Great Boulder Resources (ASX:GBR) has intersected “high-grade” gold hosted in basalt via the last aircore hole drilled at the Side Well Gold Project in Western Australia.
Managing Director Andrew Paterson says the intersection is exactly like the ‘Ironbark-style mineralisation’ model the company has been exploring for.
Some of the latest results include 3m @ 4.16 grams per tonne gold within 23m @ 0.94g/t gold and 4m @ 0.66g/t gold within 1m @ 0.84g/t gold.
“We will follow up this result immediately, and we hope to extend this gold zone south towards Golden Bracelet as we continue drilling,” Paterson says.
“The historic workings are 400m southwest, and the surface gold anomaly continues more than 1km south of that, so there is a lot of room for new discoveries in this area.”
Great Boulder, which has a market capitalisation of $34.15 million, has resumed drilling at the Side Well South prospect to complete high-priority geochemical targets.
The drilling program is expected to be completed in three weeks, after which the rig will move onto other targets to the north.
Further, Great Boulder has requested heritage surveys at Polelle, and also on the recently acquired tenements at Side Well South. The company says this survey will allow these areas to be drill tested shortly.
Meanwhile, the company has renegotiated the heads of agreement with Castle Minerals (ASX:CDT) to acquire a 75% interest in and jointly explore the Polelle and Wanganui projects near the Meekatharra region of Western Australia.
On 30 November 2023, Great Boulder signed the deal, which gave the company 12 months within which to conduct initial exploration and decide whether to acquire a joint venture interest.
The initial agreement allows for a 12-month extension to the option period if required.
Due to exploration being delayed in completing heritage surveys to clear priority targets for initial drill testing, Castle has granted Great Boulder’s request to extend the option period to 30 November 2025, as well as waive the second option fee of $100,000.
As part of the agreement, Great Boulder has committed to a minimum cumulative exploration expenditure of $600,000 on the two projects during the full two-year term of the option.
The company intends to conduct regional mapping at Polelle, as well as assess previous auger sampling which generated several priority target areas.
Great Boulder has also requested heritage surveys at Polelle, and also on the recently acquired tenements at Side Well South. The company says this survey will allow these areas to be drill tested shortly.
Great Boulder is a mineral explorer focused on its gold and base metals projects in Western Australia. The Side Well Gold Project has a defined mineral resource of 7.45 million tonnes @ 2.8g/t gold for 668,000 ounces of gold.
Write to Aaliyah Rogan at Mining.com.au
Images: Great Boulder Resources
