Gibb River Diamonds Shares Surge 25% as Mining Agreement Clears Path for Edjudina Gold Project

2 min read | December 23, 2024 12:06 PM AEDT | By Team Kalkine Media

Gibb River Diamonds Shares Surge 25% as Mining Agreement Clears Path for Edjudina Gold Project — Image source: Shutterstock

Mining Agreement Reached

The company has secured a Mining Benefits and Heritage Agreement (MBA) with the Nyalpa Pirniku native title holders, along with the signing of a State Deed by the Wangkatja Tjungula Aboriginal Corporation (WTAC). This agreement allows the mining lease application (M31/495) to progress.

Upcoming Steps:

Lodgement of required documentation with the WA Mines Department (DEMIRS) and National Native Title Tribunal, expected to lead to the grant of M31/495 in early 2025.
Planning for a heritage survey in early 2025 to further support the development of the Neta Prospect.
Submission of a Mining Proposal to WA Mines Department to facilitate a mine and haul operation, which will process gold at a third-party toll milling facility.

Edjudina Gold Project Overview

Located 145 km northeast of Kalgoorlie, the Edjudina Gold Project spans historic gold workings with a 13 km strike. The project includes the Neta Prospect, which boasts a JORC-compliant resource of 378,000 tonnes at 1.9g/t for 24,000 oz of gold, with 8,000 oz classified as an Indicated Resource.

The site benefits from established infrastructure, including a haul road operated by Northern Star Resources, which connects to the Carosue Dam milling complex just 45 km away.

Monetisation Strategy:
GIB is in discussions with several Western Australian groups specialising in mining, hauling, and toll milling operations. These partnerships aim to accelerate the development and monetisation of the Neta Prospect’s gold resources.

Investor Reaction

The announcement has been met with enthusiasm from investors, reflected in the 25% surge in GIB’s share price.

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