Great Boulder Resources (ASX:GBR) has grown the Mineral Resource Estimate (MRE) for its flagship Side Well Gold Project in Western Australia by 29%.
The MRE is inclusive of the Mulga Bill deposit and now sits at 668,000 ounces (oz) gold @ 2.8 grams per tonne (g/t) with 51% of ounces now in the indicated JORC category.
The company believes targets within the Ironbark corridor have potential to deliver ‘significant’ resource growth over the next 12 months.
Great Boulder says this is an important step towards achieving its 1 million ounce target at Side Well as the project moves towards development.
The global resource contains a ‘significant, higher-grade’ core of 496,000oz @ 5.3g/t gold when reported at a 2g/t cutoff (Mulga Bill 410,000oz @ 5.4g/t, Ironbark 85,000oz @ 4.9g/t).
The company notes resource additions at Mulga Bill include extensions to the ‘high-grade’ Cervelo lodes and new mineralisation linking the HGV and Central Zones, with ‘high-grade’ results returned from infill drilling also boosting the overall gold grade.
The updated MRE incorporates all drilling completed and assayed up to 30 September this year. Since the maiden MRE the company’s exploration team has completed an additional 21,299m of reverse circulation (RC) and diamond drilling, as well as 14,111m of aircore (AC) drilling.
The $31.47 million market capitalisation company says its Mulga Bill North deposit — despite not being included in this resource estimate — is displaying potential as a new ‘significant’ northern extension to the existing resource with mineralisation now defined over 700m of strike and open in all directions.
Mulga Bill North will be the target for ongoing drilling and a subsequent resource estimation during 2024.
Great Boulder Resources Managing Director Andrew Paterson says the MRE update paves the way for economic studies to predict future cost inputs as the company looks to define what could be several million ounces of gold in resource at Side Well.
“Side Well sets itself apart as a shallow, high-grade greenfields deposit on the outskirts of a historic, operating gold field, which is almost unprecedented in the junior gold sector.”
As of 30 September, Great Boulder Resources had $2.821 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
