Great Boulder Resources (ASX:GBR) has acquired multiple new tenements immediately south of its Side Well Gold Project in Western Australia, expanding the project area by some 22km.
The $38.32 million market capitalisation company has agreed to acquire an 80% interest in 9 prospecting licences from private exploration company Wanbanna, which is owned by Mark Selga.
The consideration for the acquisition is $60,000 cash and $60,000 in GBR scrip valued at a 5-day volume-weighted average price (VWAP).
Great Boulder says the tenements will be operated as a joint venture (JV) between both companies, with Great Boulder having access to explore priority stratigraphic positions within the mafic-ultramafic package along strike from the Ironbark corridor.
Further, the company says the extra 22km-square area includes over 5km of additional strike on the Ironbark corridor.
Commenting on the acquisition, Great Boulder Resources Managing Director Andrew Paterson says: “This acquisition gives us an extra 5km of strike covering the eastern edge of the Meekatharra greenstone belt.
The auger work and mapping we completed late last year indicates a very strong likelihood the Side Well gold camp hydrothermal system extends south into this area, and the historic drilling and geochemistry within the tenements supports that theory.
“Given the prospectivity we see here, the team believes this materially increases the enormous potential at Side Well”
We also have the Ironbark and Saltbush regional structures continuing south from Side Well into this area, so the lithological and structural setting is highly prospective. Given the prospectivity we see here, the team believes this materially increases the enormous potential at Side Well.
We’re hoping to start exploring this area as soon as possible as part of our overall strategy to explore the eastern side of the project and discover multiple Ironbark-style shallow, high-grade gold deposits.”
As well as this acquisition, the company has also pegged 4 other prospecting licences over vacant ground, including 3 licences south of Side Well and 1 northwest of Westgold Resources’ (ASX:WGX) Bluebird operation.
The company says once these tenements have been granted, they will be owned outright by Great Boulder.
Further, Great Boulder resumed reverse circulation (RC) drilling at Mulga Bill on 31 July 2023 and is awaiting results from its phase two aircore drill program.
Great Boulder Resources is a mineral exploration company with a portfolio of gold and base metal assets located in Western Australia. The Side Well Gold Project is in the Murchison gold field and has an inferred mineral resource of 6.192 million tonnes @ 2.6g/t Au for 518,000 ounces of gold.
Write to Aaliyah Rogan at Mining.com.au
Images: Great Boulder Resources Ltd