Highlights

  • Gibb River Diamonds completed a Phase 1 drilling campaign at its Edjudina Gold Project in Western Australia.
  • A total of 27 aircore drill holes were completed for 830 metres of drilling.
  • The program focused on Mining Lease M31/481 within the company’s 100%-owned Edjudina Project.
  • Several gold intersections were identified, including results up to 2.80g/t gold over 1 metre.
  • Weather disruptions, including heavy rainfall, resulted in early rig demobilisation and some planned holes remaining incomplete.
  • The company is now planning a Phase 2 drilling campaign targeting untested and additional prospective areas.

Gibb River Diamonds Ltd (ASX:GIB) has released results from its Phase 1 drilling campaign completed at the Edjudina Gold Project in Western Australia, with the company outlining multiple gold intersections and confirming plans for a follow-up drilling program.

The exploration campaign targeted the company’s wholly owned mining lease M31/481 and formed part of Gibb River Diamonds’ broader assessment of prospective gold-bearing structures across the Edjudina Project area.

Shares in Gibb River Diamonds closed at AUD 0.044 on 20 May 2026, down 10.20% for the session. Despite the decline, the stock remains up 46.67% over the past year as investors continue monitoring exploration activities across the company’s Western Australian gold Assets.

Gibb River Diamonds is an Australian exploration company focused primarily on gold and diamond projects. The Edjudina Gold Project, located near Kalgoorlie in Western Australia, represents one of the company’s key gold exploration assets and sits within a historically productive gold region known for multiple mineralised trends and historical workings.

Phase 1 Program Targeted Prospective Structures

According to the company, the Phase 1 drilling campaign was completed between 1 April and 6 April 2026.

A total of 27 aircore drill holes were completed for 830 metres of drilling, with the program designed to test prospective geological targets identified within mining lease M31/481.

The company stated that 268 samples were submitted for assay analysis, comprising 140 one-metre cyclone split samples and 138 composite samples, primarily based on six-metre composites.

Sample preparation and testing were completed by Jinning Pty Ltd laboratory in Kalgoorlie.

Management indicated that the drilling successfully intersected the targeted geological structures and lithologies across most drill holes, although the overall tenor of gold mineralisation encountered was lower than initially anticipated.

Despite this, the company noted that variable mineralisation grades are common within the Edjudina line of workings and reinforced the importance of systematically testing prospective geological targets across the broader project area.

Multiple Gold Intersections Reported

The drilling program returned several gold intersections across multiple drill holes.

Among the more notable assay results reported were:

  • 1 metre at 2.80g/t gold from 4 metres in drill hole GAC512.
    • 1 metre at 1.88g/t gold from 41 metres in drill hole GAC523.
    • 1 metre at 1.31g/t gold from 17 metres in drill hole GAC521.
    • 1 metre at 1.20g/t gold from 1 metre in drill hole GAC512.
    • 1 metre at 0.51g/t gold from 28 metres in drill holes GAC513 and GAC532.
    • 1 metre at 0.47g/t gold from 37 metres in GAC523.
    • 1 metre at 0.41g/t gold from 32 metres in GAC509.
    • 1 metre at 0.33g/t gold from 16 metres in GAC509.

The company also reported broader lower-grade composite mineralisation, including:

  • 8 metres grading 0.25g/t gold from 7 metres in GAC521.
    • 5 metres grading 0.24g/t gold from 19 metres in GAC522.

According to Gibb River Diamonds, several mineralised intervals were associated with strongly weathered phyllite units, quartz veining and porphyry contacts.

Management stated that geological features encountered during drilling aligned with the company’s exploration targeting model for the project.

Geological Targets Successfully Intersected

While the overall gold grades were lower than anticipated in some areas, Gibb River Diamonds highlighted that the drilling program successfully intersected the intended target geology and structural settings across much of the program.

The company noted that the Edjudina district is characterised by variable gold distribution, meaning that systematic geological testing remains important when evaluating exploration targets.

Management referenced the historical discovery of the Neta Mine as an example of how persistent exploration across prospective geology has previously delivered successful outcomes within the broader Edjudina trend.

The company indicated that the Phase 1 drilling results continue to improve geological understanding of the project area and will assist with future targeting decisions.

Several drill holes intersected weathered phyllite sequences with varying levels of quartz veining and alteration, which remain key geological indicators associated with gold mineralisation in the district.

Weather Conditions Impacted Drilling Completion

Gibb River Diamonds also disclosed that severe weather conditions affected the completion of the Phase 1 program.

According to the company, heavy rainfall — including approximately 43 millimetres of rain falling within one hour — created significant access difficulties and bogging conditions across the project area.

As a result, the drilling rig was demobilised earlier than initially planned and several intended drill targets were unable to be completed during the Phase 1 campaign.

Management stated that these untested targets remain prospective and are expected to form part of the upcoming Phase 2 drilling program.

Phase 2 Drilling Program Already Being Planned

Following completion of the initial campaign, Gibb River Diamonds confirmed that planning for a second drilling phase is already underway.

The Phase 2 campaign is expected to include holes that were unable to be completed during Phase 1 due to weather-related disruptions.

In addition, the company stated that further highly prospective exploration targets are also expected to be incorporated into the next drilling campaign.

Management indicated that details of the Phase 2 program will be announced once drilling activities commence.

The company did not provide a commencement date for the follow-up campaign but confirmed that exploration work remains ongoing at Edjudina.

Edjudina Project Remains a Focus for Exploration

The Edjudina Gold Project is located within a well-known gold-producing region of Western Australia near Kalgoorlie.

Historical workings across the district have demonstrated the presence of structurally controlled gold mineralisation, with multiple old workings and exploration targets distributed along the Edjudina trend.

Gibb River Diamonds continues to evaluate opportunities across the project through staged exploration programs designed to refine geological interpretations and identify higher-priority drill targets.

The company’s exploration activities at Edjudina form part of its broader strategy focused on identifying gold mineralisation within underexplored areas of historically productive mining districts.

Exploration Approach Remains Systematic

A key theme highlighted within the company’s update was the importance of systematic exploration targeting across the Edjudina Project.

Management stated that encountering lower-grade mineralisation in some holes is not uncommon within the district and emphasised that geological continuity and targeting refinement remain important aspects of the exploration process.

The company believes that testing prospective geological settings consistently can assist in identifying higher-grade zones over time, particularly within structurally complex gold systems.

Data gathered from the recent drilling program is expected to contribute toward refining future drill targeting and geological modelling across mining lease M31/481.

What This Means for Investors?

Gibb River Diamonds’ latest drilling update provided additional geological information from the Edjudina Gold Project while also outlining plans for continued exploration activity through a future Phase 2 campaign.

Although the company noted that gold grades were lower than anticipated in parts of the Phase 1 program, drilling successfully intersected targeted geological structures and returned multiple gold-bearing intervals.

Investors are likely to monitor the timing and scope of the Phase 2 drilling campaign, particularly as the company plans to revisit incomplete targets and assess additional prospective zones within the Edjudina Project area.

Further exploration results may also provide greater insight into the broader mineralisation potential across mining lease M31/481.