What do the Golden Treasure results mean for Great Boulder Resources' (ASX:GBR) 481,000-ounce Peak Hill resource?

Sonal Goyal

12 November 2026 06:01 PM AEDT

What do the Golden Treasure results mean for Great Boulder Resources' (ASX:GBR) 481,000-ounce Peak Hill resource?

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Key Highlights

Golden Treasure returned 8 metres at 39.88g/t gold from 58 metres, the best gram-metre intercept drilled at the deposit.
The results show continuity between Golden Treasure and the nearby Jubilee prospect, which will be modelled as a single resource.
Peak Hill hosts a resource of 9.39 million tonnes at 1.60g/t gold for 481,000 ounces.
An ore purchase agreement with Westgold provides a path to production without building a plant.

Great Boulder Resources (ASX:GBR) reported new drilling results from its Peak Hill Gold Project, about 120 kilometres north of Meekatharra in Western Australia, on 9 November 2026. The standout intercept came from the Golden Treasure deposit: 8 metres at 39.88 grams per tonne gold from 58 metres.

The company says this is the best intersection ever drilled at Golden Treasure on a gram-metre basis. It sits up-dip from a historical Westgold Resources (ASX:WGX) result of 19 metres at 13.3g/t.

Other Golden Treasure intercepts included 4 metres at 39.32g/t from 30 metres, 16 metres at 6.36g/t from 48 metres and 4 metres at 23.90g/t from 112 metres.

Linking two deposits

The results also show continuity between Golden Treasure and the nearby Jubilee prospect, which Great Boulder says will allow it to model both as a single resource. Golden Treasure does not currently have a mineral resource estimate, so any material it contributes would be new ounces.

Other deposits

At Durack, Reverse Circulation Drilling along strike and to the south-west returned 11 metres at 6.36g/t from surface, 4 metres at 4.76g/t from 30 metres and 8 metres at 2.44g/t from surface. Durack spans more than 1.5 kilometres of strike, and the company says it remains underexplored for shallow high-grade lodes.

At Enigma, drilling returned 7 metres at 6.34g/t from 36 metres and 3 metres at 6.44g/t from 51 metres. The 800-metre-long deposit remains open along strike to the south-west, where historical work identified gold over another 2 kilometres.

The existing resource

Peak Hill hosts a resource of 9.39 million tonnes at 1.60g/t for 481,000 ounces, comprising 376,000 ounces indicated and 105,000 ounces inferred. Fiveways contributes 230,000 ounces and Durack 112,000 ounces.

Managing Director Andrew Paterson described the results as sensational and said they pointed to significant growth in the resource at an early stage.

The Westgold connection

The project is covered by an ore purchase agreement with Westgold, which is also Great Boulder's largest shareholder. Paterson said the arrangement provided a rapid, low-capital path to production and cash flow, because Great Boulder could mine and sell ore without building its own plant.

Ore purchase agreements reduce Capital requirements but also mean the miner shares value with the processor through the pricing formula.

Why grade matters

High grades near surface can be particularly valuable in an ore sale model, because higher-grade ore earns more per tonne hauled and processed. Gram-metre comparisons multiply grade by width, which helps compare intercepts of different lengths.

Qualifications

High-grade intervals can be affected by coarse gold, which may make grades less predictable. The extent to which these results will increase the resource will only be known when a new estimate is completed.

Peak Hill is a historical gold field that was previously mined by other operators, and Great Boulder has been revisiting deposits that were mined to relatively shallow depths. The company's strategy is to grow the resource and convert it into ore that can be sold under the Westgold agreement. That approach depends on the Economics of trucking ore to Westgold's processing plants, which in turn depends on gold prices and grade. Grade control drilling and Mining studies will be needed before ore sales can begin.

What comes next

Great Boulder says Mt Pleasant, a historical pit within Peak Hill, will be the next focus for intensive RC drilling. A diamond hole was completed there in October to confirm vein orientations. The company also released an investor presentation for the Noosa Mining Conference on 12 November. A combined Golden Treasure-Jubilee resource model is the main milestone to watch.

FAQs

Q: What was the standout result?

A: 8 metres at 39.88g/t gold from 58 metres at Golden Treasure.

Q: Does Golden Treasure have a resource?

A: Not currently, so any material it contributes would be new ounces.

Q: What is the Westgold connection?

A: Westgold holds an ore purchase agreement over the project and is also Great Boulder's largest shareholder.

Q: What comes next?

A: A combined Golden Treasure-Jubilee resource model is the main milestone to watch, with Mt Pleasant the next focus for intensive RC drilling.

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