Great Boulder Resources (ASX:GBR) will complete follow-up drilling the Mulga Bill Project next year after assays from two diamond holes confirmed the project’s depth potential extends to 500m below surface.
Both holes intersected gold in north-plunging veins and subvertical shear-hosted lodes, which Great Boulder’s mineralisation model had predicted.
Assay results include 5.93m @ 3.51 grams per tonne (g/t) gold, including 1m @ 19.3g/t gold; 1m @ 7.74g/t gold; and 1m @ 7.02g/t gold.
Great Boulder says these latest results indicate a “substantial exploration upside” and demonstrate the growth potential of Mulga Bill’s resource, which is currently 568,000 ounces at 2.7g/t gold, at depth.
Managing Director Andrew Paterson says the company saw examples of much higher grades than expected within the subvertical lodes, such as the 1m @ 19.3g/t gold intersection from 519m.
“In those intersections we saw thin veins of pyrite-hosted gold which appear to be much higher grade than the surrounding rock mass, carrying a lot of gold in these areas,” Paterson says.
“We plan to follow this up with drilling oriented west to east later in the program, most likely in the first half of 2025. Drilling on this orientation has a higher probability of intersecting high-grade zones within the north-south corridor.”
The $33.51 million market capitalised company notes that future resource growth and definition drilling at Mulga Bill will focus on the Mulga Bill North and Mulga Bill Deeps areas.
The North prospect represents a more than 1km northern strike extension to the existing Mulga Bill resource, while the Deeps area drilling will test extensions, continuity, and grade of stacked lodes at depth.
An aircore rig is currently drilling an Ironbark-style geochemical target at the Side Well South area.
The rig will then switch back to reverse circulation and complete a brief resource definition program at the Saltbush prospect to allow this discovery to be included in an upcoming resource update — scheduled for December 2024.
Great Boulder Resources is a mineral explorer with a portfolio of gold and base metals assets in Western Australia. The Side Well Gold Project, which sits in the Murchison Goldfields region, has a defined mineral resource of 7.45 million tonnes at 2.8g/t gold for 668,000 ounces.
Write to Aaliyah Rogan at Mining.com.au
Images: Great Boulder Resources
