Gold and base metals explorer Great Boulder Resources (ASX:GBR) has pegged a mining lease application covering the Ironbark deposit at its Side Well Project in Western Australia.
The company says the proposed mining lease provides optionality for future mining scenarios and comes ahead of both an upgraded Mineral Resource Estimate (MRE) and plans for a Scoping Study, which will be considered and undertaken “at an appropriate time”.
Great Boulder reports it will now move forward with negotiations of a mining agreement with the Yugunga Nya People, who represent the Traditional Owners of the Side Well project area.
The company notes that this application follows the intersection of shallow gold (Au) mineralisation from the final drillholes of a reverse circulation (RC) drill program at its Cervelo prospect, as announced by Great Boulder earlier this month (14 June 2023).
It was announced by the company that the Cervelo drilling returned grades up to 8.27g/t Au, as well as 5.53g/t Au within the new zone of gold mineralisation very close to surface and above the current 518,000oz Au mineral resource.
Speaking on the mining lease application, Great Boulder Resources Managing Director Andrew Paterson says: “The Ironbark mining lease is intended to provide optionality for possible future mining scenarios. Ironbark is the obvious choice as it’s high-grade mineralisation from surface. We aim to discover more Ironbark-style deposits along the same stratigraphic horizon later this year.
We haven’t started any economic studies on Ironbark at this stage. We completed a baseline environment survey earlier in the year. We will upgrade the resource and consider a scoping study at an appropriate time.
“The Ironbark mining lease is intended to provide optionality for possible future mining scenarios.”
We will now sit down with the Yugunga Nya People and the owners of Sherwood Station and start discussing a mining agreement for Ironbark and the Side Well Project, such that all stakeholder groups can participate in the company’s success.”
Great Boulder Resources is an ASX-listed mineral exploration company with a portfolio of ‘highly’ prospective gold and base metals assets in Western Australia, ranging from greenfields through to advanced exploration.
The company’s Side Well Project is located within the Murchison goldfield in Meekatharra, Western Australia, and currently hosts an inferred MRE of 6.192 million tonnes @ 2.6g/t Au for 518,000oz Au. Additionally, the Ironbark deposit currently hosts a mineral resource of 934,000t @ 2.9g/t Au for 87,000oz, including a ‘higher-grade’ core of 471,000t @ 4.7g/t Au for 71,000oz.
Great Boulder had $6.5 million cash on hand and no debt following an entitlement issue undertaken in April 2023.
Write to Adam Drought at Mining.com.au
Images: Great Boulder Resources Ltd
