Great Boulder Resources (ASX:GBR) is updating mineralisation wireframes to usher in an updated Mineral Resource Estimate (MRE) this month following the return of gold grades up to 248 grams per tonne.
The $26.27 million market capitalisation company says these recent results, generated from 34 resource definition reverse circulation (RC) holes, are expected to boost the Mulga Bill MRE at its flagship Side Well Gold Project.
Key results include hole 23MBRC059 with 5m @ 98.89g/t gold (Au) from 249m including 1m @ 248g/t Au from 249m and 1m @ 229g/t Au from 251m; and hole 23MBRC064 with 5m @ 9.92g/t Au from 94m including 1m @ 43g/t Au from 94m.
Great Boulder notes these results will be included in the updated MRE.
The company’s geological team are now updating mineralisation wireframes in preparation for the updated MRE, which currently stands at 6.2 million tonnes (Mt) at 2.6g/t Au for 518,000 ounces.
All assays from both phase four and five drilling are scheduled to be in-hand by early October.
Great Boulder also notes the first of 2 Aboriginal heritage surveys have been completed at Ironbark South including the Saltbush prospect, opening up ‘highly prospective’ new targets, with first drilling scheduled in November.
Speaking on the results, Great Boulder Resources Managing Director Andrew Paterson says: “Recent RC drilling at Mulga Bill has intersected more sensational gold grades, with assays as high as 248g/t Au. There are also broad intersections showing good grade closer to surface, which are important in a potential mining scenario.
“As we finalise preparation for the pending Side Well resource update all of this data will inform the new model“
As we finalise preparation for the pending Side Well resource update all of this data will inform the new model.
I’m also very pleased to report that the first of two Aboriginal heritage surveys was completed on schedule at Ironbark South. The second is scheduled for mid to late October, after which we’ll be able to start testing new targets that have never been drilled before. This is an exciting and important step forward in our exploration program at Side Well.”
Great Boulder Resources is a gold and base metal explorer focused on its portfolio of assets in Western Australia. The company’s Side Well Gold Project is located near Meekatharra in the Murchison gold field.
As of 30 June 2023, the company had $4.284 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Great Boulder Resources