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Gibb River Diamonds Limited ( (AU:GIB) ) just unveiled an announcement.
Gibb River Diamonds has received a $7 million cash payment from mining partner BML Ventures, representing its 50% share of profits from gold production to date at the Neta joint venture mine, while retaining funds in the JV to cover remaining costs and pending a smaller, additional distribution once the Greenfields milling campaign is fully reconciled. This profit realisation strengthens the company’s balance sheet as it prepares to launch a 2,000-metre Phase 1 aircore drilling program in early April on its 100%-owned Edjudina lease M31/481, a historically rich and highly prospective area adjacent to the Neta Mine, underscoring its strategic push to expand gold resources and enhance its position in the Western Australian gold industry.
The new drilling at M31/481 will test historic workings, untested covered extensions along strike from previous mines, and conceptual gold targets generated from historic data and field mapping, with follow-up work to be guided by assay results. By combining immediate cash flow from existing production with exploration on contiguous, high-potential ground, Gibb River is positioning itself to unlock further Neta-style discoveries and create additional value for stakeholders in a competitive gold exploration market.
The most recent analyst rating on (AU:GIB) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Gibb River Diamonds Limited stock, see the AU:GIB Stock Forecast page.
More about Gibb River Diamonds Limited
Gibb River Diamonds Limited is an Australian resources company with a growing focus on gold exploration and mining in Western Australia. The company holds 100% interests in key mining leases at the Edjudina Gold Project, including ground contiguous with the producing Neta Gold Mine, and is actively seeking further acquisitions in the West Australian gold sector.
YTD Price Performance: -7.94%
Average Trading Volume: 167,997
Technical Sentiment Signal: Buy
Current Market Cap: A$12.44M
For detailed information about GIB stock, go to TipRanks’ Stock Analysis page.