Gullewa Reports 78-Hole Drilling Results and $916K Royalty Receipt
Gullewa Limited reported significant progress in its South Darlot and British King projects, alongside a substantial royalty payment and a key board appointment in its latest quarterly update.
- Tender packages issued for Stage IV subdivision lots
- Assay results received from 78-hole drilling at South Darlot
- Diamond drilling to support British King geotechnical studies scheduled
- Royalty payment of $916,926 received from Vault Minerals
- Paul Richardson appointed non-executive director of Central Iron Ore Limited
Property Development Progress
Gullewa Limited’s subsidiary, Valley Solutions Pty Ltd, has moved forward with its property development plans by issuing tender packages to four subdivision contractors for 13 lots in Stage IV. The company expects to finalise its contractor selection within the current quarter, marking a key step in advancing this segment of its portfolio.
South Darlot Gold Project Drilling Results
On the exploration front, Central Iron Ore Limited, in which Gullewa holds a 57% stake, has received and processed assay results from an extensive 78-hole, 10,264-meter reverse circulation drilling program conducted earlier this year. These results provide critical data that will inform the ongoing evaluation of the South Darlot Gold Project’s potential.
Advancing British King Project
Geohydrological investigations at the British King Project are nearing completion, setting the stage for a diamond drilling program scheduled to commence in late October. This program, comprising approximately 801 meters across eight drill holes, aims to support geotechnical studies that are essential for updating the British King Mineral Resource estimate. The company is actively incorporating recent drilling data into this resource update, which will be pivotal for future development decisions.
Royalty Income and Corporate Developments
Adding to its financial momentum, Gullewa received a royalty payment of $916,926.89 from Vault Minerals Limited, reflecting ongoing revenue streams from its interests. On the corporate governance side, Central Iron Ore Limited appointed Paul Richardson as a non-executive director, a move that could bring fresh strategic insights to the company’s board.
Looking Ahead
Beyond these updates, Gullewa is exploring additional projects to expand its portfolio, signaling an appetite for growth and diversification. Investors will be watching closely for the outcomes of contractor selections, the detailed results of the British King resource update, and any new project announcements that could shape the company’s trajectory.
Bottom Line?
Gullewa’s steady operational advances and strategic appointments set the stage for a potentially transformative phase ahead.
Questions in the middle?
- What specific assay results will influence the next phase of South Darlot’s development?
- Which contractor will be selected for the Stage IV subdivision, and on what terms?
- How will the updated British King Mineral Resource impact Gullewa’s valuation and project timeline?
