soon as the Mining Lease is granted.”
Samso Concluding Comments
The Great Boulder story hinges on how it makes Side Well a mining proposition. Initially, there were just not enough ounces to project a coherent picture of a project maturing beyond early-stage exploration. With the current drilling campaign, backed by institutional funding to target the transition from scale definition to development strategy, the landscape for the company is dramatically changing.
Mulga Bill, with its dense, high-grade core, remains a standout within the Side Well system. With focused infill and extension drilling now underway, GBR is chasing both ounces and optionality. Ironbark, meanwhile, continues to show potential as a launch point for production—its near-surface, high-grade geometry is tailor-made for streamlined development.
For me, the optionality is about how Great Boulder can position itself for an M&A scenario, with the second prize of building a standalone gold mining business. The alignment of funding, drilling, permitting, and scoping work is simply getting the ball rolling, and with a buoyant gold price and a very excitable gold market, this makes perfect sense. It is all about laying the groundwork for a standalone, scalable production story in WA’s gold belt and letting all suitors out there know that they can make this happen, so if you want a piece of the action, come and talk to us.
Figure 5: Great Boulder share price chart os of 1st August 2025. (source: commsec).
With a market capitalisation of AUD51M and cash in the bank, this is a good one to do some serious DYOR. In fact, I could almost go as far as saying that it's almost a no-brainer. There is a big gold mining monster next door, and when GBR has ticked enough boxes, I am sure they will be coming for them.
Great Boulder has nothing to lose, and at this moment, it is holding all the jokers. What the company does not want to happen is a softening of the gold price. One thing I know for sure is that with over 30 years in this industry, when the market thinks it has it all figured out, the opposite will happen.
The Samso Way – Seek the Research
Great Boulder’s progress is a reminder that strong projects are built on data and discipline. The Ironbark Scoping Study confirms real development potential, while ongoing drilling continues to add value. For those who do the research, GBR stands out as a gold story grounded in substance, not speculation.
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