Join our daily newsletter At The Bell to receive exclusive market insights
- Great Boulder Resources (GBR) receives its highest-grade results to date from the Side Well Project in Western Australia
- The first assays from phase three reverse circulation drilling at the Mulga Bill prospect returned grades close to 150 grams of gold per tonne
- The results come from the first six holes drilled, with assays for the remaining nine pending, and GBR is also awaiting results from diamond and aircore programs
- Reverse circulation drilling is ongoing at the project, where GBR says there is potential to have a gold endowment of more than a million ounces
- Shares last traded on September 1, 3.4 per cent lower at 8.4 cents
Great Boulder Resources (GBR) has received its highest-grade results to date from the Side Well Project in Western Australia.
The project is located near Meekatharra in the Murchison province, and is currently owned by Zebina Minerals, with GBR acquiring a 24-month option to form a joint venture.
The latest assays come from phase three reverse circulation drilling completed at the Mulga Bill prospect between late June and early July, with results peaking at 149.89 grams of gold per tonne over three metres within a broader intersection of 14 metres at over 36 grams per tonne from 91 metres downhole.
From the same hole, a deeper intersection at 91 metres downhole returned six metres at 24.3 g/t.
According to GBR, the “bonanza” grade zone remains open in all directions.
Fifteen drill holes were completed in the phase three program. The latest results are from the first six holes, with nine remaining to be assayed. GBR expects the remaining results in the coming fortnight.
The results follow the company’s announcement in June of a “pathfinder” footprint at the prospect which it said indicated the potential for a very large gold system and sent GBR’s share price up.
Managing Director Andrew Paterson said the latest results demonstrate the high-grade potential at Mulga Bill.
“Given its location, size and the results we’ve seen to date I think Mulga Bill has the potential to have a plus million ounce gold endowment.”
The company is awaiting results for 63 aircore holes drilled in mid-July and diamond drilling completed in the second week of August.
Moving forward, more drilling is planned in the central part of the project area, as well as north of the central dyke, which is expected to be complete by mid-September.
Additionally, GBR has completed a gravity survey at Side Well, with final processing expected over the next two weeks.
Shares last traded on September 1, 3.4 per cent lower at 8.4 cents.
