Great Boulder Resources (ASX:GBR) has scheduled a 4,000m reverse circulation (RC) drill program to begin next week at the Mulga Bill prospect within its Side Well Gold Project in Western Australia.
The $38.82 million market capitalisation company says this next phase of drilling at Mulga Bill will continue to define lode positions at the Cervelo and Malvern lodes, including the ‘gap’ area between the Central and HGV zones.
Further, Great Boulder is working with the Yugunga Nya Heritage Officer to finalise costs and timing for heritage surveys to begin over the Ironbark corridor. This program is the next step in the process of opening up new high-priority targets on the eastern side of Side Well for initial exploration.
This announcement comes after Great Boulder completed a 5-hole diamond drilling program that was designed to provide geological structural information. Great Boulder says drilling intersected a number of ‘high-grade’ gold lodes at the project.
‘Significant’ assays at the Ironbark prospect include drillhole 23IBDD001 with 7.02m @ 10.50g/t Au from 122m, including 0.45m @ 102.5g/t Au from 122.8m.
Meanwhile, ‘significant’ assays recorded at Mulga Bill include drillhole 23MBRCD039 with 0.3m @ 41.30g/t Au from 195.5m and 1.38m @ 8.92g/t Au from 246.7m, including 0.36m @ 28.9g/t Au from 246.7m.
Commenting on the exploration activities, Great Boulder Resources Managing Director Andrew Paterson says: “These 5 diamond holes were designed to provide structural information at Ironbark and Mulga Bill, so it’s great to see high-grade gold intersections in all 5 holes, particularly the 2 wide zones at Ironbark.
“We are hoping to have a resource update completed during the fourth quarter of this year”
The structural orientations and new assay data will feed back into our resource model at both deposits. We are hoping to have a resource update completed during the fourth quarter of this year.
Meanwhile, we will have the RC rig back on site for the start of August, and we’re finalising heritage survey plans for the Ironbark corridor so we can start drilling those new targets as quickly as possible.”
Great Boulder Resources is a mineral exploration company focused on its gold and base metal assets in Western Australia. The company’s Side Well Gold Project is located in Meekatharra in the Murchison Goldfield.
On 31 March 2023, the company had $2.3 million cash at hand and no debt, according to its latest quarterly report published on 27 April 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: Great Boulder Resources Ltd