Great Boulder Resources (ASX:GBR) has returned ‘high-grade’ gold from its first drilling campaign at the Peak Hill Gold Project in Western Australia, ahead of a planned year-end resource update.
Results from the Durack deposit include 4m @ 37.1 grams per tonne gold (Au) from 110m and 23m @ 2.22g/t Au from surface.
Another hole returned 10m @ 6.4g/t Au from 116m and 4m @ 10.4g/t Au from 147m.
At Jubilee, drilling intersected 3m @ 29.4g/t Au from 39m, 3m @ 23.3g/t Au from 67m, and 2m @ 33.6g/t Au from 107m.
The latter result was returned from a dolerite unit previously interpreted as unproductive. Great Boulder says further drilling will assess whether mineralisation within the unit could lead to resource growth and lessen stripping requirements in a potential open pit.
Managing Director Andrew Paterson says the early results support the company’s target of substantially increasing Peak Hill’s current 481,000-ounce resource by the end of 2026.
“The grades are exceptional and support our strategy to substantially increase the resource by the end of this year,” Paterson says.
“The shallow results at Jubilee, including those inside the internal dolerite unit, are also very exciting. We had assumed the dolerite to be barren, so any resources added there will reduce strip ratios and improve potential pit economics.”
The 40,000m program began on 16 July, with more than 120 reverse circulation (RC) holes completed at Jubilee, Durack, and the nearby Golden Treasure target.
Two RC rigs have moved to the Enigma and Five Ways deposits, while diamond drilling continues at Durack. The company notes further work is planned at Harmony, Golden Treasure, and Mt Pleasant.
Meanwhile, assays from Golden Treasure are expected shortly. Westgold Resources (ASX:WGX) previously intersected 19m @ 13.34g/t Au from 104m at the target.
Peak Hill hosts 9.39 million tonnes @ 1.6g/t Au for 481,000 ounces across five deposits. Great Boulder also has an ore purchase agreement with Westgold, which the company says provides a capital-light potential pathway to production and cash flow.
Great Boulder Resources is a Western Australian gold exploration company advancing the Peak Hill and Side Well gold projects near Meekatharra.
Write to France Pinzon at Mining.com.au
Images: Great Boulder Resources
