- Great Boulder Resources (GBR) has entered an option agreement to acquire a 75 per cent interest in the Mt Jewell project in WA
- Mt Jewell is a nickel-sulphide prospect which neighbours the company’s Whiteheads gold project in Kalgoorlie
- Mt Jewell has an extensive history of nickel sulphide exploration with intersections grading as high as 3.38 per cent nickel
- To acquire the 75 per cent interest, Great Boulder will pay the vendor, Simon Buswell-Smith, $100,000
- Great Boulder has ended the day 2.5 per cent in the green with shares trading for 4.1 cents apiece
Great Boulder Resources (GBR) has entered an option agreement to acquire a 75 per cent interest in the Mt Jewell nickel-sulphide project in WA.
Mt Jewell is a nickel sulphide prospect which is adjacent with Great Boulder’s Whiteheads gold project north of Kalgoorlie.
In early February, Great Boulder announced that it had outlined a 3.8 kilometre long gold-in-soil anomaly at Whiteheads.
The Mt Jewell area has a history of nickel sulphide exploration dating back to the Australian nickel boom in the late 1960s.
With sulphide intersections grading as high as 3.38 per cent nickel, the project has known high-grade nickel sulphide mineralisation within a layered ultramafic sequence.
“This is a valuable addition to our growing Whitehead project neat Kalgoorlie,” Managing Director Andrew Paterson said.
“We’re going to explore this area closely with a high-sensitivity EM (electromagnetic) survey, which we hope will identify sulphide conductors at depth, then start drilling,” he added.
For the purchase, Great Boulder will pay an initial option fee to the value of $10,000 to the vendor, Simon Buswell-Smith. This option fee is payable in either cash or Great Boulder scrip (a substitute for legal tender – a form of credit).
These scrip payments will be at a 30-day volume weighted a price before the date of the agreement.
During the 12-month option agreement period, Great Boulder has a minimum expenditure commitment of $20,000.
Finally, upon exercising the agreement, Great Boulder will acquire a 75 per cent interest in Mt Jewell by paying the vendor $100,000 in cash or scrip.
Great Boulder has ended the day up a slight 2.5 per cent with shares trading for 4.1 cents in a $5.34 million market cap.