Great Boulder Resources (ASX:GBR) has received drill results from the Ironbark deposit, part of the Side Well Gold Project in Western Australia, which bodes well for an upgrade to the current resource.
Ironbark’s current resource estimate contains 100,000 ounces @ 3.3 grams per tonne gold. The deposit appears to be an orogenic gold system with mineralisation on contacts between mafic and ultramafic rocks on a north-northeast strike.
The company conducted a reverse circulation (RC) drilling program south of the deposit, with holes intersecting additional gold outside of the resource.
Some of the latest results include 8m @ 8.57g/t gold from 92m, including 3m @ 19.57g/t gold from 94m.
Managing Director Andrew Paterson says the company now has gold intersections extending the deposit by at least 85m and there is another fence of holes south of this.
“We are extending this deposit with methodical step-out drilling,” Paterson says.
“In the next phase of extensional RC we’ll continue chasing this south with deeper step-out holes testing along strike and at depth.
“Ironbark is an extremely valuable deposit. With simple tabular geometry, high-grades and ore starting at surface in the north it gives Great Boulder a great opportunity for early stage cashflow while we continue advancing the rest of the Side Well project.”
Paterson says mining agreement negotiations continue to progress and the company expects to start the pre-requisite fieldwork for mining approvals in July.
“The next step in that process is delivery of the Ironbark Scoping Study, which we’ll announce as soon as possible,” he says.
Great Boulder notes assays from the remaining drillholes of the latest program at Ironbark are expected within the next two weeks. A sixth hole in the program is anticipated to be drilled when the rig returns to site next month.
The Side Well Gold Project, located in the Murchsion Goldfields, has a resource of 7.45 million tonnes @ 2.8g/t gold for 668,000 ounces.
Great Boulder Resources is a mineral explorer focused on its portfolio of gold and base metals assets in Western Australia.
The company will be attending the Noosa Mining Investor Conference, held between 23-25 July, at the Peppers Noosa Resort. Mining.com.au is an official media partner of this year’s conference.
Write to Aaliyah Rogan at Mining.com.au
Images: Great Boulder Resources
