Great Boulder Resources (ASX:GBR) has acquired a group of key tenements in Western Australia, giving the company more than 35km of contiguous strike over the Side Well Gold Project.
The eight new “high-priority tenements” include 7km of strike south of Mulga Bill, and an additional 3.8km south of the Ironbark Trend.
Great Boulder acquired an 80% interest in seven prospecting licences and one exploration licence from Mark Selga and the privately held Wanbanna. The tenements will be operated as a joint venture, on the same terms and conditions as those tenements acquired from Wanbanna in 2023.
Under the agreement, Great Boulder will pay $80,000 cash and $80,000 in shares at a 5-day volume weighted average price to the vendors.
Managing Director Andrew Paterson says it is a great acquisition for Great Boulder, giving the $29.77 million market capitalisation company another 3.8km of strike south of its new targets at Side Well South.
“This acquisition gives Great Boulder more than 35km of contiguous tenure over the eastern half of the Meekatharra greenstone belt, with excellent potential to continue making new discoveries as we grow towards our million-ounce gold target,” he says.
“In addition, we now have the tenement directly along strike from Mulga Bill.
“Great Boulder’s team has done a great job identifying targets at Side Well South. As soon as we saw the potential there we were keen to lock down additional tenure along strike from those anomalies.”
Paterson adds the company will be drilling on its biggest target at Side Well South in the next few days as it continues to balance new discovery opportunities and work towards the resource update at the end of this year.
A reverse circulation drill rig is currently drilling extensional holes within the Mulga Bill resource area.
Once this work is completed, a first-pass aircore drilling program will begin at Side Well South. The program will test two large geochemical anomalies that were recently uncovered via auger sampling.
Great Boulder Resources is a gold-focused mineral explorer with a portfolio of projects in Western Australia. The company’s core focus is the Side Well Gold Project, which has a defined resource of 7.45 million tonnes at 2.8 grams per tonne gold for 668,000 ounces of gold.
Write to Aaliyah Rogan at Mining.com.au
Images: Great Boulder Resources
