Barrelmaker
Overview
GML’s Barrelmaker Project is situated approximately 70 km north of Sandstone, Western Australia. The project covers the southern extension of the Gum Creek Greenstone Belt, a highly prospective Archaean sequence known for hosting multiple structurally controlled gold systems.
The Barrelmaker Project has been subject to historical exploration; however (given the depth of depletion in the regolith), historic drilling was considered insufficient to properly test the mineralised system. A comprehensive review and compilation of legacy datasets were completed during the FY 2025 period, enabling GML to better define high-priority drill targets for follow-up programs.
Sale of Montague East Gold Rights
In August 2024, GML entered into a binding tenement sale agreement with Brightstar Resources Limited (ASX: BTR) for the sale of its gold mineral rights at Montague East, part of the broader Montague Project, for total consideration of A$14 million in cash and shares.
The transaction was completed on 2 October 2024, upon which GML received -
- A$5 million in cash, and
- A$7 million in Brightstar shares, representing 466.7 million fully paid ordinary shares issued at A$0.015 per share.
- An additional A$2 million in deferred consideration, payable in Brightstar shares, remains contingent on either (i) the commencement of commercial gold production at Montague East, or (ii) the delineation of a 1 Moz JORC-compliant resource at the project.
This deal has given GML a seat at the table in an exciting potential emerging consolidation play in the Sandstone region through a significant shareholding in Brightstar.
GML retains ownership of all mineral rights including gold within the Western Tenement Group (Barrelmaker Project) at Montague. This tenure retains excellent prospectivity
