Gibb River Diamonds (ASX:GIB) announced financial results for the quarter ended 30 September 2022.

Phase 8 Aircore drilling at the Ace of Hearts Prospect discovered a new mineralised structure which included a drill intersection of 7m at 2.53g/t Au from 9 metres.

This new Ace of Hearts target has considerable potential as it is open for 900 metres along strike. Follow-up drilling is required.

During the quarter the Company commenced an initiative to generate lithium projects using grass-roots exploration methodologies and fieldwork. As a result of this a number of tenements have been pegged. Exploration work is ongoing.

Ellendale Project under Option Agreement with Burgundy Diamond Mines Limited (ASX: BDM). GIB hold a total of nine million shares in BDM. The Option expires in late March 2023.

The Company pegged two new tenements at the Company?s NT Phosphate Project. This extends the Phosphate Project area held by GIB by a further 818.9km2.

The Company has received ongoing enquiries from two interested and credible parties with regards to a strategic partnership. Non-disclosure agreements have been signed.

Mr Jim Richards has been asked to speak at the Australian Potash & Phosphate Conference, to be held in Perth, WA on 22 to 23 November 2022.

During the quarter, a full-form Joint Venture Agreement between Strickland Metals Limited (ASX: ?STK?) and GIB was signed.

Subsequent to the end of the quarter, STK announced that a Native Title Heritage Survey was underway at Iroquois.

Following the announcement the company?s share price fell 10.714%.