Great Boulder Resources (ASX:GBR) is actively seeking to divest its Whiteheads Gold Project in Western Australia as it looks to ramp-up works across its flagship Side Well Project.
Speaking to Mining.com.au, Great Boulder Resources Managing Director (MD) Andrew Paterson says Whiteheads has been overshadowed by Side Well and potentially offloading the asset will mean the company can focus and deploy capital on other priorities.
“We would like to divest Whiteheads. We have been taking a process to see if there’s any interest in selling or in someone buying Whiteheads. It has (been) a stepping stone to make the company bigger and allow us to grow and it’s done that. But with finite funds available, I can’t justify continuing to drill at Whiteheads.”
According to Great Boulder’s latest quarterly report, no fieldwork has been undertaken at Whiteheads during Q3 2023.
The potential divestment comes a day after Great Boulder tapped investors for $4.5 million. In conjunction with existing cash, the fresh capital will be applied towards exploration and new discovery drilling at Side Well, as reported by this news service yesterday.
Paterson reiterates to Mining.com.au that Great Boulder’s primary focus is working to define a 1 million ounce resource at Side Well.
“[Side Well] was always going to be the number one priority. We may look at a few other bits and bobs around the area to add value synergistically, but we certainly won’t be going far afield.”
Whiteheads sits about 45km north of the mining centre of Kalgoorlie between the Silver Swan and Carr Boyd nickel projects. The project covers an area of 488km-square straddling the boundary between the Kalgoorlie terrane to the west and the Kurnalpi terrane to the east.
The western Whiteheads tenements are a farm-in with Mithril Resources (ASX:MTH) while the balance is a 75:25 joint venture (JV) with Scott Wilson’s privately held Zebina Minerals.
As of 30 September, Great Boulder Resources had $2.488 million cash and cash equivalents at hand according to its latest quarterly report, although this does not take into account the additional aforementioned $4.5 million raised through the placement.
Write to Adam Drought at Mining.com.au
Images: Great Boulder Resources
