Great Boulder seeking to bridge great gold divide 

Despite new all-time records in gold prices towards the end of Q1 2024, Great Boulder Resources (ASX:GBR) is fully aware of the disconnect between the explorers and producers, says Managing Director Andrew Paterson.

Speaking to Mining.com.au on the sidelines of this year’s Brisbane Mining and Investors Conference yesterday (13 March 2024), Paterson explains this gap is a reflection of a lack of confidence in explorers by investors in the gold space. 

“Gold is poised to break out and now it has, at least in terms of the bullion price, which is great. And you are starting to see that reflected in producers’ share prices. The gap though is that there is a disconnect between the producer’s share prices and everyone else, all the explorers are still kinda struggling.”

However, Paterson adds once these prices are sustained for a longer period of time, he predicts the sentiment will reverse and gold explorers, such as Great Boulder, will receive a higher level of confidence. 

As such, the Managing Director tells this news service the company will be moving forward with caution in mind.  

“We are mainly drilling aircore because it’s cheap and testing all these new targets. What we expect to see from that is a string of new discoveries. And what we would like to see is that sentiment turn around so that money comes back into the exploration space and we can then accelerate our program. We could drill two or three times faster than that if the conditions were right. 

We have cash in the bank but we want to hang on to that and invest it wisely to get the best bang for our buck. It’s a compromise between making these new discoveries as soon as we can but also being cautious of where the economy goes.

It is these targets which Paterson hopes will result in a proof of concept over the coming months and, once achieved, will be “game on”, for Great Boulder.

Despite the cautious mindset, Paterson utilised his time at the conference to demonstrate to Brisbane-based investors what the company is, and what it is looking to achieve. 

“We haven’t done this one before and haven’t presented in Brisbane for quite some time. It is really about talking to people who may not have heard the story or might not be aware of the company.”

To do this, the Managing Director told this news service earlier this year the company would be using the VRIFY platform to illustrate in 3D the company’s deposits and the potential of its Side Well Gold Project. 

“Brisbane is the first ‘live’ presentation planned for the new format, including 3D drone images from site and interactive models of the Mulga Bill and Ironbark deposits,” he said.

“Because of the structural complexity at Mulga Bill we’ve always struggled to illustrate the various orientations on a 2-dimensional diagram. After watching other companies use VRIFY successfully we decided to sign up in December.”

The price of gold hit a new all-time high of just over A$3,304 per ounce on 8 March 2024, according to ABC Bullion. 

Great Boulder Resources is a mineral explorer with a portfolio of ‘highly prospective’ gold and base metals assets in Western Australia ranging from greenfields to advanced exploration. 

The company’s core focus is its Side Well Project at Meekatharra in the Murchison Goldfield, where exploration has defined a mineral resource of 7.45 million tonnes at 2.8g/t Au for 668,000 ounces. 

As of 30 December 2023, Great Boulder had $4.951 million cash and cash equivalents at hand, according to its latest quarterly report.

Write to Adam Drought at Mining.com.au

Images: Great Boulder Resources & ABC Bullion
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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.