Great Boulder Resources strikes fresh gold at Mulga Bill North, highlights ‘high-priority’ targets

Junior explorer Great Boulder Resources (ASX:GBR) has uncovered ‘high-priority’ targets for the next round of reverse circulation (RC) drilling at its flagship Side Well Gold Project in Western Australia. 

The company, which has a $37.81 million market capitalisation, says this comes after ‘high-grade’ gold was encountered in multiple holes completed as part of a phase two aircore (AC) drilling program at a defined 1.5km by 700m mineralised trend within the Mulga Bill North prospect. This trend is already noted to remain open. 

Key aircore results include hole 23SWAC152 with 6m @ 4.23 grams per tonne (g/t) gold (Au) from 119m, including 1m @ 19.09g/t Au from 119m; hole 23SWAC147 with 15m @ 2.64g/t Au from 120m to end of hole, including 4m @ 8.76g/t Au from 120m; and hole 23SWAC150 with 3m @ 2.46g/t Au from 84m to end of hole. 

Great Boulder reports the intersection delivered from hole 23SWAC152 was intercepted further east than previous drilling, therefore demonstrating that Mulga Bill North remains open to the east.   

The company notes the encountered end-of-hole anomalism within multiple holes provides immediate ‘high-priority’ targets for the next round of RC drilling. 

With these new results now in hand, Great Boulder Resources announces phase three RC drilling is ongoing at Mulga Bill and is being undertaken to provide additional resource definition data and improved geological understanding to fuel a resource update expected later this year. 

The aircore drilling comprised 59 holes at Ironbark, which were designed to investigate targets to the south and northeast from the recent Sub-Audio Magnetics (SAM) geophysical survey, as well as 15 holes at Mulga Bill North designed to follow up on recent RC results in the area.   

This announcement comes only 24 hours after Great Boulders’ last announcement that it had acquired multiple new tenements immediately south of Side Well. It also follows the company’s presentation at the Diggers & Dealers Mining Forum in Kalgoorlie on Monday afternoon. 

The company on Monday reported it had agreed to acquire an 80% interest in 9 prospecting licences from private explorer Wanbanna, and these will be operated as a joint venture (JV) between both companies.  

Speaking on the new drilling results, Great Boulder Resources Managing Director Andrew Paterson says: “These are fantastic results at Mulga Bill North, which is stacking up very nicely following two rounds of drilling. We use AC drilling as a first pass to look for anomalism and pathfinder elements, so finding some of the highest AC grades seen at Side Well to date indicates there is a lot more untested potential in this area. 

These are fantastic results at Mulga Bill North”

Mulga Bill North is still relatively underexplored. With our drilling and previous work completed by Doray demonstrating that we have mineralisation over 1.5km of strike and 700m east-west. It’s a big area, and we expect ongoing drilling to define more Mulga Bill-style high-grade zones which we believe have the potential to add substantial ounces to the resource inventory.” 

Great Boulder Resources is an ASX-listed mineral explorer with a portfolio of gold and base metal assets in Western Australia. 

The company’s flagship Side Well Gold project is located within the Murchison goldfield and contains the Mulga Bill North prospect, which is located about 500m north of the defined Mulga Bill resource of 431,000oz @ 2.5g/t Au. 

Great Boulder had $4.284 million cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report.

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Images: Great Boulder Resources Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.